Corporate ESG Performance and Capital Markets:Evidence from Stock Liquidity
Under the trend of green and low-carbon economic and social development,the ESG concept has become increasingly prominent in the capital market.Based on the data of my country's A-share listed companies from 2015 to 2021,the article studies the impact of ESG performance on corporate stock liquidity.The study found that ESG performance significantly improves corporate stock liquidity,and this effect is more significant among state-owned enterprises,large-scale enterprises,and enterprises in regions with a high degree of marketization.Mechanism analysis shows that corporate ESG is conducive to improving investor sentiment and information transparency,thereby promoting stock liquidity.Further research found that stock liquidity brought about by good ESG performance of companies significantly enhances corporate value and corporate innovation.Explore the role and effect of corporate ESG in financial markets and provide new empirical evidence for active capital markets.
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