This paper analyzes a sample of A-share listed companies of China during 2015-2021 and finds that a good ESG rating can significantly reduce asset mispricing.Further research has found that corporate ESG ratings improve the quality of information disclosure,reduce analyst forecast divergence,and thus reduce asset mispricing.In local state-owned enterprises,non-state-owned enterprises,or environments with severe information asymmetry,ESG rating has a sig-nificant effect on reducing asset mispricing.Among them,the environmental and social indicators of the ESG rating play a significant role,but the role of corporate governance indicators is not significant.Finally,the reduction in the degree of asset mispricing further reduces the inefficient investment of enterprises,promoting their capital allocation to be more rational.
关键词
ESG/资产误定价/可持续发展/中国特色估值体系
Key words
ESG/asset mispricing/sustainable development/valuation system with Chinese characteristics
维普
万方数据