Corporate ESG Performance and Capital Market Pricing Efficiency
This paper uses data from A-share listed companies from 2009 to 2021,combined with signaling theory,infor-mation risk theory and ESG investment preference asset pricing model,to study the impact and transmission mechanism of corporate ESG performance on capital market pricing efficiency through a fixed-effects model.The results indicate that the ESG performance of enterprises significantly improves the pricing efficiency of the capital market.Mechanism analysis reveals that ESG performance enhances capital market pricing efficiency by improving the quality of environmental information disclosure,reducing investor heterogeneous beliefs,and alleviating agency conflicts.Heterogeneity analysis shows that the ESG performance of private enterprises,large scale enterprises,and enterprises that voluntarily disclose information has a more significant effect on improving the pricing efficiency of the capital market.
NETL
NSTL
万方数据
