School of Economics and Management, Taiyuan University of Technology

随着我国高质量发展战略和“双碳”政策的不断深入,企业ESG表现受到了上市公司和投资者的广泛关注,并对企业在证券市场的表现产生作用,从而影响我国资本市场稳定性。文中以沪深A股上市公司2013—2021年的面板数据为研究样本,构建固定效应模型,从股价角度研究ESG表现对资本市场稳定性的影响。研究发现,一是企业ESG表现能够起到稳定资本市场的作用;二是双元创新削弱了ESG表现对资本市场的稳定作用;三是机构投资者持股在ESG表现对资本市场的稳定作用中发挥部分中介效应。进一步研究表明,企业ESG表现对资本市场的稳定作用在非重污染企业、非四大会计师事务所审计和经济政策不确定性高时更为显著。基于此,文中从企业、投资者、政府监管3个层面为践行ESG理念提供了借鉴。

With the deepening of China’ s high-quality development strategy and “ dual carbon” policy, corporate ESG performance has been widely concerned by listed companies and investors, and has an effect on the performance of enterprises in the securities market, thus affecting the stability of China’ s capital market. This paper takes the panel data of Shanghai and Shenzhen A-share listed companies from 2013 to 2021 as research samples, constructs A fixed-effect model, and studies the impact of ESG performance on capital market stability from the perspective of stock price. The results show that, first, ESG performance can stabilize the capital market; Second, dual innovation weakens the stabilizing effect of ESG performance on the capital market; Third, institutional investors’ shareholding plays a part of the mediating effect of ESG performance on the stability of the capital market. Further research shows that the stabilizing effect of corporate ESG performance on the capital market is more significant when non-heavily polluting enterprises, non-Big Four accounting firms are audited, and economic policy uncertainty is high. Based on this, this paper provides a reference for practicing the concept of ESG from the three levels of enterprises, investors, and government supervision.

教育部人文社会科学研究青年基金项目“混改国企非国有股东董事会权力超额配置的微观机制及经济后果研究”(22YJC630059);山西省哲学社会科学规划课题“动态及竞争环境下山西省科技型企业双元创新驱动高质量发展路径研究”(2022YY025);山西省科技战略研究专项“‘双碳’目标下山西省煤炭行业科技创新驱动高质量发展研究”(202104031402058);山西省研究生教育教学管理改革课题“高质量发展视阈下非全日制会计硕士(MPAcc)培养质量提升研究”(2021YJJG065)