分析师关注与企业ESG表现——兼论经济政策不确定性的调节效应

Analyst Coverage and ESG per formance:The Moderating Effect of Economic Policy Uncertainty

在“双碳”目标和金融服务实体的理念背景之下,分析师能否当好守门员,监督企业提升ESG表现尤为重要。以2011-2020年A股制造业上市公司为样本,探索分析师关注对企业ESG表现的影响,并验证经济政策不确定性的调节作用。实证研究结果表明,分析师关注可以显著提高企业ESG表现;经济政策不确定性越高,分析师关注对企业ESG表现的正向影响越显著。研究发现了分析师关注度如何影响企业ESG表现,并验证了外部环境能够对企业ESG表现产生影响。在“双碳”以及经济下行压力加大的背景下,企业应当主动提升ESG表现,注重长远发展,并关注经济政策等外部环境的变化。

Under the background of the"Dual Carbon"target,the role of analysts as gate keePers in monitoring corPora tions to enbance CSR performance is crucial.This paper uses A-share listed manufacturing companies from 2011 to 2020 as samples to investigate the influence of analyst coverage on businesses’ESG performance,and to verify the moderating effect of EPU.The results indicate that analyst coverage can significantly enhance ESG performance.The higher the EPU,the more pronounced the positive impact of analyst coverage on ESG performance.This study discerns how analyst coverage affects companies’ESG performance and validates that the external environment can influence businesses'ESG performance.Given the"Dual Carbon"context and the increasing economic pressure,businesses should proactively improve ESG performance,focus on long term development,and continuously monitor changes in external factors such as economic policies.