ESG表现与境外投资者进入——来自外商投资股权变动的微观证据  

ESG Performance and Foreign Investors’Entry:Micro Evidence from Foreign Investment Equity Changes

作　　者：安占然 王帅[2] 班元浩 AN Zhanran;WANG Shuai;BAN Yuanhao(School of International Economics and Trade,Lanzhou University of Finance and Economics,Lanzhou 730020,China;School of Economics,Capital University of Economics and Business,Beijing 100070,China;Institute of Quantitative Economics and Technological Economics,Chinese Academy of Social Sciences,Beijing 100732,China)

机构地区：[1]兰州财经大学国际经济与贸易学院,甘肃兰州730020 [2]首都经济贸易大学经济学院,北京100070 [3]中国社会科学院数量经济与技术经济研究所,北京100732

出　　处：《经济经纬》2024年第5期120-132,共13页Economic Survey

基　　金：国家社会科学基金重点项目(22AJL012)。

摘　　要：以2009—2022年A股上市企业为样本,基于可持续发展视角系统考察了企业ESG表现对境外投资者进入的影响及作用机制。研究发现:企业良好的ESG表现有助于促进境外投资者进入,在进行一系列稳健性检验后,该结论依然成立,这种积极效应在高科技行业、面临较强环境规制和较高环境不确定性的企业中更为明显。ESG表现的效应分解显示,企业良好的环境、社会责任和公司治理表现均能促进境外投资者进入,且相较于社会责任表现,环境与公司治理方面的表现更有利于吸引境外投资者。机制检验表明,降低境外投资者面临的信息不对称程度和投资风险是ESG表现促进境外投资者进入的渠道。拓展性分析发现ESG评价分歧将削弱企业对境外投资者的吸引力。研究结论为我国进一步推进ESG建设和实现高水平对外开放提供了经验证据和政策参考。Based on a sample of A-share listed enterprises from 2009 to 2022,this paper systematically examines the impact and mechanism of ESG performance of enterprises on foreign investors from the perspective of sustainable development.The Study shows that good ESG performance of companies can help promote the entry of foreign investors.After a series of robustness tests,this conclusion is still true.Moreover,this positive effect is more obvious in high-tech industries,facing strong environmental regulations and higher environmental uncertainty.The effect decomposition of ESG performance shows that good environmental,social responsibility and corporate governance performance of enterprises can promote the entry of foreign investors.And compared with social responsibility performance,environmental and corporate governance performance,it is more conducive to attracting foreign investors.Mechanism testing shows that reducing the degree of information asymmetry and investment risks faced by foreign investors is a channel for ESG performance to promote the entry of foreign investors.Expanded analysis found that differences in ESG evaluation will weaken companies’attractiveness to foreign investors.The research conclusions provide empirical evidence and policy reference for my country to further promote ESG construction and achieve high-level opening up.

关 键 词：ESG表现 境外投资者进入 信息不对称 投资风险 

分 类 号：F831.7[经济管理—金融学]