上市公司ESG评级与资产误定价

Corporate ESG Ratings and Asset Mispricing

本文通过分析2015-2021年中国A股上市公司样本发现,企业良好的ESG评级能够显著降低资产误定价。进一步研究发现,企业ESG评级提高了信息披露质量,减少了分析师预测分歧,进而降低资产误定价。在地方国企、非国有企业,或存在较严重的信息不对称的环境中,ESG评级对资产误定价的降低作用显著。其中,ESG的环境和社会两大指标作用显著,但是公司治理指标的作用不显著。资产误定价程度的降低进一步降低了企业的非效率投资,促使其资本配置趋于合理。

This paper analyzes a sample of A-share listed companies of China during 2015-2021 and finds that a good ESG rating can significantly reduce asset mispricing.Further research has found that corporate ESG ratings improve the quality of information disclosure,reduce analyst forecast divergence,and thus reduce asset mispricing.In local state-owned enterprises,non-state-owned enterprises,or environments with severe information asymmetry,ESG rating has a sig-nificant effect on reducing asset mispricing.Among them,the environmental and social indicators of the ESG rating play a significant role,but the role of corporate governance indicators is not significant.Finally,the reduction in the degree of asset mispricing further reduces the inefficient investment of enterprises,promoting their capital allocation to be more rational.