贵州财经大学学报

贵州财经大学学报 ›› 2023 ›› Issue (02): 32-41.

• 金融经济 • 上一篇    下一篇

ESG披露与股价崩盘风险

盛明泉1, 余璐1, 王文兵1,2   

  1. 1. 安徽财经大学 会计学院, 安徽 蚌埠 233030;
    2. 北京大学 光华管理学院, 北京 100871
  • 收稿日期:2022-08-08 出版日期:2023-03-15 发布日期:2023-03-22
  • 作者简介:盛明泉(1964—),男,安徽淮南人,安徽财经大学会计学院二级教授、博士生导师,研究方向为公司治理与资本配置效率;余璐(1995—),女,安徽六安人,安徽财经大学会计学院硕士研究生,研究方向为公司治理与财务;王文兵(1971—),男,安徽来安人,安徽财经大学会计学院博士、副教授,北京大学光华管理学院访问学者,研究方向为资本市场财务与会计、企事业单位内部控制与上市公司ESG信息披露。
  • 基金资助:
    国家社科基金一般项目"新发展理念下中国上市公司ESG信息披露整合优化及其经济后果研究"（21BGL097）；安徽省社科规划重点项目"新发展阶段安徽打造科技创新策源地创新生态系统研究"（AHSKZ2021D25）；安徽省高校协同创新项目"营商环境优化的微观政策效应研究"（GXXT-2021-042）。

ESG Disclosure and Stock Price Crash Risk

SHENG Ming-quan1, YU Lu1, WANG Wen-bing1,2   

  1. 1. School of Accounting, Anhui University of Finance and Economics, Bengbu, Anhui 233030, China;
    2. Guanghua School of Management, Peking University, Beijing 100871, China
  • Received:2022-08-08 Online:2023-03-15 Published:2023-03-22

PDF

2893

摘要： 在高质量发展阶段，防范风险成为各界关注的重点，厘清ESG披露（环境、社会以及公司治理）与风险之间的关系有利于更好地防范风险。基于2010~2020年沪深A股上市公司数据，从股价崩盘的视角探究了ESG披露对风险的影响。研究结果表明：ESG披露能够降低股价崩盘风险，且主要通过降低代理成本和提高代理效率来抑制股价崩盘风险。横截面测试结果表明，在非国有企业、非污染企业以及信息披露质量较高的企业中，ESG披露的这种抑制效应更加显著。研究结论为ESG披露如何抑制股价崩盘风险提供了经验证据，对防范风险和稳定资本市场发展具有一定的启示意义。

关键词: ESG披露, 股价崩盘风险, 代理成本, 代理效率, 信息披露质量

Abstract: How to prevent risk has become the focus of attention at the stage of high-quality development, so it is very important to clarify the relationship between ESG disclosure (environment, society and governance) and risk. Therefore, taking stock price crash risk as the breakthrough point, this paper examines the impact of ESG disclosure on stock price crash risk based on the data of Shanghai and Shengzhen A-share listed companies from 2010 to 2020, the research results indicate that ESG disclosure can decrease the stock price crash risk, and it mainly acts on that through reducing agency costs and improving agency efficiency. The cross-sectional test results show that, this impact of ESG disclosure is even more significant in non-SOEs, non-polluting enterprises, and enterprises with higher information disclosure quality. The conclusions provide empirical evidence for ESG disclosure to restrain stock price crash risk, and have certain implications for avoiding stock price crash risk and stabilizing the development of capital market.

Key words: ESG disclosure, stock price crash risk, agency costs, agency efficiency, information disclosure quality

中图分类号: