连锁股东与企业ESG信息披露

Chain Shareholders and Corporate ESG Information Disclosure

基于2010~2021年A股非金融类上市公司经验数据,实证检验了连锁股东对企业ESG信息披露的影响。研究发现:连锁股东能够发挥协同治理效应,显著促进企业的ESG信息披露。在进行一系列内生性和稳健性检验后,此结论依然成立。机制检验表明,提高信息透明度、缓解代理问题和降低融资约束是连锁股东促进企业ESG信息披露的可能路径。异质性分析发现,连锁股东对企业ESG信息披露的促进效果在稳定型连锁股东和环境敏感度较高的企业中更为显著。研究结果不仅在理论和实证上丰富了连锁股东有关经济后果的研究,也拓展了企业ESG信息披露驱动因素的研究,为监管机构合理引导、持续推进ESG信息披露体系规范化建议提供一定的参考。

Based on the empirical data of A-share non-financial listed companies from 2010 to 2021,this paper empirically tests the impact of chain shareholders on corporate ESG information disclosure.It is found that chain shareholders can exert the effect of collaborative governance and significantly improve the ESG information disclosure of enterprises.After a series of endogeneity and robustness tests,this conclusion still holds.Mechanism test shows that improving information transparency,mitigating agency problems and reducing financing constraints are the possible paths for chain shareholders to promote ESG information disclosure.Heterogeneity analysis shows that the promotion effect of chain shareholders on ESG information disclosure is more significant in stable chain shareholders and enterprises with high environmental sensitivity.The research results not only enrich the research on the economic consequences of chain shareholders theoretically and empirically,but also expand the research on the driving factors of enterprise ESG information disclosure,providing certain reference for regulators to reasonably guide and continuously promote the standardization of ESG information disclosure system.