ESG表现的类保险效应研究:基于公共危机事件的准自然实验  

Study on the Insurance Effect of Enterprise ESG Performance:A Quasi-natural Experiment Based on Public Crisis Events

作　　者：殷俊明 程晨 李媛媛[3] 姜乔 YIN Jun-ming;CHENG Chen;LI Yuan-yuan;JIANG Qiao

机构地区：[1]南京信息工程大学商学院 [2]南京审计大学会计学院 [3]南京审计大学社会审计学院

出　　处：《科学决策》2024年第1期1-27,共27页Scientific Decision Making

基　　金：国家社会科学基金项目(项目编号:21BGL008);江苏省研究生科研及实践创新计划项目(项目编号:KYCX22_2158);江苏省社科联财经专项重点项目(项目编号:23SCA-002)。

摘　　要：越来越多的公司将ESG视为一项公司战略行为,其表现对公司价值产生重要影响。选择以新冠疫情冲击这一突发公共危机事件作为准自然实验场景,基于ESG的保险投资理论探讨了在疫情冲击下,企业过往的ESG表现能否发挥“类保险”的投资效用,缓解疫情造成的价值损失。研究结果表明:(1)企业ESG表现可以发挥“类保险”的经济效应,缓解疫情对企业造成的股东财富损失,但这一保险效应只在疫情爆发后的超短和长期窗口期中得以凸显,且在长期窗口期更为稳健;(2)资源效应和信息披露效应是企业ESG表现发挥“类保险”作用的两种中介机制;(3)企业ESG表现的“类保险”作用在低疫情风险区域、高客户集中度和低国际化水平的企业中更为明显。研究结果验证了企业ESG行为具备“类保险”的经济效应,能有效缓解疫情对公司经营的不利冲击,为企业加强整体风险管理提供了新的视角。An increasing number of companies consider ESG as a corporate strategic behavior that has a significant impact on company value.Based on ESG insurance investment theory,this article selects the public crisis event of COVID-19 epidemic as a quasi-natural experimental scenario to explore whether a company’s past ESG performance can play a“quasi-insurance”investment effect to mitigate the value loss caused by the pandemic.The research findings are as follows:(1)Corporate ESG performance can play an economic effect of“quasi-insurance”to mitigate the shareholder wealth loss caused by the pandemic.However,this insurance effect can only be highlighted in the super-short and long-term window periods after the pandemic outbreak,and is more robust in the long-term window;(2)Resource effects and information disclosure effects are the two intermediary mechanisms for corporate ESG performance to play a“quasi-insurance”role;(3)The“quasi-insurance”effect of corporate ESG performance is more pronounced in low epidemic risk areas,high customer concentration and low internationalization levels enterprises.The research findings confirm that corporate ESG behavior has an economic effect of“quasi-insurance”and can effectively mitigate the adverse impact of the pandemic on company operations,providing a new perspective for companies to strengthen overall risk management.

关 键 词：ESG表现 保险效应 新冠疫情 股东财富 

分 类 号：F275[经济管理—企业管理]