投资者ESG信息传递与企业ESG表现——基于网络互动平台的经验证据

Investor ESG Information Dissemination and Corporate ESG Performance:Empirical Evidence Based on Online Interactive Platform

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摘要利益相关者的诉求对于企业提升ESG表现具有重要意义,而相关利益主体通过何种途径影响企业的ESG表现,这一问题尚未得到深入探究。文章利用2011—2019年互动平台的数据,研究了投资者ESG信息传递对企业ESG表现的影响及其机制。研究发现,投资者ESG信息传递具有信息效应、驱动效应和治理效应,能够通过降低企业信息不对称程度、促使企业聘请更多具有环保背景的高管以及降低第二类代理成本等途径,提升企业的ESG表现。分位数回归分析显示,伴随企业ESG表现的提升,投资者ESG信息传递的促进作用呈现先升后降的趋势,在这一过程中,投资者ESG信息传递更多地发挥“督促效应”,而并未产生“马太效应”。分类回归结果表明,面对投资者的绿色治理诉求,企业更倾向于在环境等显性层面加大投入,且投资者ESG信息传递对企业环境、社会和治理的正向影响呈现依次递减的特点。异质性分析发现,投资者ESG信息传递对企业ESG表现的促进作用在注册用户占比较高、信息传递正面语调占比较高、信息传递专业程度较高以及信息回复专业程度较低的企业中更加显著。文章的研究为资本市场重视投资者信息传递的作用、推动企业提升ESG表现提供了经验证据。 According to the stakeholder theory,the value identification of stakeholders has become an important factor for firms to gain competitive advantages and sustain long-term development.With the promotion of low-carbon lifestyles and the rise of a sense of responsibility,the demands of various stakeholders such as consumers and investors have gradually become an important driving force for firms to improve their ESG performance.This paper explores the impact of investor ESG information dissemination on corporate ESG performance and its mechanisms using data from online interactive platforms from 2011 to 2019.The study finds that investor ESG information dissemination has information effects,driving effects,and governance effects.It can improve corporate ESG performance by reducing information asymmetry,driving firms to hire more executives with environmental protection background,and reducing the second kind of agency costs.Furthermore,quantile regression results show that as corporate ESG performance improves,the promoting effect of investor ESG information dissemination exhibits an upward-then-downward trend.Investor ESG information dissemination plays a more significant role in promoting corporate ESG performance through a“monitoring effect”rather than a“Matthew effect”.In addition,classification regression results indicate that faced with investors’demands for green governance interests,firms tend to strengthen their explicit investments in areas such as the environment.Investor ESG information dissemination has a diminishing positive impact on various aspects of corporate ESG performance.Finally,heterogeneity analysis reveals that the promoting effect of investor ESG information dissemination on corporate ESG performance is more significant in firms with a higher proportion of registered users,a higher proportion of positive tone information dissemination,a higher level of professional information dissemination,and a lower level of professional information replies.The potential contributions of this paper are as follows:First,it enriches the research on the underlying mechanisms of corporate ESG performance from the perspective of investors,and expands the literature on the economic consequences of investor information dissemination.Second,it constructs a comprehensive index reflecting investor ESG information dissemination using multiple policy documents and text analysis methods,laying the foundation for subsequent quantification analysis of the role of investor information dissemination.Third,it considers the differential impact of investor information dissemination on corporate ESG performance under various conditions,providing theoretical inspiration and practical references for improving the design of mechanisms to enhance corporate ESG performance and investor information dissemination systems.

作者李俊超任广乾赵梦洁汪敏达 Li Junchao;Ren Guangqian;Zhao Mengjie;Wang Minda(Business School,Central University of Finance and Economics,Beijing 100081,China;Business School,Zhengzhou University,Zhengzhou 450001,China;China Academy of Corporate Governance,Nankai University,Tianjin 300071,China;Business School,Nankai University,Tianjin 300071,China;School of Economics and Management,Southeast University,Nanjing 211189,China)

机构地区中央财经大学商学院郑州大学商学院南开大学中国公司治理研究院南开大学商学院东南大学经济管理学院

出处《财经研究》北大核心 2025年第5期34-49,共16页 Journal of Finance and Economics

基金国家自然科学基金面上项目(72374234) 中国博士后科学基金第17批特别资助项目(2024T170248) 中国博士后科学基金第74批面上资助项目(2023M741072)。

关键词投资者ESG信息传递企业ESG表现信息不对称环保背景高管代理成本 investor ESG information dissemination corporate ESG performance information asymmetry executives with environmental protection background agency costs

分类号 F270 [经济管理—企业管理]

作者简介李俊超(1998−),男,河南驻马店人,中央财经大学商学院博士研究生;通讯作者:任广乾(1982−),男,河南商丘人,郑州大学商学院教授,博士生导师;赵梦洁(2000−),女,河南南阳人,南开大学中国公司治理研究院博士研究生;汪敏达(1985−),男,湖南长沙人,东南大学经济管理学院副教授。