ESG 보고서의 텍스트 분석을 이용한 ESG 활동 탐색 -중국 상장 제조 기업을 대상으로-
Exploring ESG Activities Using Text Analysis of ESG Reports -A Case of Chinese Listed Manufacturing Companies-
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초록
본 연구는 글로벌 경제시장에서 중국의 제조기업들이 동적역량을 기반으로 어떠한 ESG활동을 수행하고 있으며 그활동에는 어떠한 차이가 있는가를 분석하였다. 상하이와 선전 증권 거래소 (Shanghai & Shenzhen Stock Exchange)에서 151개 중국상장 제조 기업들의 ESG 연례 보고서와 상하이 화정 지표 정보 회사(CSI, China Securities Index Company)의 ESG 지표를 데이터로 사용하였다. 연구 분석에는 TensorFlow-BERT 모델과 코사인 유사도를 사용하여 환경, 사회, 지배구조로 구분된 ESG 키워드를 분류하였고이를 기반으로 다음 세 가지의 연구질문을 구성하였다. 첫 번째는ESG 점수가 높은기업(TOP-25)과 낮은기업(BOT-25)을 구분하여 이기업들 사이의 ESG활동에는 어떠한 차이가 있는지를 확인하였으며, 두 번째는 ESG 점수가 높은 기업만을 중심으로 10년간(2010~2019년)의 ESG 활동에는 어떠한 변화가 있는지도 확인하였다. 그 결과ESG 점수가 높은기업과 낮은기업 간의 ESG 활동에는 유의한 차이를 보였으며, TOP-25기업의 연도 별 활동 변화 추적에서는 ESG 활동의 모든부분에서 차이를 보이지 않은 것으로 나타났다. 세 번째연구에서는 연도 별로 작성된 각 항목별 E, S, G 키워드에 대하여 소셜네트워크분석을 진행하였다. 동시발생행렬(Co-occurance matrix) 기법을 통해 기업들의 ESG활동을4사분면그래프로 시각화하였으며 이를 바탕으로 ESG활동에 대한 향후 방향을 제시하였다.
Abstract
As interest in ESG has been increased, it is easy to find papers that empirically study that a company's ESG activities have a positive impact on the company's performance. However, research on what ESG activities companies should actually engage in is relatively lacking. Accordingly, this study systematically classifies ESG activities of companies and seeks to provide insight to companies seeking to plan new ESG activities. This study analyzes how Chinese manufacturing companies perform ESG activities based on their dynamic capabilities in the global economy and how they differ in their activities. This study used the ESG annual reports of 151 Chinese manufacturing listed companies on the Shanghai & Shenzhen Stock Exchange and ESG indicators of China Securities Index Company (CSI) as data. This study focused on the following three research questions. The first is to determine whether there are any differences in ESG activities between companies with high ESG scores (TOP-25) and companies with low ESG scores (BOT-25), and the second is to determine whether there are any changes in ESG activities over a 10-year period (2010-2019), focusing only on companies with high ESG scores. The results showed that there was a significant difference in ESG activities between high and low ESG scorers, while tracking the year-to-year change in activities of the top-25 companies did not show any difference in ESG activities. In the third study, social network analysis was conducted on the keywords of E/S/G. Through the co-concurrence matrix technique, we visualized the ESG activities of companies in a four-quadrant graph and set the direction for ESG activities based on this.
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