环境、社会和公司治理或成油气公司“救命符”——基于国际一体化油气公司股票超额收益的实证研究  

ESG Could Be a"Talisman"for Oil and Gas Companies:Empirical Study on Excess Returns of Stocks of Internationally Integrated Oil and Gas Companies

作　　者：江政益 Jiang Zhengyi(Sustainable and Green Finance Institute of National University of Singapore,Singapore 119077,Singapore)

机构地区：[1]新加坡国立大学可持续与绿色金融研究所,新加坡119077

出　　处：《能源化工财经与管理》2023年第4期20-30,共11页

摘　　要：近年来,国际油气公司在资本市场表现疲弱,2020年新冠疫情和石油价格暴跌等全球性事件使其进一步恶化。当前,越来越多投资者开始接受环境、社会和公司治理(ESG)投资理念,即更偏好在环境保护、社会责任、公司治理等方面表现良好的公司。文章基于FamaFrench 3因素模型,对国际一体化油气公司股价回归分析发现,其他条件不变时,公司ESG评级越高,其股票超额收益越高,即公司ESG表现越好,越受投资者青睐。此外,ESG对超额收益的影响随时间推移愈发突显,表明ESG投资理念不断深入人心,资本市场将越来越重视公司的ESG表现。因此,ESG或成为国际油气公司改善企业形象、扭转融资困局、巩固市场地位的“救命符”。最后,文章在对国际经验分析总结的基础上,为中国油气公司如何改善ESG表现提出建议。International oil and gas companies have become less favored in capital markets in recent years than before,and global events such as the COVID-19 pandemic and the plummet of crude oil prices in 2020 have exacerbated this situation.Nowadays,the ESG investment philosophy is getting widely accepted by investors,i.e.,they prefer companies with good performance in environmental protection,social responsibility,and corporate governance.Based on the Fama-French 3-Factor model,this paper conducts regression analysis on the stock prices of internationally integrated oil and gas companies.It is found that,when other conditions remain unchanged,the higher the ESG rating of a company,the higher the excess return of its stock,i.e.,the better the ESG performance of a company,the more favourable its stock is to investors.In addition,the impact of ESG on excess returns increases with time,indicating that the ESG investment philosophy is gaining popularity and capital markets will pay more and more attention to the ESG performance of companies.Therefore,ESG could be a"Talisman"to international oil and gas companies to improve their corporate image among investors,reverse their financial difficulties,and consolidate their market positions.In the end,this paper proposes suggestions for Chinese oil and gas companies to improve their ESG performance based on the analysis and summary of international experience.

关 键 词：环境、社会和公司治理 一体化 油气公司 股票超额收益 Fama-French模型 

分 类 号：F832.51[经济管理—金融学] F426.22[环境科学与工程—环境工程] F271X322