摘要
利用2011—2022年A股上市公司的股票流动性数据,实证检验公司ESG(环境、社会责任、公司治理)表现对股票流动性的影响。结果表明:ESG表现能够显著提升股票流动性,通过分项指标来看,环境、社会和公司治理均对股票流动性具有提升作用,并且社会对于股票流动性的提升效果最为显著;异质性分析表明,ESG表现对股票流动性的提升作用在非重污染企业和国有企业中更加显著;ESG表现主要通过提升外部分析师关注度和媒体正面评价、提升内部创新效率和缓解内部委托代理成本等传导路径影响企业流动性水平。
The impact of a company's ESG(environment,social responsibility,governance)performance on stock liquidity is empirically examined by utilizing stock liquidity data of A-share listed companies in the period from 2011 to 2022.The results indicate that ESG performance can significantly enhance stock liquidity.The sub-indicators,including environment,society,and corporate governance,all have a positive effect on stock liquidity.Society has the most significant impact on stock liquidity.Heterogeneity analysis shows that the effect of ESG performance on stock liquidity is more significant in non-heavily polluted enterprises and state-owned enterprises.ESG performance primarily impacts corporate liquidity through various channels,including increased attention from external analysts and positive media evaluations,improved internal innovation efficiency,and reduced internal principal-agent costs.
作者
张高勋
殷吉浩
许义顺
ZHANG Gaoxun;YIN Jihao;XU Yishun(School of Mathematics and Science,Southwest University of Science and Technology,Mianyang 621000,Sichuan,China;School of Economics and Management,Southwest University of Science and Technology,Mianyang 621000,Sichuan,China)
出处
《科技和产业》
2024年第13期1-9,共9页
Science Technology and Industry
基金
国家社会科学基金(19BGL006)
四川省科技厅基金(2023JDZH0011)。
