“两碳”背景下我国ESG评级相关性的实证研究

An Empirical Study on the Correlation of ESG Rating in China under the Background of“Two Carbons”

通过实证研究分析我国ESG评价体系的现状和不足、ESG评级对公司及股票影响。研究中首次使用ESG评分并采取分行业对比的方法研究了我国上市企业ESG评分与公司股票收益率以及每股收益的相关性。结果发现,ESG评级高的企业相较于评级低的企业在同时期内每股收益及股票收益率相对更高,ESG评级对二者有显著的正相关性,而这个影响对金融地产行业以及制造业更为明显。

Through empirical research,this paper analyzes the current situation and shortcomings of ESG evaluation system in China and the impact of ESG rating on companies and stocks.In the study,ESG score is used for the first time and the correlation between ESG score of listed companies in China and corporate stock returns and earnings per share is studied by means of industry comparison.The results show that the companies with high ESG ratings have relatively higher earnings per share and stock return rate in the same period than the companies with low ESG ratings.ESG ratings have significant positive correlation with them,and this effect is more obvious in the financial real estate industry and manufacturing industry.