媒体报道与企业ESG表现——基于多主体关注的调节效应  

Media Coverage and Corporate ESG Performance--The Moderating Effect of Multi-agent Attention

作　　者：陈洪涛[1] 罗雅凡 CHEN Hongtao;LUO Yafan

机构地区：[1]东南大学经济管理学院

出　　处：《南京航空航天大学学报(社会科学版)》2025年第2期30-44,共15页Journal of Nanjing University of Aeronautics AND Astronautics(Social Sciences)

基　　金：江苏省社会科学基金一般项目(22GLB001);南京市软科学基金重点项目(202403001)。

摘　　要：随着可持续发展与企业环境、社会和公司治理(ESG)在我国资本市场的持续走热,良好的ESG表现能为企业带来一定经济效益。基于信息传递理论,媒体如何在改善企业ESG表现中发挥“第四权力”的作用亟待探讨。本文以2018—2023年A股上市公司为研究对象,研究媒体报道对企业ESG表现的影响。结果表明,报道中蕴含的“红绿灯”信号对企业ESG表现存在显著正向影响,即企业获得媒体报道越多,越能够改善其ESG表现,且该结论通过一系列稳健性检验。更进一步,来自投资者、公众和分析师的关注均能对上述关系起到正向调节作用,即投资者、公众和分析师对企业的关注度越高,媒体报道对企业ESG表现的正向影响越明显。异质性研究发现,当媒体报道情绪更正面,原创度更低,被报道企业为国有企业,以及企业所在行业为重污染行业时,媒体报道对企业ESG表现的促进作用更为显著。With the growing emphasis on sustainable development and the concept of Environmental,Social,and Governance(ESG)in China’s capital markets,strong ESG performance can bring significant economic benefits to enterprises.Based on information transmission theory,the role of media as the“fourth estate”in improving corporate ESG performance warrants further exploration.This study selects A‑share listed companies from 2018 to 2023 as the research sample to examine the impact of media coverage on corporate ESG performance.The results indicate that the“traffic light”signals embedded in media coverage have a significant positive effect on corporate ESG performance,meaning that increased media coverage leads to improved ESG performance.This finding is supported by a series of robustness tests.Furthermore,multi-agent attention from investors,the public,and analysts positively moderates this relationship.Specifically,the higher the attention from investors,the public,and analysts,the more pronounced the positive impact of media coverage on ESG performance.The heterogeneity study reveals that the positive effect of media coverage on ESG performance is more significant when the media reports are more positive in sentiment,less original,the reported enterprises are state‑owned,and the enterprises operate in heavily polluting industries.

关 键 词：ESG表现 环境管理 媒体报道 关注度 

分 类 号：F27[经济管理—企业管理]