ESG信息披露与资本市场信息效率的理论研究

Theoretical Research on ESG Information Disclosure and Capital Market Information Efficiency

摘要: 随着可持续发展理念的深入人心，ESG信息披露已成为资本市场关注的核心议题。本文从理论视角系统探讨了ESG信息披露与资本市场信息效率之间的内在逻辑关系。通过整合信息不对称理论、信号传递理论、利益相关者理论、制度理论和合法性理论，构建了一个多层次、系统性的理论分析框架。研究发现，ESG信息披露通过缓解信息不对称、降低代理成本、传递企业价值信号、满足利益相关者诉求等多重机制影响资本市场信息效率。本文进一步揭示了ESG信息披露影响资本市场信息效率的传导路径，包括信息供给–信息扩散–信息融入三个核心阶段。研究结果为完善ESG信息披露制度、提升资本市场效率提供了理论支撑和政策建议。

Abstract: As the concept of sustainable development gains increasing recognition, ESG information disclosure has become a core issue of concern in capital markets. This paper systematically explores the intrinsic logical relationship between ESG information disclosure and capital market information efficiency from a theoretical perspective. By integrating information asymmetry theory, signaling theory, stakeholder theory, institutional theory, and legitimacy theory, a multi-level and systematic theoretical analytical framework is constructed. The study finds that ESG information disclosure affects capital market information efficiency through multiple mechanisms, including alleviating information asymmetry, reducing agency costs, transmitting corporate value signals, and satisfying stakeholder demands. This paper further reveals the transmission pathways through which ESG information disclosure influences capital market information efficiency, encompassing three core stages: information supply, information diffusion, and information integration. The findings provide theoretical support and policy recommendations for improving ESG information disclosure systems and enhancing capital market efficiency.