摘要
资本市场高质量开放对多元化绿色金融体系构建、绿色低碳转型和可持续发展具有重要影响,沪深港通作为我国资本市场对外开放的一项重大创新举措,其对上市公司ESG表现的影响效果,值得深入探讨。本文以2011-2022年A股上市公司的数据为初始样本,系统探析了沪港通、深港通开通对企业ESG表现的影响效果与内在机制,并进一步探讨沪深港通对不同特质企业ESG表现的影响。结果表明:沪深港通开通促进了企业ESG评级的提高,且这种促进作用在沪港通和深港通均得到验证。考究其中的作用机制,沪深港通开通主要通过缓解内部融资约束和提高外部投资者关注来提高企业ESG表现。考虑企业特质性,入选沪深港通的国有企业、高科技企业、污染企业的ESG表现更好。本文研究结论对新时代资本市场高质量开放、绿色发展和“双碳”目标推进具有一定的启示作用。
The high-quality opening of the capital market has an important impact on the construction of a diversified green financial system,green and low-carbon transformation and sustainable development.As a major innovative measure for the opening up of China's capital market,its impact of the Shanghai-Shenzhen-Hong Kong Stock Connect on the ESG performance of listed companies is worthy of in-depth discussion.Based on the data of A-share listed companies from 2011 to 2022,this paper systematically analyzes the impact and internal mechanism of the opening of Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect on the ESG performance of enterprises,and further explores the impact of Shanghai-Shenzhen-Hong Kong Stock Connect on the ESG performance of enterprises with different characteristics.The results show that the launch of Stock Connect has promoted the improvement of corporate ESG ratings,and this promotion effect has been verified in both Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect.Considering the mechanism,the launch of Stock Connect is mainly to improve the ESG performance of enterprises by easing internal financing constraints and increasing the attention of external investors.Considering the characteristics of the company,the state-owned enterprises,high-tech enterprises and polluting enterprises selected for the Stock Connect have better ESG performance.The conclusions of this paper have a certain enlightening effect on the high-quality opening of the capital market in the new era,green development and the promotion of the“dual carbon”goal.
作者
吴友
刘嘉
WU You;LIU Jia(Institute of Economics,Shanghai Academy of Social Sciences,200020)
出处
《上海经济研究》
CSSCI
北大核心
2024年第3期73-88,共16页
Shanghai Journal of Economics
基金
国家社科基金重大项目“城市群协同创新带动大中小城市协调发展研究”(批准号:23&ZD067)
上海市教委科委创新重大项目“我国都市圈与城市群人口集聚与空间格局优化研究”(批准号:2023SKZD12)
上海社会科学院创新工程和2024年院重大项目的阶段性成果之一。
关键词
资本市场开放
沪深港通
ESG
融资约束
投资者关注
Capital Market Liberalization
Shanghai-Shenzhen-Hong Kong Stock Connect
ESG
Financing Constraints
Investor Attention
作者简介
吴友(1987-),女,湖北咸宁人,上海社会科学院经济研究所,助理研究员,研究方向:区域经济发展、创新创业与绿色发展;通讯作者:刘嘉(1998-),女,四川内江人,上海社会科学院经济研究所,硕士研究生,研究方向:公司金融与绿色金融。
