ESG评级差异和机构投资者持股比例差异对企业可持续发展的影响

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-09-23 DOI:10.1016/j.frl.2025.108538

Tian Shang , Gongyu Song , Yijia Yu , Yi Wei

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引用次数: 0

摘要

本文基于2010 - 2023年中国非金融类上市公司数据进行实证分析，深入探讨ESG评级差异和机构投资者持股对企业可持续发展的影响机制。研究发现，ESG评级差异显著阻碍企业可持续发展，而机构投资者持股对企业可持续发展具有显著的正向影响。进一步分析发现，机构投资者持股在ESG评级差异与企业可持续发展之间起着重要的调节作用，且这种调节作用在高新技术企业与非高新技术企业之间存在显著差异。此外，ESG评级差异对企业可持续发展的影响程度在高新技术企业和非高新技术企业之间存在显著差异。

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The impact of discrepancies in ESG ratings and institutional investors' shareholding on corporate sustainability development

This paper conducts an empirical analysis based on data from non-financial listed companies in China from 2010 to 2023, exploring in depth the impact mechanism of ESG rating discrepancies and institutional investors' shareholding on corporate sustainable development. The research findings indicate that ESG rating discrepancies significantly hinder corporate sustainable development, while institutional investors' shareholding demonstrates a notable positive effect on sustainable development. Further analysis reveals that institutional investors' shareholding plays an important moderating role between ESG rating discrepancies and corporate sustainable development, with a significant difference in this moderating effect between high-tech and non-high-tech enterprises. Additionally, the degree of impact of ESG rating discrepancies on corporate sustainable development shows significant differences between high-tech and non-high-tech enterprises.

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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