资本市场国际化的鞭策效应:A股纳入MSCI指数与企业ESG表现  

Incentive Effect of Capital Market Internationalization:A-shares into MSCI and Corporate ESG Performance

作　　者：宋献中[1,2] 潘婧 韩杰 SONG Xianzhong;PAN Jing;HAN Jie(School of Management,Jinan University;School of Management,Xiamen University)

机构地区：[1]暨南大学管理学院 [2]暨南大学人与自然生命共同体重点实验室 [3]厦门大学管理学院

出　　处：《数量经济技术经济研究》2024年第4期153-172,共20页Journal of Quantitative & Technological Economics

基　　金：国家自然科学基金重点项目(72132002)的资助。

摘　　要：经济全球化是时代发展趋势,资本市场国际化如何影响企业可持续经营理念备受关注。本文基于2018年6月A股正式纳入MSCI新兴市场指数(A股“入摩”)这一外生事件,使用多时点双重差分模型,探讨中国资本市场的国际化进程对企业ESG表现的影响与内在机理。研究发现,A股“入摩”对企业ESG表现产生了积极影响,主要提升了企业在环境(E)和治理(G)方面的表现。机制分析表明,这种积极影响源于企业对融资需求、境外投资者融入和外部关注压力三方面的考量。进一步分析表明,A股“入摩”对企业ESG提升存在溢出效应,且“入摩”后积极提升ESG的企业在后续经济绩效与治理水平方面均有显著提升。本文研究表明,深化中国资本市场国际化有助于提升企业管理者对ESG表现的关注,不仅进一步揭示了资本市场改革建设的积极作用,对于思考如何推动中国企业的ESG投入也具有重要启示意义。Developing capital markets and having a strong financial function is a core economic goal of global powers.With the increasing economic ties between countries,the concept of international capital is gradually integrated into the development planning of various countries.In the past 40 years of reform and opening-up,China has made a lot of efforts to promote the capital market.The opening of the Shanghai-Hong Kong Stock Connect and the Shenzhen-Hong Kong Stock Connect and the inclusion of Ashares in the MSCI Emerging Markets Index are important measures for China to gradually integrate into the world’s financial system,and China’s economic construction is increasingly having a diversified form.At present,China’s economy has shifted from the stage of high-speed growth to high-quality development.The inclusion of A-shares in the MSCI index will enhance the linkage between the Chinese market and the global market and further deepen the degree of internationalization,which will also have an all-round effect on the reform of China’s capital market.The investor value concept from the developed capital market will be transmitted to the Chinese capital market,which may directly or indirectly affect the ESG performance of enterprises.In addition,enterprises in developed countries attach more importance to and implement ESG than Chinese enterprises.To succeed in the international market,Chinese enterprises included in MSCI need to make reasonable planning and adjustment in resource allocation and may re-plan their own ESG strategies.Therefore,how will the inclusion of A-shares in the MSCI index—a capital market internationalization event—affect the ESG performance of enterprises?Will companies included in the MSCI Index make ESG investing an important strategy for their international competition?This study focuses on these issues.Based on the exogenous event of A-shares inclusion in the MSCI Emerging Markets Index(“Ashares into MSCI”)in June 2018,this study explores the impact of the internationalization of

关 键 词：A股 MSCI指数 资本市场国际化 ESG 

分 类 号：F272[经济管理—企业管理]