ESG表现对A股上市公司市值的影响分析及“双碳”启示

Analysis on the Impact of ESG Performance on the Market Capitalization of A-Share Listed Companies and its Enlightenments on“Double Carbon”

选取我国2018—2021年3000余家A股上市公司数据以及Wind、华证、社会价值投资联盟与商道融绿四家机构的环境、社会责任与公司治理(ESG)评级数据,采用固定效应模型,考察企业ESG表现对其当期与下期市值的影响,识别不同机构ESG评级的异同,进而评价ESG评级的行业异质性,以期为我国实现“双碳”目标提供启示。研究发现:我国ESG表现更好的企业容易获得更多的投资,但不同机构的ESG评级及其对当期或下期市值的影响皆存在差异。Wind ESG评级、华证ESG评级、社会价值投资联盟ESG评级与企业当期市值具有显著的正相关性,社会价值投资联盟ESG评级、商道融绿ESG评级与企业下期市值具有相对显著的正相关性。分行业看,当前ESG评级对材料、可选消费、信息技术、房地产行业上市公司当期市值具有显著的正向作用,对能源、工业等行业上市公司市值作用程度有限。结果表明:现阶段投资者应综合考虑多方机构的ESG评级,以客观全面决策;上市公司应强化信息披露并提升ESG表现,以吸引绿色投资;评级机构应形成统一的ESG评级标准以提升评级公信力;监管部门则应推动形成统一的评级制度以规范市场。

According to the data of more than 3000 A-share listed companies in China from the year 2018 to 2021,as well as the environmental,social responsibility and corporate governance(ESG)rating data of Wind,Huazheng,Social Value Investment Alliance and Shangdao Ronglv,the fixed effect model was used to investigate the impact of ESG performance on the market capitalization in the current and next periods,identify the similarities and differences of ESG ratings of different institutions,and evaluate the industry heterogeneity of ESG ratings,so as to provide enlightenment for China to achieve the"double carbon"goal.Findings:Enterprises with better ESG performance in China can easily get more investment,but there are differences in the ESG ratings of different institutions as well as their impact on the market capitalization in the current and next periods.Wind ESG rating,Huazheng ESG rating and Social Value Investment Alliance ESG rating have significant positive correlation with the market capitalization in the current period,while Social Value Investment Alliance ESG rating and Shangdao Ronglv ESG rating have relatively significant positive correlation with the market capitalization in the next period.In terms of industries,currently,the ESG rating has a significant positive effect on the market capitalization in the current period of listed companies in materials,optional consumption,information technology and real estate industries,but has a limited effect on the market capitalization of listed companies in energy and industry,etc.The results show that at present,investors should comprehensively consider ESG ratings of various institutions to make objective and comprehensive decisions;listed companies should strengthen information disclosure and improve ESG performance to attract green investment;rating agencies should form a unified ESG rating standard to enhance the credibility of rating;regulatory authorities should promote the formation of a unified rating system to regulate the market.