ESG表现与股价崩盘风险——基于投资者情绪与高管过度自信的调节作用

ESG Performance and Stock Price Crash Risk——Based on the Moderating Effect of Investor Sentiment and Executive Overconfidence

ESG表现能够使上市公司在关心盈利的同时注重企业的正面形象和整体价值,缓解负面消息的冲击,进而降低股价崩盘风险。本文以2013—2020年沪深A股上市公司为研究样本,验证了ESG表现与上市公司股价崩盘风险的关系,并在此基础上研究了内外情绪对两者关系的调节作用。研究结果表明:ESG表现与上市公司股价崩盘风险呈负相关关系,投资者情绪促进ESG表现对股价崩盘风险的抑制作用,而高管过度自信会减弱ESG表现与股价崩盘风险的负相关关系。机制检验发现,ESG表现会通过抑制管理者所有权导致的代理问题和信息不对称导致的信息问题来降低股价崩盘风险。研究对ESG表现发挥正面筛选作用和稳定股票市场有借鉴意义。

ESG performance enables listed companies to focus on positive corporate image and overall value while caring about earnings,mitigating the impact of negative news and thus reducing the risk of share price collapse.This paper verifies the relationship between ESG performance and the risk of stock price collapse of listed companies,using Shanghai and Shenzhen A-share listed companies from 2013 to 2020 as the research sample,and on this basis,we investigate the moderating effect of internal and external sentiment on the relationship.The findings show that ESG performance is negatively related to the risk of stock price collapse of listed companies,investor sentiment promotes the inhibitory effect of ESG performance on stock price collapse risk,and executive overconfidence attenuates the negative relationship between ESG performance and stock price collapse risk.The mechanism test finds that ESG performance reduces the risk of stock price collapse by suppressing agency problems due to managerial ownership and information problems due to information asymmetry.The study has implications for ESG performance to play a positive screening role and stabilize stock markets.