软监管下实控人性质变更对ESG信息操纵的影响  

The Effect of Change in Nature of Actual Controller on ESG Information Manipulation Under Soft Regulation

作　　者：习明明[1] 刘鹏 Xi Mingming;Liu Peng

机构地区：[1]江西财经大学应用经济学院,江西省南昌市330013 [2]西安交通大学经济与金融学院

出　　处：《南方经济》2025年第4期103-121,共19页South China Journal of Economics

基　　金：国家自然科学基金项目“基于两区制空间Durbin固定效应模型的地区资本结构对经济增长影响研究”(72264011);国家自然科学基金项目“数字赋能中国制造业全球价值链攀升:理论机制、演化路径和对策研究”(72273057)资助。

摘　　要：ESG投资理念在我国资本市场影响力不断扩大,但目前中国有关ESG的监督管理体制尚不完善,企业潜在的ESG信息操纵与虚假信息披露已成为社会与学界关注的重要问题。文章基于我国市场经济运行中发生的实控人性质变更事件,使用双重差分估计方法,研究了上市公司实控人性质变更对企业ESG信息操纵的影响。研究结果表明,实控人性质从非国有变更为国有会抑制上市公司ESG信息操纵,从国有变更为非国有则会加剧,该结论经稳健性检验与内生性处理后依然成立。机制研究发现,实控人性质变更具有强化监管约束与削弱操纵动机两方面机制。实控人性质从非国有变更为国有会强化企业外部监管审查,削弱企业融资约束动机,进而抑制企业ESG信息操纵。进一步研究发现,公众监督是国资监管的重要补充,监管力度的地区差异会影响实控人性质变更的监管约束机制效应,更强的地区监管力度能够强化企业外部监管约束,抑制企业ESG信息操纵行为。研究结论有助于理解ESG信息披露和影响机制,有助于构建和完善ESG信息披露的监督管理体制。The ESG investment concept has been increasingly favored by the Chinese capital market in recent years,and the investment products related to ESG themes have become more abundant.However,the current supervision and management system for ESG in China is still imperfect,and the ESG-related market is under a soft regulation environment.The potential ESG information manipulation and false information disclosure by enterprises have become important issues of concern for the society and academia.This paper examines the impact of the equity nature change of listed companies on their ESG information manipulation behavior,based on the equity nature change events that occurred in the operation of China's market economy,using the generalized difference-in-differences estimation method.The results of the study show that changing the nature of the actual controller from non-state to state-owned inhibits ESG information manipulation in listed companies,while changing the nature from state-owned to non-state-owned exacerbates ESG information manipulation.The mechanism study results find that the main mechanisms of the impact of the nature of the actual controller change on ESG information manipulation behavior are to strengthen external regulatory constraints and weaken ESG information manipulation motives.Further studies have found that the magnitude of state and public oversight can influence the effect of regulatory constraints.This paper's potential marginal contributions are primarily in the following three areas.(1)It identifies potential ESG information manipulation by corporations.Measuring and detecting corporate ESG information manipulation is an academic challenge,as it is a violation of social norms and regulations,and it is unlikely that a company's public data and financial statements would disclose such manipulative behavior.This study draws on research in the field of earnings management and performance reversal by listed companies,using changes in the consistency and stability of ESG information disclosure as a

关 键 词：实控人性质变更 ESG表现 ESG信息操纵 软监管 

分 类 号：F276[经济管理—企业管理]