资本市场开放与企业环境、社会及治理信息披露质量

Capital Market Openingand Quality of Enterprise Environmental,Social and Governance Information Disclosure

环境、社会及治理(ESG)投资是我国实现绿色发展、包容性增长和巩固负责任大国形象的重要抓手。当前我国ESG信息披露仍不规范,模糊性和选择性披露行为仍普遍存在,严重制约了ESG投资实践的开展。基于2011—2020年A股上市公司企业-年度数据的双重差分回归结果表明,“沪(深)港通”的开通能显著地改善上市公司环境、社会及治理信息披露质量。此外,时间异质性的实证结果表明,“沪(深)港通”交易制度的信息披露质量改善作用随着时间的推移而愈发显著。机制分析表明,“沪(深)港通”交易制度可以通过“用脚投票”以及发挥外部监督效应改善上市公司ESG信息披露质量。进一步研究发现,沪(深)港通交易制度在充当外部监督角色的同时,也在发挥着优化中国A股市场外部监督环境的作用。上述分析表明,在ESG生态环境建设初期,我国应该充分重视资本市场开放在ESG信息披露质量中的重要作用,以有计划、有步骤的资本市场开放推动我国ESG生态环境建设。

Environmental,social,and governance(ESG)investments are important means for Chi-na to achieve green development,inclusive growth,and consolidating its international image as a re-sponsible major country.At present,the disclosure of environmental,social and governance informa-tion in China is still not standardized,and ambiguity and selective disclosure behavior are still widely existed,seriously restricting the development of ESG investment practices.This paper conducts a dou-ble difference regression analysis based on the annual data of A-share listed companies from 2011 to 2020.The findings show that the opening of the Shanghai(Shenzhen)-Hong Kong Stock Connect can significantly improve the quality of the environmental,social,and governance information disclosure of the listed companies.In addition,the empirical results of time heterogeneity indicate that the improve-ment of information disclosure quality under the Shanghai(Shenzhen)-Hong Kong Stock Connect trad-ing system becomes increasingly significant over time.The mechanism analysis reveals that the Shang-hai(Shenzhen)-Hong Kong Stock Connect trading system can improve the quality of ESG information disclosure of listed companies through"foot voting"and the use of"external supervision"effects.Further research has found that while playing an external supervisory role,the Shanghai(Shenzhen)-Hong Kong Stock Connect trading system also plays a role in optimizing the external supervisory en-vironment of China's A-share market.The above analysis indicates that in the early stages of ESG e-cological environment construction,China should fully attach importance to the important role of capi-tal market openness in the quality of ESG information disclosure,and promote China's ESG ecologi-cal environment construction through planned and step-by-step capital market openness.