企业ESG绩效与股票定价效率

IF 3.9 3区经济学 Q1 BUSINESS, FINANCE

North American Journal of Economics and Finance Pub Date : 2025-05-08 DOI:10.1016/j.najef.2025.102440

Shaowei Chen, Zhiliang Wu

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引用次数: 0

摘要

本文利用2013 - 2022年中国a股上市公司的面板数据，研究了环境、社会和治理（ESG）绩效对中国股票定价效率的影响。研究发现，企业ESG绩效显著提高了股票定价效率。经过一系列稳健性检验，这一结论保持不变。异质性分析表明，企业规模越小、机构投资者持股比例越低、审计费用越低，ESG绩效对股票定价效率的影响越强。此外，机制检验表明，ESG绩效可以通过安抚投资者情绪和缓解信息不对称问题来提高股票定价效率。

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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Corporate ESG performance and stock pricing efficiency

This study investigates the impact of environmental, social, and governance (ESG) performance on stock pricing efficiency in China, using panel data on Chinese listed A-share firms from 2013 to 2022. We find that corporate ESG performance significantly improves stock pricing efficiency. This conclusion remains unchanged after a series of robustness tests. Heterogeneity analysis reveals that a smaller firm size, lower institutional investor shareholding, and lower audit fees lead to a stronger effect of ESG performance on stock pricing efficiency. Moreover, mechanism tests suggest that ESG performance can improve stock pricing efficiency by calming investor sentiment and mitigating information asymmetry problems.

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来源期刊

North American Journal of Economics and Finance Multiple-

CiteScore

7.30

自引率

8.30%

发文量

168

期刊介绍： The focus of the North-American Journal of Economics and Finance is on the economics of integration of goods, services, financial markets, at both regional and global levels with the role of economic policy in that process playing an important role. Both theoretical and empirical papers are welcome. Empirical and policy-related papers that rely on data and the experiences of countries outside North America are also welcome. Papers should offer concrete lessons about the ongoing process of globalization, or policy implications about how governments, domestic or international institutions, can improve the coordination of their activities. Empirical analysis should be capable of replication. Authors of accepted papers will be encouraged to supply data and computer programs.