摘要
本文基于2009-2021年A股上市公司的数据检验了放松卖空管制对上市公司ESG表现的影响及其作用机制。研究结果表明放松卖空管制显著提高了上市公司的ESG表现。实证检验通过了平行趋势检验和一系列的稳健性检验。实证检验的结果表明放松卖空管制对上市公司ESG表现的促进作用具有产权异质性和地区异质性。进一步研究结果表明,放松卖空管制对上市公司ESG表现的提升作用在信息透明度较低、外部监督压力较高的情况下更为显著。
This paper examines the impact of short selling deregulation on the ESG performance of listed companies and its mechanism of action based on the data of A-share listed companies from 2009 to 2021.The results show that short selling deregulation significantly improves the ESG performance of listed companies.The results of the study pass the parallel trend test and a series of robustness tests.The results by the empirical tests indicate that the promotion effect of short selling deregulation on ESG performance of listed companies is characterized by ownership heterogeneity and regional heterogeneity.The results by further research indicate that the enhancement effect of short selling deregulation on the ESG performance of listed companies is of more significance in the case of lower information transparency and higher external monitoring pressure.
作者
陈茜
张帅
曲蕊
王凯
CHEN Xi;ZHANG Shuai;QU Rui;WANG Kai(Business School,Central University of Finance and Economics,Beijing 100081,China;China Environmental,Social and Governance Institute,Capital University of Economics and Business,Beijing 100070,China;College of Business Administration,Capital University of Economics and Business,Beijing 100070,China;Finance Department,Civil Aviation University of China,Tianjin 300300,China)
出处
《西安理工大学学报》
CAS
北大核心
2024年第3期338-349,共12页
Journal of Xi'an University of Technology
基金
中央高校基本科研业务费项目中国民航大学专项(3122021014)。
关键词
放松卖空管制
ESG
信息透明度
外部监督压力
short selling deregulation
ESG
information transparency
external monitoring pressure
