ESG信息披露提升了企业投资效率吗?——非财务信息披露的财务作用  

Does ESG Information Disclosure Improve Corporate Investment Efficiency?The Financial Role of Non-financial Information Disclosure

作　　者：李泽浩 杨振[2] 陈传龙 LI Zehao;YANG Zhen;CHEN Chuanlong(School of Economics,Nankai University,Tianjing 300071,China;Department of Economics,Party School of the Central Committee of C.P.C,Beijing 100091,China;Institute of National Governance and Global Governance,Tsinghua University,Beijing 100091,China)

机构地区：[1]南开大学经济学院,天津300071 [2]中共中央党校经济学部,北京100091 [3]清华大学国家治理与全球治理研究院,北京100091

出　　处：《审计与经济研究》2024年第4期71-80,共10页Journal of Audit & Economics

基　　金：国家社会科学基金项目(21BJL033,19BJL008,21FYB021)。

摘　　要：基于2010—2022年A股上市公司数据,将商道融绿首次公布上市公司ESG评级作为准自然实验,采用多期双重差分模型实证检验ESG信息披露对企业投资效率的影响效应及作用机制。研究结果显示,ESG信息披露能够有效提升企业投资效率,且这一结论在进行多项稳健性检验后依然成立。机制分析结果表明,抑制企业短视、缓解融资约束和降低环境不确定性是ESG信息披露提升企业投资效率的有效作用渠道。异质性分析发现,ESG信息披露对企业投资效率的促进作用在非国有企业、高数字化水平企业和市场化程度高的地区中更为明显。研究结论在实践层面为构建与完善企业可持续发展体系提供了经验证据,对促使企业积极履行社会责任、推动中国经济高质量发展具有重要意义。Based on the data of A-share listed companies from 2010 to 2022,Shangdao Ronglv's first announcement of ESG ratings for listed companies was used as a quasi natural experiment.A multi period double difference model was used to empirically test the impact of ESG information disclosure on corporate investment efficiency and the corresponding mechanism.Empirical research has shown that ESG information disclosure can effectively improve investment efficiency of enterprises,and this conclusion still holds after multiple robustness tests.Mechanism analysis shows that inhibiting corporate shortsightedness,alleviating financing constraints,and reducing environmental uncertainty are effective channels for ESG information disclosure to improve corporate investment efficiency.Heterogeneity analysis found that there is significant heterogeneity in the impact of ESG information disclosure on corporate investment efficiency based on different property rights,digitalization levels,and market environments.The above research conclusions provide empirical evidence for building and improving the sustainable development system of enterprises in practice,and are of great significance for enterprises to actively fulfill their social responsibilities and promote high-quality development of the Chinese economy.

关 键 词：ESG信息披露 企业非效率投资 企业短视 融资约束 环境不确定性 市场化程度 

分 类 号：F270.3[经济管理—企业管理]