ESG表现与境外投资者进入——来自外商投资股权变动的微观证据

摘要以2009—2022年A股上市企业为样本,基于可持续发展视角系统考察了企业ESG表现对境外投资者进入的影响及作用机制。研究发现:企业良好的ESG表现有助于促进境外投资者进入,在进行一系列稳健性检验后,该结论依然成立,这种积极效应在高科技行业、面临较强环境规制和较高环境不确定性的企业中更为明显。ESG表现的效应分解显示,企业良好的环境、社会责任和公司治理表现均能促进境外投资者进入,且相较于社会责任表现,环境与公司治理方面的表现更有利于吸引境外投资者。机制检验表明,降低境外投资者面临的信息不对称程度和投资风险是ESG表现促进境外投资者进入的渠道。拓展性分析发现ESG评价分歧将削弱企业对境外投资者的吸引力。研究结论为我国进一步推进ESG建设和实现高水平对外开放提供了经验证据和政策参考。

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关键词： ESG表现境外投资者进入信息不对称投资风险

Abstract： Based on a sample of A-share listed enterprises from 2009 to 2022, this paper systematically examines the impact and mechanism of ESG performance of enterprises on foreign investors from the perspective of sustainable development. The Study shows that good ESG performance of companies can help promote the entry of foreign investors. After a series of robustness tests, this conclusion is still true. Moreover, this positive effect is more obvious in high-tech industries, facing strong environmental regulations and higher environmental uncertainty. The effect decomposition of ESG performance shows that good environmental, social responsibility and corporate governance performance of enterprises can promote the entry of foreign investors. And compared with social responsibility performance, environmental and corporate governance performance, it is more conducive to attracting foreign investors. Mechanism testing shows that reducing the degree of information asymmetry and investment risks faced by foreign investors is a channel for ESG performance to promote the entry of foreign investors. Expanded analysis found that differences in ESG evaluation will weaken companies’ attractiveness to foreign investors. The research conclusions provide empirical evidence and policy reference for my country to further promote ESG construction and achieve high-level opening up.

Keywords： ESG Performance Entry of Foreign Investors Information Asymmetry Investment Risk

收稿日期 2024-05-21; 接受日期 ;

基金资助:国家社会科学基金重点项目(22AJL012)

作者简介: 安占然(1966— ),女,河南洛阳人,学士,教授,主要从事国际贸易理论与政策研究;王帅(1997— ),男,山东菏泽人,博士研究生,主要从事企业可持续发展与国际贸易研究;班元浩(1994— ),男,山东济宁人,博士,助理研究员,主要从事数字经济与国际贸易研究。王帅为本文通信作者。

引用本文:

安占然, 王帅, 班元浩.ESG表现与境外投资者进入——来自外商投资股权变动的微观证据[J]. 经济经纬, 2024,5: 120-132

AN Zhanran, WANG Shuai, BAN Yuanhao.ESG Performance and Foreign Investors’ Entry: Micro Evidence from Foreign Investment Equity Changes[J] Economic Survey, 2024,V41(5): 120-132

链接本文:

http://www.jjjw.org.cn/CN/ 或 http://www.jjjw.org.cn/CN/Y2024/V41/I5/120

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