互联网信息交互网络与上市公司ESG质量  

Internet Information Interaction Network and ESG Quality of Listed Companies

作　　者：郑冠群[1] 任培瑜 ZHENG Guanqun;REN Peiyu(School of Economics and Management,Xidian University,Xi’an 710126,China)

机构地区：[1]西安电子科技大学经济与管理学院,陕西西安710126

出　　处：《运筹与管理》2024年第6期185-191,共7页Operations Research and Management Science

基　　金：教育部人文社会科学基金青年基金项目(18YJC790233)。

摘　　要：互联网社交平台对资本市场结构和行为产生着积极作用,尤其是围绕关键意见领袖形成的信息交互网络或已成为影响公司治理绩效的重要外源因素。利用2013—2020年中国A股上市公司样本,本文主要考察互联网信息交互网络对上市公司ESG质量的影响。研究发现:在监督机制和压力机制的双重影响下,随着上市公司在信息交互网络中的中心性的提升,其ESG质量呈现出先下降再上升的U型特征;当上市公司的网络中心性较低时,信息交互网络产生的压力机制效果强于监督机制,对ESG质量起到抑制作用;当网络中心性较高时,监督机制的效果强于压力机制,推动ESG质量提升。相比于受正式监管更多的国有部门和污染行业,信息交互网络对非国有和非污染行业上市公司ESG质量的影响更加显著,这进一步佐证:互联网社交网络作为外部渠道和非正式因素,对上市公司治理发挥了重要的补充效应。The transformation of economic development modes and the development of green industries are inherent requirements for high-quality economic development in China.“Environmental,Social,and Governance”(ESG)provides a systematic and quantifiable operational framework for sustainable and green development,gradually becoming a crucial source of non-financial information for assessing enterprises and guiding investments,as well as a focal point for government and regulatory bodies.Some scholars have investigated the impact of public opinion on corporate environmental pollution behaviors,environmental investments,green innovation efficiency,and social responsibility.However,these studies often focus on traditional media,overlooking the potential role of internet social platforms.Internet social platforms play a positive role in the structure and behavior of the capital market,especially as the information interaction networks forming around key opinion leaders may become a significant exogenous factor affecting corporate governance performance.Based on this background,this paper primarily examines the impact of internet information interaction networks on the ESG quality of listed companies.This paper utilizes user relationships and posts data from Xueqiu.com,a mainstream financial social network platform in China,to build a complex information interaction network centered around key opinion leaders.The centrality of listed companies in this network is used as a proxy variable for public opinion attention.Subsequently,using annual panel data of Chinese A-share listed companies from 2013 to 2020,a quadratic regression model is constructed and estimated to examine its impact on the ESG quality of listed companies.Finally,dividing the sample into high and low network centrality groups based on the average centrality,moderation effect models are constructed and estimated separately in the two samples to investigate the mechanisms through which internet public opinion attention affects the ESG quality of listed companies

关 键 词：信息交互网络 网络中心性 关键意见领袖 ESG质量 

分 类 号：F832.5[经济管理—金融学]