ESG绩效与资本市场有效性——基于中国股票流动性的证据

IF 8.7 2区经济学 Q1 ECONOMICS

Economic Analysis and Policy Pub Date : 2025-08-25 DOI:10.1016/j.eap.2025.08.038

NingNing Cao, QianNan Zeng

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引用次数: 0

摘要

随着企业ESG绩效越来越受到投资者的关注和重视，它逐渐成为企业迈向高质量发展的重要手段。本研究利用2009 - 2021年中国上市企业的数据，实证研究了企业ESG绩效与股票流动性的关系，以及这种关系的驱动机制。结果表明，ESG绩效的提升显著提高了股票流动性水平。此外，ESG绩效对企业资本市场结果的影响差异显著，国有企业、规模较大企业和成长期企业的影响更强。最后，ESG绩效可以通过降低代理成本、信息不平衡和公司风险来改善股票流动性。本研究结果为推动企业可持续发展和振兴资本市场提供了启发性的见解。

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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ESG performance and capital market effectiveness – Evidence on stock liquidity in China

As the corporate ESG performance is receiving increasing attention and emphasis from investors, it has gradually become an important means for enterprises to move towards high-quality development. Using data from Chinese listed enterprises between 2009 and 2021, this study empirically investigates the relationship between corporate ESG performance and stock liquidity, as well as the mechanisms driving this association. The results demonstrate that enhanced ESG performance significantly improves stock liquidity levels. Additionally, the influence of ESG performance on firms’ capital market outcomes varies significantly, with stronger effects observed among state-owned enterprises, larger firms, and those in the growth stage. Finally, ESG performance can improve stock liquidity by reducing agency costs, information imbalance, and corporate risks. The findings of this research offer illuminating insights to propel corporate sustainability and revitalize the capital markets.

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来源期刊

Economic Analysis and Policy ECONOMICS-

CiteScore

9.80

自引率

9.20%

发文量

231

审稿时长

93 days

期刊介绍： Economic Analysis and Policy (established 1970) publishes articles from all branches of economics with a particular focus on research, theoretical and applied, which has strong policy relevance. The journal also publishes survey articles and empirical replications on key policy issues. Authors are expected to highlight the main insights in a non-technical introduction and in the conclusion.