企业ESG表现与资产误定价  

Enterprise ESG Performance and Asset Mispricing

作　　者：孙如雪 SUN Ruxue(Anhui Communications Vocational and Technical College,Huainan 232200,China)

机构地区：[1]安徽交通职业技术学院,安徽淮南232200

出　　处：《商业观察》2025年第5期83-88,共6页BUSINESS OBSERVATION

基　　金：2024年安徽省高校人文社会科学重点项目(2024AH052360)。

摘　　要：文章利用A股上市公司数据,实证检验企业ESG表现与资产误定价之间的关系。研究发现,改善企业ESG表现能够缓解资产误定价水平。机制检验表明,企业ESG表现能够通过降低投资者非理性行为缓解资产误定价水平。异质性检验表明,在非国有和非四大审计公司中,企业ESG表现具有更加显著的缓解资产误定价水平作用。文章研究结果丰富了企业ESG表现的治理效应以及资产误定价的影响因素。This study uses the data of A-share listed companies to empirically test the relationship between ESG performance and asset mispricing.This study finds that improving enterprise ESG performance can alleviate the level of asset mispricing.According to the mechanism test,ESG performance can help mitigate the level of asset mispricing by reducing irrational behavior of investors.According to heterogeneity tests,in non-state-owned and non-Big Four audit firms,enterprise ESG performance plays a more significant role in alleviating asset mispricing level.The results of this study enrich the governance effect of ESG performance and the influencing factors of asset mispricing.

关 键 词：企业ESG表现 投资者非理性 资产误定价 

分 类 号：F832.5[经济管理—金融学]