首页|资本市场开放与公司ESG信息披露——基于A股纳入MSCI指数准自然实验

资本市场开放与公司ESG信息披露——基于A股纳入MSCI指数准自然实验

扫码查看
本文以中国A股纳入MSCI新兴市场指数的外生冲击为准自然实验,采用双重差分模型研究资本市场开放对公司ESG信息披露的影响.结果发现,A股纳入MSCI指数显著促进了公司公开ESG信息披露.该效应在海外经营收入比例高的公司、民营企业、信息环境差以及无外资持股的公司中尤为明显.机制分析表明,A股纳入MSCI指数促进了境外机构投资者对标的公司的积极实地调研,并通过境外投资者积极与上市公司进行信息沟通从而提升了标的公司的ESG信息披露水平.本文不仅丰富了公司ESG信息披露影响因素研究,而且为我国进一步推进资本市场与国际市场接轨以及提高公司ESG信息披露水平提供了参考.
Stock Market Liberalization and Corporate ESG Information Disclosure:A Quasi-natural Experiment Based on A-shares Inclusion in MSCI Index
This paper takes the exogenous shock of China A shares'inclusion into MSCI Emerging Markets index as a quasi-natural experiment to examine the impact of stock market liberalization on corporate ESG information disclosure by the DID model.We find that the inclusion of A shares in the MSCI index significantly promotes corporate ESG information disclosure.This effect is particularly pronounced in companies with higher overseas operating income ratio enterprises,private enterprises and worse information environment enterprises as well as no pre-existing foreign ownership enterprises.Mechanism analysis results show that the inclusion of A shares into MSCI index improves corporate ESG information disclosure through improving foreign institutional investors'corporate site visits and active information communication between foreign investors and companies'managers.This paper enriches the research on the influencing factors of corporate ESG information disclosure and provides policy reference for China to expedite the process of capital market integration with the global market and improve corporate ESG information disclosure.

Stock Market LiberalizationMSCI IndexESG DisclosureForeign Investors

段婷婷、张立光

展开 >

西南财经大学会计学院,611130

四川农业大学管理学院,611130

资本市场开放 MSCI指数 ESG信息披露 境外投资者

2024

经济评论
武汉大学

经济评论

CSTPCDCSSCICHSSCD北大核心
影响因子:1.49
ISSN:1005-3425
年,卷(期):2024.245(1)
  • 38