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ESG实践能否为企业创造价值、资本市场中的机构投资者是否存在ESG投资偏好，对这些问题的研究有助于企业认可、参与和践行ESG可持续发展理念。综合运用面板回归模型、面板Logit模型，基于沪深A股3 400家上市公司2013—2020年数据，引入机构投资者持股比例，探究ESG表现影响企业价值的作用机制，并在此基础上分析机构投资者是否存在ESG投资偏好。研究发现：(1)ESG具有价值创造功能，上市公司良好的ESG表现能够显著提升企业价值；(2)吸引机构投资者增持股份是上市公司通过ESG实践提升企业价值的途径之一，机构投资者持股比例在ESG影响企业价值的过程中存在部分中介作用；(3)机构投资者存在ESG投资偏好，在一定程度上能够容忍ESG表现良好的上市公司短期经营绩效低迷。以上结论均稳健。拓展性研究发现，ESG的价值创造功能在国有和非国有上市公司中未表现出异质性，而机构投资者ESG投资偏好在产权和产业方面均存在异质性，机构投资者更加青睐第二和第三产业以及非国有企业中ESG表现良好的上市公司。据此，提出加快ESG信息披露及监管标准的顶层设计、鼓励企业加强信息披露、培养中长期机构投资者的建议，该研究有助于构建和完善中国ESG发展生态圈，推动高质量发展。
Abstract：To explore whether the ESG practices of listed companies can create value for the company and whether institutional investors in the capital market have ESG investment preferences will help companies recognize, participate in and practice the concept of ESG sustainable development.Based on the data of 3 400 A-share listed companies in Shanghai and Shenzhen Stock Exchange from 2013 to 2020,the shareholding ratio of institutional investors is introduced to explore the mechanism of ESG performance affecting corporate value and analyze whether institutional investors have ESG investment preference on this basis.The results are as follows:(1) ESG has the function of value creation.Good ESG performance of listed companies can significantly enhance their corporate value.(2) Attracting institutional investors to increase their shares is one of the ways for listed companies to enhance corporate value through ESG practice, and the proportion of institutional investors plays a partial intermediary role in the process of ESG influencing corporate value.(3) Institutional investors have a preference for ESG investment, and to a certain extent, they can tolerate low short-term operating performance of listed companies with good ESG performance All the above conclusions are robust.In the extended study, it is found that there is no heterogeneity in the value creation function of ESG between state-owned and non-state-owned listed companies.The preference of institutional investors ESG has heterogeneity in property rights and industry.Institutional investors prefer the listed companies with good performance of ESG in the secondary and tertiary industries and non-state-owned enterprises.Based on the research conclusions, suggestions are puts forward to accelerating the top-level design of ESG information disclosure and regulatory standards, encouraging companies to strengthen information disclosure, and cultivating medium and long-term institutional investors, which will help build and improve China's ESG development ecosystem and promote high-quality development.
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① 本文未将产权性质(是否国有及国有控股)作为控制变量，这是由于在研究区间内，公司所有权并未发生变化，在控制个体固定效应和时间固定效应后，该变量会由于多重共线性被删除，故未将其纳入模型中，本文在拓展性研究中对其进行进一步研究。
② 和讯网关于上市公司社会责任报告专业评测体系权重配比如下：默认情况下，股东责任权重占30%,员工责任权重占15%,供应商、客户和消费者权益责任权重占15%,环境责任权重占20%,社会责任权重占20%。其中消费行业员工责任权重占10%,供应商、客户和消费者权益责任权重占20%,其他指标权重保持不变；制造业环境责任权重占30%,社会责任权重占10%,其他指标权重保持不变；服务业环境责任权重占10%,社会责任权重占30%,其他指标权重保持不变。
基本信息:
DOI：
中图分类号:X322;F275;F832.51
引用信息:
[1]白雄,朱一凡,韩锦绵.ESG表现、机构投资者偏好与企业价值[J].统计与信息论坛,2022,37(10):117-128.
基金信息:
国家社会科学基金项目“西部多元化生态补偿的协调机制及实现路径研究”(19BJL044)