国有企业ESG行为对投资者从众行为的影响  

The Impact of ESG Behavior of State-Owned Enterprises on Investor Conformity Behavior

作　　者：安柯华 吴继忠[1] Kehua An;Jizhong Wu(Business School,University of Shanghai for Science and Technology,Shanghai)

机构地区：[1]上海理工大学管理学院,上海

出　　处：《运筹与模糊学》2024年第5期653-659,共7页Operations Research and Fuzziology

摘　　要：ESG理念不仅关注企业财务绩效,还强调环境、社会和治理三方面的投资与治理,已成为衡量企业高质量发展水平的重要标准。本文探讨了在国家强调国有企业实践ESG理念背景下,国有企业响应国家政策是否会对投资者行为产生影响,进而产生从众心理并提高国有企业股票收益。通过理论分析发现,国有企业ESG表现对股票市场具有重要影响。研究结论显示,在国有企业进行ESG改革后,投资者对国有企业的从众行为并不显著。其原因是ESG投资的差异化、国有企业信息透明度以及国有企业长期投资的特点。本文建议投资者应深入分析企业ESG表现,关注政策导向与行业发展,并采用长期投资视角来避免从众行为。同时,企业应加强ESG信息披露和透明度,明确ESG目标以提升公众形象与市场竞争力。The ESG concept not only focuses on corporate financial performance,but also emphasizes investment and governance in environmental,social,and governance aspects,and has become an important standard for measuring the high-quality development level of enterprises.This article explores whether the response of state-owned enterprises to national policies will have an impact on investor behavior,leading to herd mentality and increased stock returns in the context of the country’s emphasis on practicing ESG concepts in state-owned enterprises.Through theoretical analysis,it has been found that the ESG performance of state-owned enterprises has a significant impact on the stock market.The research conclusion shows that after ESG reform in state-owned enterprises,investors’conformity behavior towards state-owned enterprises is not significant.The reason is due to the differentiation of ESG investment,transparency of information in state-owned enterprises,and the characteristics of long-term investment in state-owned enterprises.This article suggests that investors should conduct in-depth analysis of corporate ESG performance,pay attention to policy orientation and industry development,and adopt a long-term investment perspective to avoid herd behavior.At the same time,companies should strengthen ESG information disclosure and transparency,clarify ESG goals to enhance public image and market competitiveness.

关 键 词：ESG 企业行为 从众行为 CCK模型 

分 类 号：F27[经济管理—企业管理]