企业ESG信息披露同群效应研究  

Research on Peer Effect of Enterprise ESG Information Disclosure

作　　者：李宗泽 李志斌[1] Li Zongze;Li Zhibin(Yangzhou University)

机构地区：[1]扬州大学商学院

出　　处：《南开管理评论》2023年第5期126-136,I0025,I0026,共13页Nankai Business Review

基　　金：国家社会科学基金项目(19BJY021);江苏省社会科学基金项目(19GLB024)资助。

摘　　要：经济社会和环境的可持续发展问题备受各界关注,“碳达峰”及“碳中和”的宏观背景对企业发展及相关信息披露提出了新的要求。与此同时,ESG报告作为相关非财务信息的整合也为企业助力“双碳”目标实现提供了新的思路。然而,出于趋利避害动因和社会比较、舆论监督等方面的压力,企业间ESG信息披露会产生同群效应进而导致披露效用的缺失。因此,在理论分析的基础上,本文将企业ESG信息披露的同群效应作为研究视角,以2011-2020年沪深两地上市公司作为研究样本进行实证检验,探究当下企业间ESG信息披露的同群效应问题。研究发现,在以行业为同群企业划分标准的前提下,企业ESG信息披露存在显著的同群效应。从E(环境)、S(社会)、G(治理)三个分项进行分样本检验,企业ESG信息披露的同群效应仍然存在,且相较于S(社会)及G(治理)部分,E(环境)类指标显著性更强。进一步研究中,本文讨论了信息传递有效程度和公司综合治理水平的作用机制传导路径,产权性质、行业领先地位、政策约束及企业生命发展周期的异质性问题,区域经济发展水平和法制环境的外部调节因素影响。本文研究结论不仅从微观层面上为企业如何合理披露ESG相关信息及规范ESG建设提供了建议,也从宏观层面上为政府及市场进行有效监管和调控提供经验证据及理论借鉴。In 2003,the“Announcement on the Disclosure of Corporate Environmental Information”was released.Over the past twenty years,issues regarding the social value of corporations have been widely discussed,and the sustainable development of economy,society,and the environment has attracted attention from all sectors.In September 2020,China explicitly proposed the“dual carbon”strategic goals of“carbon peak”and“carbon neutrality”posing new requirements for corporate development and related information disclosure.Research on the legality and effectiveness of such disclosures holds significant theoretical and practical implications.On the other hand,ESG(Environmental,Social,and Governance)reporting,as an integration of related non-financial information,offers a new approach to assist corporations in achieving the“dual carbon”goals.Strengthening the performance of corporate ESG reporting can effectively empower the exponential evolution and hierarchical advancement of a corporation’s competitive capabilities.However,due to profit-seeking motives,social comparison,public opinion supervision,and other pressures,the dark side of ESG in-formation disclosure among corporations can lead to a herd effect,thereby diminishing the utility of disclosure,with increasing mac-roregulatory pressure.Therefore,based on theoretical analysis,this paper takes the herd effect of corporate ESG information disclosure as the research perspective.Using listed companies in Shanghai and Shenzhen from 2011 to 2020 as the empirical sample,it explores the herd effect issue in current ESG information disclosure among corporations.The study finds that there is a significant herd effect in corporate ESG information disclosure under the premise of classifying industry-based corporate groups.Sub-sample tests on E(Environmental),S(Social),and G(Governance)aspects reveal that the herd effect still exists,with a more significant effect in the E(Environmental)category.Further analysis shows that the accelerated transmission of information ma

关 键 词：ESG信息披露 同群效应 模仿学习 

分 类 号：F832.51[经济管理—金融学] X322[环境科学与工程—环境工程]