企业ESG与资本市场表现——来自股票流动性的证据  

Corporate ESG Performance and Capital Markets:Evidence from Stock Liquidity

作　　者：徐晟[1] 哈斯木其尔 梁富友 沈熙峰 XU Sheng;HA Si-mu-qi-er;LIANG Fu-you;SHEN Xi-feng

机构地区：[1]中南财经政法大学 [2]中国医药健康产业股份有限公司

出　　处：《科学决策》2024年第4期42-60,共19页Scientific Decision Making

基　　金：中南财经政法大学中央高校基本科研业务费项目(项目编号:202410575)。

摘　　要：在经济社会发展绿色化、低碳化态势下,ESG理念在资本市场中的地位日益凸显。文章基于2015—2021年我国A股上市公司数据,研究ESG表现对企业股票流动性的影响。研究发现,ESG表现显著提升了企业股票流动性,该效应在国有企业、大规模企业以及市场化程度较高的地区企业中更显著。机制分析表明,企业ESG有利于提升投资者情绪和信息透明度,进而促进股票流动性。进一步研究发现,企业良好ESG表现所带来的股票流动性显著提升了企业价值和企业创新。发掘企业ESG在金融市场的作用效果,为活跃资本市场提供新的经验证据。Under the trend of green and low-carbon economic and social development,the ESG concept has become increasingly prominent in the capital market.Based on the data of my country’s A-share listed companies from 2015 to 2021,the article studies the impact of ESG performance on corporate stock liquidity.The study found that ESG performance significantly improves corporate stock liquidity,and this effect is more significant among state-owned enterprises,large-scale enterprises,and enterprises in regions with a high degree of marketization.Mechanism analysis shows that corporate ESG is conducive to improving investor sentiment and information transparency,thereby promoting stock liquidity.Further research found that stock liquidity brought about by good ESG performance of companies significantly enhances corporate value and corporate innovation.Explore the role and effect of corporate ESG in financial markets and provide new empirical evidence for active capital markets.

关 键 词：ESG 股票流动性 投资者情绪 信息透明度 文本分析 

分 类 号：F275[经济管理—企业管理]