机构投资者视角下ESG信息披露对企业价值的影响研究  

Research on the Impact of ESG Information Disclosure on Corporate Value from the Perspective of Institutional Investors

作　　者：张佳慧 苏艳丽[1] 毛鹏 ZHANG Jiahui;SU Yanli;MAO Peng

机构地区：[1]沈阳师范大学国际商学院,辽宁沈阳110034

出　　处：《吉林金融研究》2024年第5期7-12,60,共7页Journal of Jilin Financial Research

基　　金：国家社会科学基金项目“金融资产价值偏离实体经济运行的边界约束与风险调控机制研究”(16BJL026)。

摘　　要：本文以2013-2022年中国A股上市公司为研究样本,探讨上市公司ESG信息披露对企业价值的影响及作用机制。研究发现,ESG信息披露有利于提升企业价值。机制检验表明,上市公司ESG信息披露质量能够增加机构投资者持股比例,减少信息不对称情况,降低融资约束,进而提升企业价值。异质性检验表明,在非国有企业和非重污染行业中,ESG信息披露对企业价值的影响更显著。研究结论丰富了ESG信息披露的经济后果,企业价值的影响因素,为企业实现可持续发展提供有益参考。This article takes Chinese A-share listed companies from 2013 to 2022 as research samples to explore the impact and mechanism of ESG information disclosure on corporate value.Research has found that ESG information disclosure is benefi cial for enhancing corporate value.Mechanism testing shows that the quality of ESG information disclosure by listed companies can increase the shareholding ratio of institutional investors,reduce information asymmetry,lower fi nancing constraints,and thereby enhance corporate value.Heterogeneity tests indicate that ESG information disclosure has a more signifi cant impact on fi rm value in non-state-owned enterprises and non heavily polluting industries.The research fi ndings enrich the economic consequences of ESG information disclosure and the infl uencing factors of enterprise value,providing useful references for enterprises to achieve sustainable development.

关 键 词：ESG信息披露 企业价值 机构投资者 可持续发展 

分 类 号：F830[经济管理—金融学]