党的二十大报告提出了我国今后要实现高质量发展，绿色低碳发展。ESG（环境Environmental、社会Social、治理Governance）作为一种综合性的评估框架，将企业对环境的影响、企业的社会责任及公司治理这三个非财务指标的因素融入投资决策，以此在中长期获得稳定的、可持续的长期投资收益，近年来在中国以及全球范围内都备受推崇。但由于中国的ESG的发展仍然处于起步阶段，企业是否会利用ESG的表现来获取长期稳定的媒体关注，以及通过ESG获得更多媒体关注的动机等问题的影响路径仍有待研究。
基于此，本文以2010年至2020年我国沪深A股965家获得了万得（Wind）数据库ESG评级的上市公司作为研究对象，采用构建多元回归模型，研究ESG与媒体关注的影响关系，并在确定两者之间存在着显著正向影响后继续研究上市公司通过ESG管理其媒体关注的动机。与此同时，本文的研究结论经过了稳健性检验和内生性问题的处理。实证研究结果发现：（1）上市公司良好的ESG表现与其获得正面的媒体关注存在显著的正向联系，即上市公司可以从ESG表现这一相对微妙的渠道来影响其媒体关注度；（2）从行业分类来看，当改善企业形象的激励较高时，部分制造业和采矿业的上市公司会更倾向于利用ESG获得更为正面的媒体关注；相较于ESG表现较好的上市公司来说，ESG表现较差的上市公司可以从改善其ESG上获得媒体关注更多的边际效益；（3）上市公司ESG和媒体关注之间存在显著的交互作用，这将对增加企业价值具有显著的正向影响，这也是上市公司通过ESG来管理其媒体关注的动机之一。
基于上述研究结果，本文提出以下建议：一是有关监管机构应积极创造良好的ESG披露和应用环境，并加快ESG评级体系的建设和完善，推动我国上市公司在环境、社会和治理方面的可持续发展；二是上市公司要积极贯彻高质量发展的理念，积极落实可持续发展战略，建立完善的企业声誉机制；三是媒体、投资者和社会公众要广泛参考ESG的评价指标，衡量上市公司的长期发展能力。
本文可能存在的创新点包括：第一，本文通过多元回归模型丰富了ESG与媒体关注的相关研究，同时经过稳健性检验和内生性分析以获得无偏估计；第二，通过准自然实验和分行业等方式，识别了ESG与媒体关注的因果关系及其影响效果；第三，拓展发现了ESG对企业价值的影响路径，有利于更加充分认识到ESG在一些微妙的渠道上对于企业的影响，对推动健全我国ESG的应用和发展，发挥ESG在企业发展、投资决策过程的作用具有重要的启示意义。

The 20th National Congress of the Communist Party of China proposed that China should achieve high-quality development and green, low-carbon development in the future. ESG (Environmental, Social, and Governance) as a comprehensive assessment framework, integrates the non-financial factors of a company's impact on the environment, social responsibility, and corporate governance into investment decision-making, in order to achieve stable and sustainable long-term investment returns in the medium to long term. ESG has been highly regarded in China and globally in recent years. However, as the development of ESG in China is still in its early stages, further research is needed on whether companies will use ESG disclosures to gain long-term stable media coverage, and their motivations for obtaining more media coverage through ESG.
Therefore, this article takes the 965 A-share listed companies that received ESG ratings in the Wind database from 2010 to 2020 as the research object, and uses a multiple regression model to study the impact relationship between ESG disclosure and media coverage. After determining that there is a significant positive impact between the two, the article continues to study the motivation of listed companies to manage their media coverage through ESG disclosures. At the same time, the research conclusions of this article have undergone robustness tests and treatment of endogeneity issues.
The empirical research has demonstrated: (1) There is a clear and positive correlation between a listed company's good ESG disclosure performance and its positive media coverage, which means that a listed company can influence its media exposure through ESG disclosures, which is a relatively subtle channel. (2) From the perspective of industry classification, when the incentive to improve corporate image is higher, some listed companies in the manufacturing and mining industries will be more inclined to use ESG disclosures to obtain more positive media coverage. (3) There is a significant interaction effect between ESG disclosure and media coverage, which will have a significant positive impact on increasing enterprise value. This is also one of the motivations for listed companies to manage their media coverage through ESG disclosures.
Drawing on the above findings, this paper offers the following recommendations: First, relevant regulatory agencies should actively create a good ESG disclosure and application environment, accelerate the construction and improvement of the ESG rating system, and promote the sustainable development of listed companies in the environment, society, and governance. Second, listed companies should actively implement the concept of high-quality development, actively implement sustainable development strategies, and establish a sound corporate reputation mechanism. Third, the media, investors, and the general public should widely refer to ESG evaluation indicators to measure the long-term development capabilities of listed companies.
The potential innovations of this article include: First, this article enriches the research on the correlation between ESG and media coverage through a multiple regression model, and obtains an unbiased estimate through robustness tests and endogeneity analysis. Second, by identifying the causal relationship and its impact effect between ESG and media coverage through quasi-natural experiments and industry classification, this article expands the understanding of the impact of ESG on companies through subtle channels, and has important implications for promoting the application and development of ESG disclosures in China. Third, the article discovers the impact path of ESG on enterprise value, which is helpful for fully understanding the impact of ESG on companies and the role of ESG in the process of corporate development and investment decision-making.