ESG Implementation, Investor Confidence, Listed Companies Performance
Zhang Changjiang, Zhang yue and Chen Yuqing
摘要：ESG理念受到资本市场高度关注，但ESG表现如何促进上市公司绩效提升以及投资者在其中如何产生作用尚需深究。本文以2018—2020年沪深主板上市公司为研究对象，实证分析了ESG表现、投资者信心和公司绩效之间的关系及作用机制。初步研究表明，良好的ESG表现能够提高上市公司的市场绩效和财务绩效；相较财务绩效，投资者信心在ESG表现的市场绩效提升中发挥着更为重要的正向传导作用。进一步研究发现，非国有上市公司ESG表现对市场绩效的正向影响更大，国有上市公司ESG表现对财务绩效的影响不显著且存在投资者信心“遮掩效应”；低市场化地区上市公司ESG表现对市场绩效的正向影响更大，投资者信心中介效应占总效应的比例也更高。本文建议进一步完善资本市场ESG投融资环境；引导上市公司ESG战略转型，强化上市公司ESG行为监管；培育投资者ESG素养，树立可持续投资观念。
关键词：ESG表现；投资者信心；市场绩效；财务绩效；上市公司
Abstract: In the new stage of development, the concept of ESG is gaining increasing concern in capital market. How ESG performance enhances the performance of listed companies and the role of investors need to be further explored. Using a dataset covering the listed companies on the Shanghai and Shenzhen mainboards from 2018 to 2020, this paper empirically examines the relationship and mechanism among ESG performance, investor confidence and corporate performance. Preliminary research demonstrates that superior ESG performance can improve both market performance and financial performance of listed companies. In contrast to financial performance, investor confidence plays a more prominent mediating role in the positive transmission of improved market performance in ESG performance. Further study reveals that the positive effect of ESG performance on market performance is greater for non-state listed companies, while the effect of ESG performance on financial performance is insignificant for state-listed companies with a masking effect of investor confidence. The ESG performance of listed companies in low marketization areas has a better promotion on market performance, and the intermediary effect of investor confidence accounts a lot. The suggestions are as follows: improving the environment for ESG investment and financing in the capital market; guiding ESG strategic transformation of listed companies and strengthening the supervision of ESG behavior; cultivating ESG literacy of investors and establishing the concept of sustainable investment.
Keywords: ESG Performance; Investor Confidence; Market Performance; Financial Performance; Listed Company
基金资助：国家社会科学基金重点项目“基于战略协同与激励相容的高校科技创新绩效提升研究”（19AGL009）。
