资本市场开放与企业环境、社会及治理信息披露质量

当代财经 ›› 2023, Vol. 0 ›› Issue (7): 56-68.

资本市场开放与企业环境、社会及治理信息披露质量

巴曙松^1,2, 柴宏蕊¹, 赵文耀³, 张帅²

1.对外经济贸易大学金融学院,北京 100029;
2.北京大学汇丰金融研究院,广东深圳 518055;
3.中国东方资产管理有限公司,北京 100033

收稿日期:2023-02-14 修回日期:2023-04-23 出版日期:2023-07-15 发布日期:2023-09-13
通讯作者: 赵文耀,中国东方资产管理有限公司研究人员,主要从事绿色金融研究,联系方式20090539@qq.com。
作者简介:巴曙松,对外经济贸易大学/北京大学教授,博士生导师,经济学博士,主要从事资本市场和金融监管研究;柴宏蕊,对外经济贸易大学博士研究生,主要从事绿色金融研究;张帅,北京大学博士后,主要从事绿色金融研究。
基金资助:
国家自然科学基金青年项目“两阶段竞自持土地拍卖制度的理论模型、政策效果和优化路径研究”（72103009）

Capital Market Openingand Quality of Enterprise Environmental, Social and Governance Information Disclosure

BA Shu-song^1,2, CHAI Hong-rui¹, ZHAO Wen-yao³, ZHANG Shuai²

1. University of International Business and Economics, Beijing 100029;
2. The HSBC Financial Research Institute at Peking University, Shenzhen 518055;
3. China Orient Asset Management Co., Ltd., Beijing 100033, China

Received:2023-02-14 Revised:2023-04-23 Online:2023-07-15 Published:2023-09-13

摘要/Abstract

摘要： 环境、社会及治理（ESG）投资是我国实现绿色发展、包容性增长和巩固负责任大国形象的重要抓手。当前我国ESG信息披露仍不规范,模糊性和选择性披露行为仍普遍存在,严重制约了ESG投资实践的开展。基于2011—2020年A股上市公司企业-年度数据的双重差分回归结果表明,“沪（深）港通”的开通能显著地改善上市公司环境、社会及治理信息披露质量。此外,时间异质性的实证结果表明,“沪（深）港通”交易制度的信息披露质量改善作用随着时间的推移而愈发显著。机制分析表明,“沪（深）港通”交易制度可以通过“用脚投票”以及发挥外部监督效应改善上市公司ESG信息披露质量。进一步研究发现,沪（深）港通交易制度在充当外部监督角色的同时,也在发挥着优化中国A股市场外部监督环境的作用。上述分析表明,在ESG生态环境建设初期,我国应该充分重视资本市场开放在ESG信息披露质量中的重要作用,以有计划、有步骤的资本市场开放推动我国ESG生态环境建设。

关键词: 环境、社会及治理信息披露质量, “沪（深）港通”, 用脚投票, 外部监督

Abstract: Environmental, social, and governance (ESG) investments are important means for China to achieve green development, inclusive growth, and consolidating its international image as a responsible major country. At present, the disclosure of environmental, social and governance information in China is still not standardized, and ambiguity and selective disclosure behavior are still widely existed, seriously restricting the development of ESG investment practices. This paper conducts a double difference regression analysis based on the annual data of A-share listed companies from 2011 to 2020. The findings show that the opening of the Shanghai (Shenzhen)-Hong Kong Stock Connect can significantly improve the quality of the environmental, social, and governance information disclosure of the listed companies. In addition, the empirical results of time heterogeneity indicate that the improvement of information disclosure quality under the Shanghai (Shenzhen)-Hong Kong Stock Connect trading system becomes increasingly significant over time. The mechanism analysis reveals that the Shanghai (Shenzhen)-Hong Kong Stock Connect trading system can improve the quality of ESG information disclosure of listed companies through“foot voting”and the use of“external supervision”effects. Further research has found that while playing an external supervisory role, the Shanghai (Shenzhen)-Hong Kong Stock Connect trading system also plays a role in optimizing the external supervisory environment of China’s A-share market. The above analysis indicates that in the early stages of ESG ecological environment construction, China should fully attach importance to the important role of capital market openness in the quality of ESG information disclosure, and promote China’s ESG ecological environment construction through planned and step-by-step capital market openness.

Key words: quality of ESG information disclosure, Shanghai(Shenzhen)-Hong Kong Stock Connect, voting with feet, external supervision

中图分类号:

F832

巴曙松, 柴宏蕊, 赵文耀, 张帅. 资本市场开放与企业环境、社会及治理信息披露质量[J]. 当代财经, 2023, 0(7): 56-68.

BA Shu-song, CHAI Hong-rui, ZHAO Wen-yao, ZHANG Shuai. Capital Market Openingand Quality of Enterprise Environmental, Social and Governance Information Disclosure[J]. Contemporary Finance & Economics, 2023, 0(7): 56-68.

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