“由外及内”:企业ESG表现风险抵御效应的动态演进逻辑

“From Outside to Inside”:The Dynamic Evolutionary Logic of the Risk-Resilient Effects of Corporate ESG Performance

ESG的价值产出能否满足企业可持续发展的需求构成了企业ESG决策的关键。本文以2015-2020年A股上市公司为样本,探讨了企业ESG表现对系统性风险和特质性风险的差异性影响及其在一定时期内的动态演进规律。结果显示:企业ESG表现的风险抵御效应呈现出“由外及内”的动态演进规律。当期来看,其风险抵御效应主要通过缓和外生的系统性风险冲击发挥效应,对特质性风险无显著影响,但当期之后,ESG表现对系统性风险冲击不再发挥作用,转而通过抑制企业内生的特质性风险发挥作用。进一步发现,企业ESG表现主要通过获取利益相关者支持缓和系统性风险的冲击,通过提高信息透明度和抑制噪音交易抑制特质性风险。本文从动态性视角拓展了企业ESG经济后果的相关研究。

In recent years,corporate ESG performance has received wide attention from local governments and capital markets.This paper explores the differential impact of corporate ESG performance on systemic and idiosyncratic risks and its dynamic evolution pattern over a certain period of time,taking A-share listed companies from 2015 to 2020 as a sample.The results show that the risk-resistance effect of ESG performance shows a dynamic pattern of“from outside to inside”,and in the current period,its risk-resistance effect mainly plays an effect by moderating exogenous systemic risk shocks,but has no significant effect on idiosyncratic risk.However,after the current period,ESG performance ceases to play a role in systemic risk shocks and instead plays a role by suppressing endogenous idiosyncratic risks.It is further found that ESG performance plays a role in systemic risk shocks by obtaining stakeholder support,and plays a role in idiosyncratic risk by improving information transparency and suppressing noisy trading.This paper extends the research related to the economic consequences of corporate ESG from a dynamic perspective.