资本市场开放与企业ESG表现——基于绿色创新的调节效应-《集美大学学报》（哲社版）

文章信息/Info

Title:: Capital Market Liberalization and Corporate ESG Performance:Moderating Effects Based on Green Innovation

Author(s):: GAO Shaofu1; 2; LUO Wenting2; 1. School of Business Administration, Jimei University, Xiamen 361021, China;2. Fujian-Taiwan Audit Research Center, Xiamen 361021, Chin

Keywords:: capital market liberalization; Shanghai-Shenzhen-Hong Kong Stock Connect; green innovation; investor structure; corporate ESG performance

摘要:: 随着首批两项国际财务报告可持续披露准则的正式发布，如何提升企业ESG表现以推进可持续发展成为实务界和理论界的热点议题。利用沪深港通交易机制提供的准自然实验环境，构建多时点双重差分模型以实证检验资本市场开放对企业ESG表现的影响机制。研究发现，沪深港通交易机制的实施通过提高标的企业市场关注度和优化投资者结构改善企业ESG表现，该结论在经过一系列稳健性检验后仍成立，且该政策效应在非国有企业和具有较高信息披露质量企业中更明显。此外，企业开展绿色创新活动可强化资本市场开放对企业ESG表现的提升作用。研究丰富了资本市场开放促进企业可持续发展的经验证据，也为当前企业ESG表现影响因素的探究提供了新的视角。

Abstract:: With the release of the first two International Financial Reporting Standards on Sustainability (IFRS S1, S2), how to improve corporate ESG performance to promote sustainable development has become a hot topic in practice and theory. In this paper, we utilize the quasi-natural experimental environment provided by the trading mechanism of “Shanghai-Shenzhen-Hong Kong Stock Connect” to construct a multi-temporal double-difference model to empirically examine the impact of capital market liberalization on corporate ESG performance. It is found that the implementation of the trading mechanism improves the ESG performance of firms by increasing the market attention of the target firms and optimizing the investor structure, and this finding is still valid after a series of robustness tests, and the effect is more obvious in non-state-owned firms and firms with higher quality of information disclosure. In addition, firms’ green innovation activities can strengthen the effect of capital market liberalization on firms’ ESG performance. The study enriches the empirical evidence that capital market liberalization promotes firms’ sustainable development, and provides a new perspective for the current investigation of the factors influencing firms’ ESG performance.