证券公司持股能提高公司ESG绩效吗？来自中国上市公司的证据

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-06-19 DOI:10.1016/j.frl.2025.107797

Gan Huang , Juan Cheng , Shengqi Zheng

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引用次数: 0

摘要

本文以2011 - 2019年中国a股上市公司为样本，研究了证券公司持股对公司ESG绩效的影响及其机制。研究结果表明，证券公司持股显著提高了ESG绩效，稳健性检验支持这一结论。进一步分析表明，证券公司通过提高被投资公司的信息透明度和加强内部控制来提高ESG绩效。在盈利动机的驱动下，持股证券公司利用ESG绩效来缓解财务约束，提高未来股票收益。

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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Do securities firms' shareholdings improve corporate ESG Performance? Evidence from China listed companies

This paper examines the impact of securities firms' shareholdings on corporate ESG performance and the underlying mechanisms, using a sample of Chinese A-share listed companies from 2011 to 2019. The findings indicate that securities firms' shareholdings significantly improve ESG performance, with robustness tests supporting this conclusion. Further analysis shows that securities firms improve ESG performance by enhancing information transparency and strengthening internal controls in investee companies. Driven by profit motives, securities firms with shareholdings leverage ESG performance to ease financial constraints and enhance future stock returns.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance