企业提高ESG表现能够降低股价崩盘风险吗?  

Can the improvement of environmental,social,and governance(ESG)in the companies curb the stock price crash risk?

作　　者：张曾莲[1] 冯勇杰 ZHANG Zenglian;FENG Yongjie(School of Economics and Management,Beijing University of Science and Technology,Beijing 100083,China)

机构地区：[1]北京科技大学经济管理学院,北京100083

出　　处：《海南大学学报（人文社会科学版）》2024年第4期148-159,共12页Journal of Hainan University （Humanities & Social Sciences）

基　　金：国家社会科学基金后期资助项目(21FGLB025)。

摘　　要：本文以2011—2020年沪深A股上市公司为对象,运用企业ESG表现对股价崩盘风险影响的处理效应模型(Treatment effect model)考察ESG表现对股价崩盘风险的影响。研究结果表明,企业提高ESG表现会抑制股价崩盘风险,符合“价值假说”。影响机制检验表明,媒体与分析师关注度正向调节ESG表现对股价崩盘风险的抑制作用,发挥“互补效应”;企业提高ESG表现通过缓解委托代理冲突抑制股价崩盘风险。进一步分析发现,ESG表现对股价崩盘风险的抑制作用仅在非国有企业和所处地区市场化水平较低的企业中成立,且抑制股价崩盘风险是ESG表现提升企业价值的重要路径。上述结论为推动上市公司履行ESG投资责任、完善风险管理机制和实现企业长期价值提供了经验参考。Taking Shanghai and Shenzhen A-share listed companies from 2011 to 2020 as the objects,this paper investigates the impact of environmental,social,and governance(ESG)performance on the stock price crash risk according to the treatment effect model about the impact of enterprise ESG performance on the stock price crash risk.The results show that the improvement of enterprise ESG performance can inhibit the stock price crash risk,which is consistent with the“ESG hypothesis”.The impact mechanism test shows that the attention of media and analysts positively regulates the inhibitory effect of ESG performance on the stock price crash risk,and plays a“complementary effect”.Enterprises improve ESG performance and inhibit the stock price crash risk by alleviating the principal-agent conflict.Further analysis shows that the inhibitory effect of ESG performance on the stock price crash risk is only established in the non-state-owned enterprises and enterprises with the low market-oriented level in the region,and inhibiting the stock price crash risk is an important path for ESG performance to improve the enterprise value.These conclusions provide an empirical reference for promoting the listed companies to fulfill their ESG investment responsibilities,improve the risk management mechanism and realize the long-term value of enterprises.

关 键 词：ESG表现 股价崩盘风险 处理效应 中介效应 调节效应 

分 类 号：F272.5[经济管理—企业管理]