企业ESG信息披露对股价同步性的影响研究  

Impact of Corporate ESG Information Disclosure on Stock Price Synchronization

作　　者：刘喜和[1] 王晶晶 苏萌萌 LIU Xihe;WANG Jingjing;SU Mengmeng(School of Economics,Shanghai University,Shanghai 200444,China;School of Management,Shanghai University,Shanghai 200444,China)

机构地区：[1]上海大学经济学院,上海200444 [2]上海大学管理学院,上海200444

出　　处：《山东财经大学学报》2025年第2期71-83,共13页Journal of Shandong University of Finance and Economics

基　　金：国家社会科学基金项目“平台经济金融化对金融调控的冲击机理及长效监管机制研究”(22BJY117)。

摘　　要：随着投资者对企业ESG表现的关注,ESG信息披露已经成为影响企业股价同步性的重要因素。选取2010—2021年我国A股上市公司为样本,实证检验了企业ESG信息披露对股价同步性的影响与作用机制。研究发现,企业ESG信息披露表现越好,股价同步性越高,稳健性检验后该结论依然成立。ESG信息披露可以通过提高企业商业信用和绿色创新能力,进而提高股价同步性。在非重度污染企业、高管股权激励低和分析师关注度低的样本中,ESG信息披露表现对股价同步性的影响尤为明显。因此,建议完善ESG信息披露法治建设与实践,对非上市重污染行业企业的监督纳入地方政府考核,发挥媒体报道的外部监督作用,严控内部知情者和自媒体操纵市场行为。With investors’increasing attention to corporate ESG performance,ESG information disclosure has become an important factor affecting corporate stock price synchronicity.By selecting China’s A-share listed companies from 2010 to 2021 as samples,this study empirically tests the impact and action mechanism of corporate ESG information disclosure on stock price synchronicity.It is found that the better the performance of corporate ESG information disclosure,the higher the stock price synchronicity,and this conclusion still holds true after such robustness tests as replacing the explained variables,explanatory variables,propensity score matching(PSM)test,changing the time window period,and instrumental variable method.ESG information disclosure can further improve stock price synchronicity by enhancing enterprise commercial credit and green innovation capability.In the samples of non-heavily polluting enterprises,low senior executive equity incentive and low analyst attention level,the impact of ESG information disclosure performance on stock price synchronicity is particularly evident.Therefore,it is recommended to perfect the legal construction and practice of ESG information disclosure,incorporate the supervision of non-listed heavy-polluting enterprises into local government assessment,give full play to the external supervision role of media reports,and strictly control the market manipulation behaviors of internal informants and self-media.

关 键 词：ESG信息披露 股价同步性 商业信用 绿色创新 

分 类 号：F832[经济管理—金融学] F820.2