ESG表现、机构投资者偏好与企业价值  

ESG Performance,Institutional Investor Preference and Firm Value of Listed Companies

作　　者：白雄 朱一凡 韩锦绵[1] BAI Xiong;ZHU Yi-fan;HAN Jin-mian(School of Economics and Management,Northwest University,Xi’an 710127,China;School of Mathematics,Northwest University,Xi’an 710127,China)

机构地区：[1]西北大学经济管理学院,陕西西安710127 [2]西北大学数学学院,陕西西安710127

出　　处：《统计与信息论坛》2022年第10期117-128,共12页Journal of Statistics and Information

基　　金：国家社会科学基金项目“西部多元化生态补偿的协调机制及实现路径研究”(19BJL044)。

摘　　要：ESG实践能否为企业创造价值、资本市场中的机构投资者是否存在ESG投资偏好,对这些问题的研究有助于企业认可、参与和践行ESG可持续发展理念。综合运用面板回归模型、面板Logit模型,基于沪深A股3400家上市公司2013-2020年数据,引入机构投资者持股比例,探究ESG表现影响企业价值的作用机制,并在此基础上分析机构投资者是否存在ESG投资偏好。研究发现:(1)ESG具有价值创造功能,上市公司良好的ESG表现能够显著提升企业价值;(2)吸引机构投资者增持股份是上市公司通过ESG实践提升企业价值的途径之一,机构投资者持股比例在ESG影响企业价值的过程中存在部分中介作用;(3)机构投资者存在ESG投资偏好,在一定程度上能够容忍ESG表现良好的上市公司短期经营绩效低迷。以上结论均稳健。拓展性研究发现,ESG的价值创造功能在国有和非国有上市公司中未表现出异质性,而机构投资者ESG投资偏好在产权和产业方面均存在异质性,机构投资者更加青睐第二和第三产业以及非国有企业中ESG表现良好的上市公司。据此,提出加快ESG信息披露及监管标准的顶层设计、鼓励企业加强信息披露、培养中长期机构投资者的建议,该研究有助于构建和完善中国ESG发展生态圈,推动高质量发展。To explore whether the ESG practices of listed companies can create value for the company and whether institutional investors in the capital market have ESG investment preferences will help companies recognize,participate in and practice the concept of ESG sustainable development.Based on the data of 3400 A-share listed companies in Shanghai and Shenzhen Stock Exchange from 2013 to 2020,the shareholding ratio of institutional investors is introduced to explore the mechanism of ESG performance affecting corporate value and analyze whether institutional investors have ESG investment preference on this basis.The results are as follows:(1)ESG has the function of value creation.Good ESG performance of listed companies can significantly enhance their corporate value.(2)Attracting institutional investors to increase their shares is one of the ways for listed companies to enhance corporate value through ESG practice,and the proportion of institutional investors plays a partial intermediary role in the process of ESG influencing corporate value.(3)Institutional investors have a preference for ESG investment,and to a certain extent,they can tolerate low short-term operating performance of listed companies with good ESG performance All the above conclusions are robust.In the extended study,it is found that there is no heterogeneity in the value creation function of ESG between state-owned and non-state-owned listed companies.The preference of institutional investors ESG has heterogeneity in property rights and industry.Institutional investors prefer the listed companies with good performance of ESG in the secondary and tertiary industries and non-state-owned enterprises.Based on the research conclusions,suggestions are puts forward to accelerating the top-level design of ESG information disclosure and regulatory standards,encouraging companies to strengthen information disclosure,and cultivating medium and long-term institutional investors,which will help build and improve China’s ESG development ecosystem and promote hig

关 键 词：ESG表现 企业价值 机构投资者 ESG投资偏好 中介效应 

分 类 号：F275[经济管理—企业管理] F270.7[经济管理—国民经济]