摘要
以2009—2020年中国A股上市公司数据为样本,本文实证检验了ESG表现对企业投资效率的影响。结果发现,良好的ESG表现能够提高企业投资效率,但ESG表现对过度投资和投资不足的影响方式不同。机制分析表明,ESG表现通过降低代理成本和缓解融资约束两个渠道降低投资不足,减少过度投资仅通过减少代理问题这一路径。异质性分析发现,对于成熟期、信息传递效率较高和处于市场化程度较高、法治建设较完善地区的企业而言,ESG表现的投资效率提升效应更大。本研究对于政府部门制定相关政策以提高资本配置效率,促进经济高质量发展具有启示意义。
Using a sample of Chinese A-share listed companies from the first quarter of 2009 to the third quarter of 2020,this paper empirically tests the impact of ESG performance on enterprise investment efficiency.The results show that good ESG performance can improve enterprise investment efficiency,but this effect on overinvestment and underinvestment is different.Mechanism analysis shows that ESG reduces underinvestment by reducing agency costs and alleviating financing constraints,and reduces overinvestment only by reducing agency problems.Heterogeneity analysis shows that ESG has a greater effect on improving investment efficiency for enterprises in a mature stage,with high information transmission efficiency or in regions with high degree of marketization and better development of law.This study has certain enlightenment significance for government departments to formulate relevant policies,in order to improve the efficiency of capital allocation and promote high-quality economic development.
作者
高杰英
褚冬晓
廉永辉
郑君
Gao Jieying;Chu Dongxiao;Lian Yonghui;Zheng Jun
出处
《证券市场导报》
CSSCI
北大核心
2021年第11期24-34,72,共12页
Securities Market Herald
基金
北京市社会科学基金青年项目“京津冀绿色金融协同发展的经济效应和提升机制研究”(18YJC027)
北京市属高校高水平教师队伍建设支持计划“长城学者培养计划”资助项目。
关键词
社会责任投资
投资效率
代理成本
融资约束
ESG investment
investment efficiency
agency costs
financing constraints
