上市公司ESG责任履行有助于提升股票收益吗?

Does ESG Responsibility Performance of Listed Companies Affect Stock Returns?

随着可持续发展成为全球认可的发展趋势以及我国“双碳”目标的提出,企业履行ESG责任受到了投资者、监管部门以及社会各界的高度重视。基于此,本文以2010—2020年A股上市公司为研究样本,考察企业ESG责任履行与股票收益之间的关系,并考虑制度环境在其中发挥的调节作用。研究结果表明:(1)上市公司积极履行ESG责任能够显著提升股票收益,在考虑内生性问题后研究结论依然成立;(2)内在机理表明,上市公司ESG责任履行主要通过吸引投资者关注、增强分析师关注以及缓解企业融资约束三重机制提升股票收益,且制度环境在上市公司ESG责任履行与股票收益之间发挥调节效应;(3)进一步的异质性分析发现,上市公司履行ESG责任会因产权性质、所处地区的不同而对股票收益产生不同影响。此外,相较于环境责任(E)和社会责任(S)指标,治理责任(G)对股票收益的影响作用更显著。研究结论为上市公司承担ESG责任的经济后果提供了经验证据,对企业、投资者重视ESG责任履行以及政府完善ESG方面的相关政策具有启示意义。

With sustainable development becoming a globally recognized development trend and China's “double carbon” goal put forward,enterprises' ESG responsibility has been highly valued by investors,regulatory authorities and all walks of life.Based on this,Using China's A-share listed companies from 2011 to 2020 as research samples,the relationship between ESG responsibility performance and stock returns was investiqated,and the regulatory role of institutional environment in it was considered.The results show that the listed companies can significantly improve the stock returns by actively fulfilling ESG responsibilities,and the research conclusion is still valid after considering endogenous problems.The internal mechanism shows that the listed companies' ESG responsibility performance mainly improves the stock returns by attracting investors' attention,enhancing analysts' attention and relaxing corporate financing constraints,and the institutional environment plays a moderating role between the listed companies' ESG responsibility performance and stock returns.Further heterogeneity analysis shows that the listed companies' ESG responsibility performance will have different effects on stock returns due to the different property rights and regions.In addition,compared with environmental responsibility(E) and social responsibility(S),governance responsibility(G) has a more significant impact on stock returns.The research conclusion provides empirical evidence for the economic consequences of listed companies' ESG responsibility,and has enlightenment significance for enterprises,investors to pay attention to ESG responsibility performance and the government to improve ESG related policies.