良好的ESG表现能够降低企业股价崩盘风险吗?

Can Good ESG Performance Reduce the Stock Price Crash Risk?

股价崩盘严重影响企业稳定,ESG表现是衡量企业可持续发展的重要指标,因此研究ESG表现与企业股价崩盘之间的关系有重要意义。文章以2013—2020年中国沪深A股上市企业数据为研究样本,实证分析了企业ESG表现与企业股价崩盘之间的影响和作用路径。研究表明:(1)企业良好的ESG表现显著抑制了企业股价崩盘风险;(2)机制研究发现,ESG表现能够通过提升企业绿色创新能力降低企业股价崩盘风险;(3)进一步研究发现,ESG表现中环境与社会责任对于企业股价崩盘的抑制性更为明显;(4)在有政治关联、低融资约束以及高媒体关注度的企业中,ESG表现对股价崩盘风险的抑制性作用更强。本文通过探究企业ESG表现对股价崩盘风险的影响,丰富了有关企业ESG表现的经济后果的研究。本文的研究发现为政府制定相关的市场政策以及推动企业可持续发展提供了理论基础和实践启示。

The stock price crash risk seriously affects the stability of enterprises,and ESG performance is an important indicator to measure the sustainable development of enterprises.Therefore,studying the relationship between ESG performance and the stock price crash risk is significant.Taking the data of A-share listed companies in Shanghai and Shenzhen from 2013 to 2020 as a research sample,this paper empirically analyzes the impact and path between corporate ESG performance and stock price crash risk.Research has shown that:(1)good ESG performance of enterprises significantly suppresses the risk of stock price crash risk;(2)Mechanism research has found that ESG performance can reduce the risk of stock price crash risk by enhancing companies’green innovation capabilities;(3)Further analysis showed that environmental and social responsibility have more significant inhibitory effect on stock price crash risk;(4)In companies with political connections,low financing constraints,and high media attention,ESG performance has stronger inhibitory effect on the risk of stock price collapse. According to explore the impact of ESG performance on the stock crash risk,this study enriches research on the economic consequences of ESG performance. This study also provides theoretical basis for the government to formulate market policies and promote sustainable development of enterprises.