机构投资者对ESG披露价值效应的调节作用

The Moderating Effect of Institutional Investors on the Value Effect of ESG Disclosure

随着绿色可持续发展理念逐渐深入人心,ESG信息披露也受到社会各界的关注。本文立足于自愿披露的现实背景,以我国2011~2020年1073家A股上市公司为样本,使用固定效应模型实证分析了ESG信息披露透明度对企业价值的影响和机构投资者及其异质性对该影响的调节作用。并进一步分析了不同情境下调节作用的差异。结果表明:(1) 国内上市公司ESG信息披露具有企业价值提升的功能;(2) 机构投资者能够正向调节ESG信息披露与企业价值的关系,且相较于压力敏感型机构投资者,该调节效应在压力抵制型机构投资者中更显著;(3) 不同情景下机构投资者的调节作用存在差异,在高市场化程度、国有企业以及低污染行业企业调节作用更显著;(4) 拓展性研究发现,压力抵制型机构投资者能够促进ESG信息披露,而压力敏感型机构投资者则起到相反的作用。

With the concept of green and sustainable development gradually gaining popularity, ESG information disclosure has also attracted the attention of all sectors of society. Based on the realistic background of green and low-carbon development, this paper takes 1073 A-share listed companies in my country from 2011 to 2020 as samples, and uses the fixed effect model to empirically analyze the impact of ESG information disclosure transparency on corporate value and institutional investors and their heterogeneity. The differences in regulatory effects in different contexts were further analyzed. The results show that: (1) ESG information disclosure of domestic listed companies has the function of enhancing corporate value;(2) Institutional investors can positively adjust the relationship between ESG information disclosure and corporate value, and compared with pressure-sensitive institutional investors, the Moderating effect is more significant in pressure-resistant institutional investors;(3) There are differences in the regulatory effect of institutional investors in different scenarios, and the regulatory effect is more significant in high marketization, state-owned enterprises, and low-pollution industries;(4) The extended study found that pressure-resistant institutional investors can promote ESG information disclosure, while pressure-sensitive institutional investors have the opposite effect.