摘要
本文立足党的二十大报告提出的热点问题,基于2016年中国香港联合交易所ESG披露规则的变化,通过双重差分法研究发现,政策实施后实验组公司相比对照组公司,每提升1%的ESG表现,本期经济产出(每股经济增加值)多提升1.3%,长远发展能力(发展潜力)多提升1.7%。这表明,这类企业高质量发展能力更强。机制检验发现,环境层面相比于社会层面和治理层面对企业ESG表现与高质量发展之间关系的影响更为显著,这表明ESG带来的增量价值效应主要体现在对环境层面的规范和约束上。本文为我国ESG建设和企业高质量发展提供经验证据,同时为上海和深圳证券交易所逐步推动ESG强制披露政策提供有力参考。
This study examines whether firm’s ESG performance is associated with its high-quality development.Based on the ESG regulatory change of the Stock Exchange of Hong Kong Ltd.in 2016,we develop the quasi experiment by setting Chinese A+H listed firms as research group and other listed firms as control group,and through using the difference-in-differences method,we document that research group exhibits greater EVA(Economic Value Added)per share and development potential.Specifically,after the mandatory ESG regulatory change,when research group increases its ESG performance by 1 percent,its enhanced EVA per share is greater than that of control group by 1.3 percent and its enhanced development potential is greater than that of control group by 1.7 percent,which suggest higher level of high-quality development.Further analysis on the underlying mechanisms indicates that when compared with social factors and governance factors,environmental factors have significant moderating effects on the relation between corporate ESG performance and high-quality development,implying that positive value effect of ESG mainly stems from its norms and constraints regarding corporate environmental behaviors.This study provides evidence on Chinese firms’ESG performance and their high-quality development,and also sheds light on the development of mandatory ESG reporting for Shanghai and Shenzhen stock exchanges based on the exploration of regulatory change of the Stock Exchange of Hong Kong.
作者
赵智勇
杨丹
Zhao Zhiyong;Yang Dan
出处
《管理会计研究》
2024年第1期52-65,共14页
MANAGEMENT ACCOUNTING STUDIES
基金
教育部人文社科规划基金项目“中国传统商业文化与企业投资效率:机制与检验”(23YJA630112)。
