企业ESG表现与股票错误定价研究

Research on Corporate ESG Performance and Stock Mispricing

基于我国2010—2022年A股上市公司数据,研究发现,企业ESG表现与股票错误定价程度呈显著负相关关系,并且在不同时期企业ESG表现对造成股票错误定价的影响存在差异。机制分析中发现,企业ESG表现通过影响信息不对称程度和投资者非理性情绪来影响股票错误定价,信息不对称和投资者非理性情绪在企业ESG表现与股票错误定价中有着显著的中介效应,在经过工具变量法、替换解释与被解释变量、Bootstrap检验后,结果依然稳健。

Based on the data of A-share listed companies in China from 2010 to 2022,it is found that corporate ESG performance is significantly negatively correlated with the degree of stock mispricing,and the impact of corporate ESG performance on stock mispricing is significantly different in different periods.In the mechanism analysis,it is found that corporate ESG performance affects stock mispricing by influencing the degree of information asymmetry and irrational sentiment of investors,and information asymmetry and irrational sentiment of investors have a significant mediating effect in corporate ESG performance and stock mispricing,and the results are still robust after Instrumental Variables Approach,Replacement of Explanatory and Explained Variables,and Bootstrap Test.