ESG表现、机构投资者持股与公司绩效——基于中国资本市场的经验证据

ESG Performance,Institutional Investors’Shareholding and Corporate Performance——Empirical Evidence from China’s Capital Market

ESG是企业履行环境、社会和治理责任的核心框架及评估体系。为了促使上市公司进一步重视ESG实践,以沪深A股2010—2021年上市公司数据为样本,通过实证研究的方法探究ESG表现、机构投资者持股与公司绩效之间的关系。结果表明,ESG表现和机构投资者持股与公司绩效之间显著正相关,机构投资者持股在ESG表现和公司绩效之间起调节作用,高科技行业、重污染行业以及低市场化地区的上市公司ESG表现对其绩效促进作用更加显著。基于上述研究结论,公司应加强ESG表现,推动绩效提升,加强与机构投资者的互动,针对行业和地区差异制定ESG战略;政府应强化ESG信息披露政策,支持机构投资者参与公司治理,提供差异化政策支持。

ESG is the core framework and evaluation system for enterprises to fulfill their environmental,social and governance responsibilities.In order to encourage listed companies to pay more attention to ESG practice,this paper takes the data of Shanghai and Shenzhen A-shares listed companies from 2010 to 2021 as samples to explore the relationship among ESG performance,institutional investor shareholding and corporate performance through empirical research.The results show that there is a significant positive correlation between ESG performance and institutional investor shareholding on corporate performance.Institutional investor shareholding plays a moderating role between ESG performance and corporate performance.The ESG performance of listed companies in high-tech industries,heavy pollution industries and low marketization areas has a more significant role in promoting their performance.Based on the above research conclusions,companies should strengthen ESG performance to promote performance improvement,enhance its interaction with institutional investors,and develop ESG strategies for specific industries conforming to regional differences.The government should strengthen the ESG information disclosure policy,support institutional investors to participate in corporate governance and provide differentiated policy support.