摘要
贯彻落实新发展理念,探索建立健全ESG体系的背景下,探究ESG信息披露能否提升企业绩效,对上市公司被市场认可与价值实现具有重要意义。文章借助企业ESG评级信息披露,以2011-2020年中国A股上市公司为研究对象,检验ESG信息披露对企业绩效产生的影响,并对其影响机制进行探讨。结果表明,ESG信息披露能显著提升企业绩效,缓解融资约束与提升市场关注度是其潜在的作用渠道。进一步研究发现,ESG信息披露对企业绩效的影响因机构投资者持股比例、内部控制质量和行业属性的异质性而产生显著差异,即对于机构投资者持股较高、内部控制质量较好和非污染企业而言,ESG信息披露对企业绩效的促进作用更为显著。研究结论丰富了企业ESG信息披露正面经济后果的研究,为企业重视ESG履责与扩大ESG投资,促进企业高质量发展提供了依据。
In the context of implementing the new concept of development and exploring the establishment of a sound ESG system,it is of great significance to investigate whether ESG information disclosure can enhance corporate performance and achieve market recognition and value realization for listed companies.This study examines the impact of ESG information disclosure on corporate performance and explores its influencing mechanism by using ESG rating information disclosure of Chinese A-share listed companies from 2011 to 2020.The results indicate that ESG information disclosure can significantly improve corporate performance,and alleviating financing constraints and enhancing market attention are potential channels of action.Further study finds that the impact of ESG information disclosure on firm performance significantly varies by the heterogeneity of institutional investors'shareholding ratio,internal control quality and industry attributes.Specifically,ESG information disclosure has a more significant promoting effect on corporate performance for companies with higher institutional investor ownership,better internal control quality and non-polluting firms.The findings enrich the research on the positive economic consequences of corporate ESG disclosure and provide a basis for companies to pay attention to ESG responsibilities and expand ESG investment to promote high-quality corporate development.
作者
王琳
孔令尧
乐权权
焦睿聪
WANG Lin;KONG Lingyao;LE Quanquan;JIAO Ruicong(School of Economics and Management,China University of Geosciences Wuhan,Hubei 430074;Department of Business Development,Service Center of the Ministry of Agriculture and Rural Affair,Beijing 100125)
出处
《上海立信会计金融学院学报》
2023年第5期105-120,共16页
Journal of Shanghai Lixin University of Accounting and Finance
基金
教育部人文社会科学研究规划基金项目(21YJA630105)。
关键词
ESG信息披露
ESG评级
企业绩效
融资约束
市场关注
ESG information disclosure
ESG Ratings
Corporate performance
Fin-ancing constraints
Market concerns
