企业ESG表现、异质性投资者关注与股价崩盘风险
ESG Performance,Heterogeneous Investor Concerns and the Risk of Stock Price Collapse
张前程 1张传燕1
作者信息
摘要
近年来,ESG成为可持续发展理念在企业界的具象投影.本文选取2011-2022年A股市场上市公司为研究样本,实证检验上市公司ESG表现对股价崩盘风险的影响效应及其机制.总体而言,上市公司ESG表现与股价崩盘风险呈显著的负相关;机制检验表明,上市公司提高ESG表现通过增强个人投资者关注和机构投资者关注抑制股价崩盘风险,且个人投资者关注中介效应占比更大;异质性分析发现,在国有企业、非重污染企业和大型企业中,提升ESG表现对股价崩盘风险的抑制效应更为显著.以上的研究结果为企业积极履行ESG责任、投资者作出投资决策以及国家促进资本市场规范健康发展等方面提供了有价值的参考依据.
Abstract
In recent years,ESG has become a figurative projection of the concept of sustainable development among corporations.In this paper,we select companies in A-share market from 2011 to 2022 as research samples,and empirically examine the effect of ESG performance of listed companies on the risk of stock price collapse and its mechanism.Overall,ESG performance of listed companies is significantly negatively correlated with the risk of stock price collapse,the mechanism test shows that listed companies'improved ESG performance suppresses the risk of stock price collapse by enhancing the attention of individual investors and institutional investors,and the mediating effect of individual investor's attention accounts for a larger proportion;heterogeneity analysis finds that the dampening effect of improving ESG performance on the risk of stock price collapse is more pronounced among SOEs,non-heavy polluters and large firms.The above findings provide valuable references for enterprises to actively fulfill their ESG responsibilities,investors to make investment decisions,and the state to improve the standardized and healthy development of the capital market.
关键词
ESG表现/股价崩盘风险/异质性投资者关注/中介效应Key words
ESG Performance/Risk of Share Price Collapse/Investor Concerns/Digital Transformation引用本文复制引用
出版年
2024
NETL
NSTL
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