企业ESG表现缓解了股价延迟吗?--基于我国A股上市公司的经验证据

Does Enterprise ESG Performance Alleviate the Delay of Stock Prices?Based on the Empirical Evidence of China s A Share Listed Companies

以2008—2021年华证ESG评级上市公司为研究样本,探究企业ESG表现对股价延迟的影响及作用机制。结果表明:企业ESG表现能够有效缓解股价延迟,股票流动性水平、分析师关注和内部控制质量是企业ESG表现缓解股价延迟的重要作用路径。截面异质性分析发现:企业ESG表现对股价延迟的缓解作用在非国有企业、非政企关联企业以及审计质量较高组中更强。研究结论为提升我国资本市场信息效率提供了新的线索,为推动企业ESG实践提供了必要启示。

By using the sample of Huazheng ESG Rating Listed Companies from the year of 2008 to the year of 2021,this paper explores the influencing and working system of enterprise ESG performance on the delay of stock prices.The results show that enterprise ESG performance can effectively alleviate the delay of stock prices,the stock fluidity level,analyst attention,and the quality of internal control,which serves as the important working path for enterprise to alleviate the delay of stock prices.It is found through the cross-sectional heterogeneity analysis that the alleviating effect of enterprise ESG performance on the delay of stock prices is more pronounced in non-state-owned enterprises,non-government-enterprise related enterprises,and enterprises of higher audit quality group.Therefore,the research conclusion not only provides new clues for upgrading the China s information efficiency of capital market but also the necessary inspiration for promoting the practice of enterprise ESG.