企业ESG表现与高管机会主义减持:促进还是抑制?  

Corporate ESG Performance and Executives' Opportunistic Stock Selling:Facilitation or Ihibition?

作　　者：马智胜[1] 彭玉莲 MA Zhisheng;PENG Yulian(School of Economics and Management of East China University of Technology,Nanchang Jiangxi 330013,China)

机构地区：[1]东华理工大学经济与管理学院,江西南昌330013

出　　处：《萍乡学院学报》2024年第5期34-40,共7页Journal of Pingxiang University

基　　金：江西省社会科学基金项目“‘双碳’背景下国际核能合作风险缓释及路径研究”(22WT10)。

摘　　要：企业高管基于信息优势在减持过程中的机会主义行为引起了社会各界的广泛关注,ESG信息作为利益相关者获取企业非财务信息的重要渠道,向市场提供了更多增量和前瞻信息。在此背景下,以2009—2022年沪深A股上市公司作为研究样本对企业ESG表现与高管机会主义减持的关系进行了研究,并进一步探索投资者情绪与媒体报道对二者关系的调节作用。研究发现:企业ESG表现对高管机会主义减持具有显著促进作用;投资者情绪与媒体报道均能够强化企业ESG表现对高管机会主义减持的促进作用。异质性分析发现,企业ESG表现在非国有企业、成长期和衰退期的企业中对高管机会主义减持的正向作用更为显著。The opportunistic behavior of corporate executives in the process of reducing their holdings based on information advantage has attracted extensive attention from all walks of life;ESG information,as an important channel for stakeholders to obtain non-financial information,provides more incremental and forward-looking information to the market.In this context,panel data of A-share listed companies in Shanghai and Shenzhen from 2009 to 2022 are selected as samples for empirical analysis to explore the impact of corporate ESG performance on executives' opportunistic reduction of holdings,as well as the moderating effect of investor sentiment and media reports on the relationship between the two.The study finds that corporate ESG performance has a significant contribution to executives' opportunistic reduction of holdings,and both investor sentiment and media reports can strengthen the contribution of corporate ESG performance to executives' opportunistic reduction of holdings.Heterogeneity analysis reveals that corporate ESG performance has a more significant role in promoting executives' opportunistic reduction of holdings in non-state-owned firms,firms in growth and decline periods.

关 键 词：ESG表现 高管机会主义减持 投资者情绪 媒体报道 

分 类 号：F832.51[经济管理—金融学]