企业ESG表现影响关键审计事项披露吗？

基于2017—2021年我国A股上市公司的经验证据,实证检验企业ESG表现对关键审计事项披露的影响。研究发现,企业ESG表现越差,审计师为应对风险披露的关键审计事项越充分,具体表现为披露数量更多、披露内容更详细。进一步分析发现,ESG表现通过影响企业的经营风险和信息风险,从而影响到关键审计事项披露的信息量,并且在审计师具有行业专长和媒体关注度较高的情况下,企业ESG表现对关键审计事项披露的影响更明显。研究结论不仅丰富了企业ESG表现经济后果的相关文献,而且对新审计报告准则实施后审计师更准确地识别审计风险、提供更有效的审计服务具有启示意义。     

Voluntary Adopters of Integrated Reporting – Evidence on Forecast Accuracy and Firm Value

This study investigates how integrated reporting (IR) creates value for investors. It examines how providers of financial capital benefit from an improved firm information environment provided by IR. Specifically, this study investigates the effect of voluntary IR disclosure on analyst earnings forecast accuracy as well as on firm value. To do so, we use an international sample of 167 listed companies that voluntarily publish an integrated report. Our analysis shows no significant effect of a voluntary IR publication on analyst earnings forecast accuracy and no significant effect on firm value. We thus do not find evidence for the fulfillment of IR's promises regarding improved information environment and value creation of voluntary adopters. We conclude that such companies might already have a relatively high level of transparency leading to an absent additional effect of IR disclosure. Positive effects of IR appear to be more relevant in environments where IR is mandatory.     

Climate change,risk factors and stock returns: A review of the literature

This article reviews how climate change could be considered an additional source of market risk. I discuss the types of data needed to analyse the climate risk drivers that shape the dynamics of the equity market. I present empirical evidence at both the macro and micro-level, analysing whether and to what extent the equity market prices climate change and related risks. Top-down and bottom-up approaches are compared to understand which climate risk is more likely to affect the cross-section of stock returns, both within and across sectors. Emphasis is also placed on investors’ beliefs about climate change risks, and the related asset pricing implications are analysed. I conclude by illustrating further directions for both empirical and theoretical research in the field of climate finance.     

Sustainability priorities,corporate strategy,and investor behavior

Using a sequential experiment, this study examines whether integration of material environmental, social, and governance (ESG) priorities into corporate strategy impacts investors’ short‐ and long‐term stock price assessments and investment allocation. In our examination, we consider the potential moderating effect of financial performance. We find that integration of ESG priorities into strategy does not have a significant effect on investors’ price assessments or investment allocation. This is true regardless of the trend in the company's financial performance. Our results hold across various demographics and the levels of investment knowledge and investment experience. Investors’ perception of relevance and reliability of material ESG information, however, has a mediating effect on their long‐term price assessment and investment allocation. Overall, our findings suggest that any future requirements on disclosure of ESG information by regulators and standard setters should aim to improve investors’ perception of the relevance and reliability of that information.     

ESG投资能够促进银行创造流动性吗?——兼论经济政策不确定性的调节效应

当前在我国致力于实现“碳达峰、碳中和”目标的大背景下,银行能否通过ESG投资促进流动性创造,进而推动高质量发展具有重大战略意义。本文利用2009年第一季度至2020年第二季度中国36家上市银行的面板数据,实证分析ESG投资对银行流动性创造的影响,并将其置于经济政策不确定性条件下予以讨论。研究发现:第一,ESG投资整体上促进流动性创造,表现为对资产端和负债端流动性创造的促进作用,以及对表外流动性创造的抑制作用。从ESG投资结构看,环境保护投资和社会责任投资均抑制流动性创造,而公司治理投资则促进流动性创造。异质性分析表明,地方性银行和资本短缺银行的ESG投资对流动性创造具有更强的促进作用。第二,中介机制分析发现,ESG投资主要通过“盈利”和“风险”渠道促进流动性创造。第三,在经济政策不确定性上升时期,ESG投资对流动性创造的促进作用更加显著。从ESG投资分项看,经济政策不确定性会增强环境保护投资和社会责任投资对流动性创造的抑制作用,以及公司治理投资对流动性创造的促进作用。本文结论为充分发挥ESG投资作用并以此推动高质量发展提供了政策启示。     

The effects of environmental,social and governance disclosures and performance on firm value: A review of the literature in accounting and finance

This paper not only attempts to survey the burgeoning literature on environmental, social and governance disclosures and performance and their effects on firm value, but its focus also lies on highlighting stylised observations coming from the most recent work that has not yet become part of the ‘conventional wisdom’ in the field. In addition, it outlines some of the crucial knowledge gaps and interesting questions that have not, as of yet, been addressed and thus outlines a potential agenda for future research on socially responsible investing. Lastly, it introduces the papers published in this special issue of the British Accounting Review.     

ESG信息披露、媒体监督与企业融资约束

ESG信息披露包含企业环境保护、社会责任履行和公司治理状况等内容,关乎企业的可持续发展。ESG信息披露能否有效缓解企业融资约束难题,媒体监督对两者关系是否存在调节效应是值得研究的主题。文章在理论分析了ESG信息披露对企业融资约束的影响,以及媒体监督在其中调节作用基础上,运用2011-2020年度中国上市公司的相关数据,基于媒体监督视角实证检验了ESG信息披露与企业融资约束间的关系。研究发现：ESG信息披露能显著缓解企业融资约束,媒体监督能进一步缓解ESG信息披露与企业融资约束间的关系,媒体积极报道能够提升 ESG信息披露对企业融资约束的缓解效应;进一步异质性分析表明,ESG信息披露的融资约束缓解效应在非国有企业、处于成长期或成熟期的企业、新《环保法》实施后、自愿披露社会责任的企业中表现得更加显著。     

企业 ESG 表现对其融资成本的影响

随着责任投资理念逐渐深入人心,企业 ESG 表现对其融资成本的影响成为各界关心的课题。由于投资者对利益最大化和成本最小化的追求度不同,对 ESG 理念的接受度也有差异,导致企业的 ESG 表现可能与投资者诉求一致,也有可能发生偏离,进而影响其融资成本。文章以 2015-2019 年沪深 300 和中证 500 成分股企业为样本,对我国企业 ESG 表现与其融资成本之间的关系进行了研究,发现 ESG 表现对企业权益融资成本有显著负向影响,对其债务融资成本有显著正向影响,企业所有权性质及所属行业也会导致结果的差异。     

Words and Numbers: Financialization and Accounting Standard Setting in the United Kingdom

How is it possible that British policymakers resisted market‐based measurement for decades while financial economic concepts of decision making and valuation still gained widespread acceptance as a justification for accounting standard setting? This study introduces the concept of “technologies of financialization” to develop the theorizing of the rise of finance in the domain of accounting. Based on a genealogical history of narrative reporting in the United Kingdom, it demonstrates how references to qualitative reporting techniques helped to address recurring crises of measurement from 1969 to 1993, and ultimately contributed to the practical acceptance of market‐based measurement in the UK standard‐setting context. The data are interpreted through a cultural economy framework that directs attention to the power of referring to financial reporting as a combination of words and numbers in sustaining its theoretical redefinition “from below”—that is, by relating it to the experience of practicing accountants rather than accounting theory. As a technology of financialization, narrative reporting made financial economic ideals of market‐based measurement, decision usefulness, and future orientation appear operable in a real‐life reporting context. Whenever measurement reached its practical limits, narratives were relied on to explain the impact of price‐level changes, frame economic decisions, and relate unobservable future cash flows to present‐day strategies and resources. The insight into how narrative reporting practices have been laced into the reasoning of capital markets for over 40 years is timely because it illustrates that narratives can also play a more encompassing role and drive the turn toward wider corporate accountability on social and environmental impacts while hard measurements in this area are still being figured out.     

“利剑”还是“护盾”：企业ESG表现及评级波动对企业破产风险的影响研究 ——来自中国A股上市公司的经验证据

企业践行ESG是否会因占用资源加剧破产风险,造成与ESG原本可持续发展理念直接相悖的事实结果？对此,本文以中国A股上市公司为研究对象并开展实证检验,在当前广泛研究的ESG与企业收益的关系基础上,从破产风险视角进一步权衡改善ESG带给企业的风险和收益。研究发现:企业改善ESG表现可以降低代理成本、缓解融资约束进而有效缓解破产风险;且该作用在非国有企业、高管持股比例高和所在地市场化程度高的企业中更加明显;较高的ESG评级波动会削减ESG表现原有的破产风险降低效果,反映出明显的ESG评级不稳定将弱化改善ESG表现向市场释放正面信息和赢得利益相关者支持的效果。本文建议企业积极主动贯彻ESG理念,政府加快健全企业ESG相关信息披露制度工作进度,社会公众给予积极承担社会责任的企业更多支持与关注,旨在助力形成和谐、稳定的社会环境,推动企业践行ESG理念。