ESG评分对A股上市公司股票价格相对于上证指数走势的影响  

The Impact of ESG Scores on the Stock Price Trend of A-Share Listed Companies Relative to the SSE Index

作　　者：王艳 王宇齐 WANG Yan;WANG Yuqi(School of Economics,Qufu Normal University,Rizhao 276800,China)

机构地区：[1]曲阜师范大学经济学院,山东日照276800

出　　处：《经济与管理评论》2025年第2期96-108,共13页Review of Economy and Management

摘　　要：随着我国可持续发展理念的深入推行,ESG理念也逐渐进入人们的视野,企业财务绩效受自身ESG评价的影响越来越大。为深入理解ESG绩效对企业股价的影响,选用wind数据库中2018年3月至2022年12月的A股上市公司股票价格变动幅度作为研究对象,考察其在该时间段与同期上证指数的相对变动情况。通过实证检验发现ESG评分高的公司股票价格具有较好的稳定性,ESG评分高的公司股票价格走势强于同期上证指数的走势。ESG评分对于在东部的企业、大规模企业以及国有企业的股票价格相对于上证指数的走势影响更为明显。With the in-depth implementation of the concept of sustainable development in China,the concept of ESG has gradually entered people's vision,and the financial performance of enterprises is increasingly influenced by their own ESG evaluation.In order to deeply understand the impact of ESG performance on enterprise stock price,the stock movement of A-share listed companies in the wind database from March 2018 to December 2022 is selected as the research object,and the relative movement between it and the SSE index in the same period is examined.The empirical test finds that companies with high ESG scores have better stability in their stock prices,and their stock trends are stronger than those of the Shanghai Composite Index during the same period.ESG scores have a more obvious impact on the stock prices of companies in the east,large-scale enterprises and state-owned enterprises relative to the SSE index.

关 键 词：ESG评分 股价 上证指数 市盈率 

分 类 号：F832[经济管理—金融学]