ESG评价体系在市场氛围影响下对公司股票收益率的影响分析——基于面板数据的交互固定效应模型

The Impact of the ESG Evaluation System on Stock Return Rates of Companies with the Influence of the Tone of the Market——Interactive Fixed Effect Model Based on the Panel Data

本文旨在探讨不同市场环境下A股上市公司的ESG得分与股价收益之间的关系。为此,文章利用商道融绿ESG评价体系数据库对中国A股上市公司的ESG得分进行实证分析,辅以其持有比率与估值技术的考察,并探讨ESG得分在熊市和牛市环境下对股价回报的影响。结果显示,ESG得分在熊市中与股价回报率呈正相关,在牛市中则呈负相关。研究结果强调了ESG因素在投资决策中的重要性,以期为投资者、公司和政策制定者提供有价值的参考。

This paper aims to explore the relationship between ESG(environmental,social and governance)scores and stock price returns of A-share listed companies in different market environments.Therefore,this paper makes an empirical analysis of the ESG scores of China’s A-share listed companies by using the ESG evaluation system database of SynTao Green Finance,with the investigation of their holding ratio and valuation technology,to explore the impact of ESG scores on stock price returns in the bear market and bull market.The results show that ESG scores are positively correlated with the stock price return rates in the bear market,and negatively correlated in the bull market.The research results highlight the importance of ESG in investment decisions and can provide valuable references for investors,companies and policymakers.