企业ESG信息披露与股价波动性  

Corporate ESG Disclosure and Stock Price Volatility

作　　者：何玲 HE Ling(School of Business,Anhui University,Hefei 230601,China)

机构地区：[1]安徽大学商学院,合肥230601

出　　处：《唐山学院学报》2023年第6期57-70,共14页Journal of Tangshan University

基　　金：国家社科基金项目(22CGL009)。

摘　　要：随着高质量发展和“双碳”实践的深入,ESG信息披露对股票市场乃至整个资本市场的健康稳定至关重要。文章以2009-2021年中国资本市场A股上市公司年度数据为样本,实证检验ESG信息披露对股价波动性的影响及其作用机理。结果表明:(1)ESG信息披露显著降低了股价波动性;(2)ESG信息披露通过信息效应、内部治理效应和外部声誉效应降低股价波动性,即ESG信息披露通过提高信息透明度、内部控制质量和机构投资者持股比例抑制股价波动性;(3)在市场环境和法治环境较好的地区,ESG信息披露对股价波动性的抑制作用更显著;(4)ESG信息披露对股价波动性的抑制作用有助于企业高质量发展。With the deepening of high-quality development and “double carbon” practice,ESG information disclosure becomes crucial to the health and stability of the stock market and the capital market as a whole.Therefore,this paper empirically examines the impact of ESG information disclosure on stock price volatility and its mechanism with the annual data of A-share listed companies in China's capital market from 2009 to 2021 as samples.The results show that:(1) ESG information disclosure has significantly reduced stock price volatility;(2) ESG information disclosure reduces stock price volatility by information effect,internal governance effect and external reputation effect,meaning that ESG information disclosure suppresses stock price volatility by increasing information transparency,the quality of internal control and the shareholding ratio of institutional investors;(3) In areas with favorable market and legal environment,the ESG information disclosure has a more significant inhibiting effect on share price volatility;(4) The inhibiting effect of ESG information disclosure on stock price volatility contributes to high-quality corporate development.

关 键 词：ESG信息披露 股价波动性 信息效应 内部治理效应 外部声誉效应 

分 类 号：F832.5[经济管理—金融学]