ESG表现与股票收益率——基于医药卫生行业的实证研究  

ESG Performance and Stock Yield Rate——Empirical Research Based on Pharmaceutical and Health Sector

作　　者：尹晓娜 李静萍[1] YIN Xiao-na;LI Jing-ping(School of Finance,Shanxi University of Finance and Economics,Taiyuan 030006,China)

机构地区：[1]山西财经大学金融学院,山西太原030006

出　　处：《统计学报》2023年第1期73-82,共10页Journal of Statistics

基　　金：山西省社科联重点课题研究项目(SSKLZDKT2022062);山西省高等教育人文社会科学重点研究基地项目(20210110);山西省科技战略研究专项一般项目(202104031402098)。

摘　　要：随着全球经济向可持续发展转型,ESG投资受到了资本市场的广泛关注和认可。本文选取我国医药卫生行业上市公司2011—2020年的非平衡面板数据,基于固定效应模型,实证考察ESG表现对股票收益率的影响及作用机制。研究结果表明,医药卫生行业上市公司的ESG表现对股票收益率有正向影响,但国有性质的上市公司ESG表现对股票收益率的影响不显著。进一步研究发现,财务绩效和企业竞争力都在ESG表现对股票收益率的作用机制中发挥部分中介效应。本文对新兴市场培育投资者价值投资理念以及完善ESG信息披露制度提供了启示。Along with the trend of the sustainable development of global economy, ESG investment has obtained a lot of attention and recognition from capital market. This paper selected the unbalanced panel data of China’s listed companies in pharmaceutical and health sector from 2011 to 2020, and introduced the fixed effect model, so as to empirically investigate the effect of ESG performance on stock yield rate and its influencing mechanism. The results showed that, the ESG performance of China’s listed companies in pharmaceutical and health sector had a positive effect on stock yield rate, which was not significant in state-owned listed companies.Further study revealed that, both financial performance and corporate competitiveness played a partial mediating role in this positive relationship. This paper provided inspiration to cultivating the value investment concept of investors in emerging markets, and improving ESG information disclosure system.

关 键 词：ESG表现 股票收益率 医药卫生行业 财务绩效 企业竞争力 

分 类 号：F271[经济管理—企业管理]