股票流动性影响了企业ESG表现吗?——来自沪深A股上市公司的证据

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中文摘要：引导企业切实贯彻环境、社会与治理(ESG)理念,对于推动我国产业结构转型升级与实现经济高质量发展具有重大意义,但如何通过资本市场为实体企业可持续发展赋能尚未得到充分研究.本文在理论上分析了股票流动性对企业ESG表现的影响及其机制,并利用2010-2021年沪深A股上市公司的数据进行了实证检验.结果表明:股票流动性能够显著提高企业ESG表现,这一结论在使用倾向得分匹配与双重差分等多种方法进行稳健性检验后依然成立;其次,股票流动性通过缓解信息不对称与强化内外部治理提升了企业ESG表现;异质性分析表明,这种提升作用在合格境外机构投资者持股比例较高、高管薪酬激励水平较高、分析师关注程度较高以及市场竞争程度较弱的企业当中更显著;再次,股票流动性能够放大企业ESG实践带来的绿色创新驱动效应.本文的研究揭示了资本市场微观结构特征对于实体经济可持续发展的助推作用,有鉴于此,应进一步深化资本市场改革,完善顶层制度设计,提高对外开放程度,呵护市场信心,改善股票流动性.

外文标题：Does Stock Liquidity Have an Effect on Corporate ESG Performance?Evidence from China

外文摘要：Guiding enterprises to effectively implement the concept of ESG is of great significance for promoting the transformation and upgrading of China's industrial structure and achieving high-quality economic development.However,how to empower the sustainable development of real economy through the capital market has not been fully studied.This paper theoretically analyzes the impact and mechanism of stock liquidity on corporate ESG performance,and empirically tests the data of Shanghai and Shenzhen A-share listed companies from 2010 to 2021.The results show that stock liquidity significantly improves the corporate ESG performance,and this conclusion is still valid after a lot of robustness tests including PSM-DID.Furthermore,stock liquidity improves corporate ESG performance by alleviating information asymmetry and strengthening both internal and external governance.Additionally,this promotion effect is more significant in the enterprises with higher degree of QFII shareholding,executive compensation incentive,analyst coverage and under weaker market competition.In particular,stock liquidity amplifies the green innovation-driving effect of ESG.This paper reveals the positive effect of the microstructure of capital market on the sustainable development of the real economy.Therefore,it is suggested to further deepen the reform of capital market,enhance the top-level system design,increase the degree of opening,shore up market confidence,and eventually improve stock liquidity.

外文关键词：

Stock liquidityCorporate ESG performanceInformation effectGovernance effectGreen innovation

作者：

胡妍、詹倩雯、项后军

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作者单位：

广东金融学院金融与投资学院

暨南大学经济学院

关键词：

股票流动性企业ESG表现信息效应治理效应绿色创新

基金：

广东省哲学社会科学规划2024年度青年项目广东省普通高校人文社科重点研究基地"金融风险防范与化解研究中心"广州市2024年度基础与应用基础研究计划青年博士"启航"项目广东省普通高校创新团队项目

项目编号：

GD24YGL382022WZJD0062024A04J36182023WCXTD014

出版年：

2024

DOI：

10.19313/j.cnki.cn10-1223/f.20240611.001

产业经济评论

CHSSCD

影响因子：0.339

ISSN：2095-5073

年,卷(期)：2024.(4)

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