强制披露企业社会责任对股票流动性的影响

IF 5.2 1区经济学 Q1 ECONOMICS

中国经济评论 Pub Date : 2024-06-28 DOI:10.1016/j.chieco.2024.102232

Zhiyuan Li , Wenlian Lin , Sili Zhou

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引用次数: 0

摘要

本研究探讨了中国股市强制披露企业社会责任对股票流动性的影响。利用差分法，我们发现了有力的支持性证据，证明强制披露企业社会责任会削弱某些交易者的信息优势，导致他们退出股市，从而显著降低股票流动性。我们的研究凸显了强制披露企业社会责任的意外流动性效应，表明政策制定者需要考虑信息优势交易者的反应，尤其是在信息高度不对称的新兴市场。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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The effect of mandatory CSR disclosure on stock liquidity

This study examines the effect of mandatory CSR disclosure on stock liquidity in the China's stock market. Using a difference-in-differences method, we find supportive and robust evidence that mandatory CSR disclosure significantly reduces stock liquidity by diminishing informational advantages for certain traders, causing them to exit the stock market. Our study highlights unintended liquidity effects of mandatory CSR disclosure, suggesting that policymakers need to consider reactions of the information-advantaged traders, especially in emerging markets with high information asymmetry.

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来源期刊

中国经济评论 ECONOMICS-

CiteScore

10.60

自引率

4.40%

发文量

380

期刊介绍： The China Economic Review publishes original works of scholarship which add to the knowledge of the economy of China and to economies as a discipline. We seek, in particular, papers dealing with policy, performance and institutional change. Empirical papers normally use a formal model, a data set, and standard statistical techniques. Submissions are subjected to double-blind peer review.