Does the Opening of the Capital Market Promote Firm's ESG
The high-quality opening of the capital market has an important impact on the construction of a diversified green financial system,green and low-carbon transformation and sustainable development.As a major innovative measure for the opening up of China's capital market,its impact of the Shanghai-Shenzhen-Hong Kong Stock Connect on the ESG performance of listed companies is worthy of in-depth discussion.Based on the data of A-share listed companies from 2011 to 2022,this paper systematically analyzes the impact and internal mechanism of the opening of Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect on the ESG performance of enterprises,and further explores the impact of Shanghai-Shenzhen-Hong Kong Stock Connect on the ESG performance of enterprises with different characteristics.The results show that the launch of Stock Connect has promoted the improvement of corporate ESG ratings,and this promotion effect has been verified in both Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect.Considering the mechanism,the launch of Stock Connect is mainly to improve the ESG performance of enterprises by easing internal financing constraints and increasing the attention of external investors.Considering the characteristics of the company,the state-owned enterprises,high-tech enterprises and polluting enterprises selected for the Stock Connect have better ESG performance.The conclusions of this paper have a certain enlightening effect on the high-quality opening of the capital market in the new era,green development and the promotion of the"dual carbon"goal.
Capital Market LiberalizationShanghai-Shenzhen-Hong Kong Stock ConnectESGFinancing ConstraintsInvestor Attention
NETL
NSTL
万方数据
