相较于CSR,ESG报告更具有信息含量吗?——来自A股上市公司的经验证据  

Comparing with CSR Reports,Are ESG Reports More Informative?:Empirical Evidence from A-share Listed Companies

作　　者：王谊[1] 李秋毅 Wang Yi;Li Qiuyi

机构地区：[1]郑州航空工业管理学院

出　　处：《管理会计研究》2024年第6期43-59,共17页MANAGEMENT ACCOUNTING STUDIES

基　　金：河南省哲学社会科学规划项目“数智财务赋能河南企业跨境风险管理研究”(2023CJJ191),河南省哲学社会科学规划办公室。

摘　　要：随着可持续发展理念的深入人心,环境、社会和公司治理(ESG)信息披露在资本市场的重要性日益凸显。本文选取2016—2023年中国A股上市公司作为研究样本,实证检验ESG相较于CSR信息披露对股价信息含量的影响。本文研究发现,相较于CSR报告,企业披露ESG报告提升了股价同步性、降低了股价信息含量。动机分析表明,在受公共危机冲击期间以及重污染企业当中,披露ESG报告对股票信息含量的抑制作用更加显著,表明部分企业对ESG报告的披露可能存在掩盖盈利波动或者应对“绿色压力”的掩饰性动机。治理机制分析表明,相较于披露CSR报告,披露ESG报告对企业股票信息含量的抑制作用,在聘请第三方机构鉴证、交叉上市和参与“一带一路”倡议的企业中不显著,表明第三方机构鉴证和参与国际投融资活动有助于提升企业ESG报告披露的信息透明度和真实性,减少ESG报告披露对股价信息含量的负向影响。本文有助于比较CSR报告与ESG报告披露的经济效果,并且对进一步提升企业ESG信息披露质量具有一定的借鉴意义。As the concept of sustainable development becomes more and more popular,the importance of Environmental,Social and Governance(ESG)information disclosure in the capital market has become increasingly prominent.This paper takes China’s A-share listed companies from 2016 to 2023 as research sample to empirically test the impact of ESG compared with CSR information disclosure on stock price information content.The results find that,compared with CSR reports,corporate disclosure of ESG reports improves stock price synchrony and reduces stock price information content.Motive analysis shows that during periods of public crisis and among heavily polluting companies,disclosure of ESG reports has a more significant negative effect on stock information content,indicating that the disclosure of ESG reports by some companies may be to cover up profit fluctuations or respond to“green pressure”.The analysis of governance mechanisms shows that compared with the disclosure of CSR reports,the negative effect of ESG reports disclosure on firms’stock information content is not significant among companies that hire third-party institutional assurance,cross-listing,or participate in“The Belt and Road”initiative.This indicates that third-party institutional assurance and participation in international economic and trade cooperation can help improve the transparency and authenticity of information disclosed in corporate ESG reports,and reduce the negative impact of ESG report disclosures on the information content of stock prices.This paper helps to compare the economic effects of CSR and ESG disclosure,and could provide reference on further improving the quality of corporate ESG information disclosure.

关 键 词：ESG信息披露 CSR 股价信息含量 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济] X322[环境科学与工程—环境工程]