ESG表现对上市公司股价变动的影响研究

Research on the Impact of ESG Performance on Stock Price Changes of Listed Companies

摘要: ESG理念与现阶段中国可持续发展理念高度契合，是实现经济高质量发展的重要内容。研究以2016~2021年沪深A股上市公司的数据为研究样本，通过分析ESG表现对上市公司股价变动的影响，基于媒体监督和内部控制的双重视角来进一步研究ESG表现对上市公司股价变动的影响机制。并在此基础上进一步分析行业污染程度、市场化程度、产权结构和机构投资者持股比例的异质性。研究结果发现：1) ESG表现与股价波动性之间存在显著的负相关关系。2) 媒体监督在企业ESG表现和股价波动性的关系中起到负向调节的作用。3) 内部控制在ESG表现和上市公司股价波动性的关系中起到中介作用。研究拓展了ESG表现的经济后果研究，为企业和投资者注重ESG表现发挥了一定的影响作用。

Abstract: ESG concepts are highly consistent with China’s sustainable development concept at this stage, and are an important part of achieving high-quality economic development. Taking the data of A-share listed companies in Shanghai and Shenzhen from 2016 to 2021 as the research sample, the impact of ESG performance on the stock price changes of listed companies is further studied from the dual perspectives of media supervision and internal control by analyzing the impact of ESG performance on the stock price changes of listed companies. On this basis, the heterogeneity of industry pollution degree, marketization degree, property rights structure and sharehold-ing ratio of institutional investors is further analyzed. The results of the study found that: 1) there is a significant negative correlation between ESG performance and stock price volatility. 2) Media supervision plays a negative regulating role in the relationship between corporate ESG performance and stock price volatility. 3) Internal control plays an intermediary role in the relationship between ESG performance and the volatility of listed companies’ stock prices. The re-search expands the study of the economic consequences of ESG performance, and plays a certain role in influencing enterprises and investors to focus on ESG performance.