摘要
在中国大力倡导低碳、环保的背景下,企业以可持续性发展为导向,能否通过提升ESG表现来降低股价崩盘风险,对企业本身乃至整个资本市场都是尤为重要的。基于信息不对称等理论,选取2012—2020年中国A股市场3 439家上市公司,利用回归分析方法进行实证分析。研究结论主要有:企业ESG表现与股价崩盘风险之间呈显著的负向关系,表明企业积极进行ESG投资可以抑制股价崩盘风险;相较于小型企业,在大型企业中二者的负向关系更加显著;企业所在区域的市场化水平会强化这种负向关系,即市场化水平越高,企业ESG表现对股价崩盘风险的抑制作用越明显。
Under the background of China’s strong advocacy of low-carbon and environmental protection, enterprises are oriented to sustainable development. Whether they can reduce the risk of stock price collapse by improving ESG performance is particularly important for the enterprise itself and even the whole capital market. Based on the information asymmetry and other theories, 3 439 listed companies in China’s A-share market from 2012 to 2020are selected for empirical analysis by using regression analysis. The results show that there is a significant negative relationship between the ESG performance and the stock price collapse risk, indicating that companies can inhibit the risk of stock price collapse by actively investing in ESG;Further research found that compared with small-scale enterprises, the negative relationship between them is more significant in large-scale enterprises;At the same time,the marketization level of the region where the enterprise is located will strengthen this negative relationship, that is,the higher the marketization level, the more obvious the inhibitory effect of enterprise ESG performance on the risk of stock price collapse.
出处
《当代经理人》
2022年第4期38-54,共17页
Contemporary Manager
基金
国家社会科学基金一般项目“平台企业无序扩张中数字排斥行为的监管与治理研究”(21BJY207)
关键词
企业ESG表现
股价崩盘风险
企业规模
市场化水平
ESG performance of enterprises
risk of stock price collapse
enterprise scale
marketization level
