风险投资与企业ESG 表现

在“双碳”目标的大背景下,ESG 已经成为企业可持续发展的战略选择。风险资本作为一类特殊的机构投资者,对企业的ESG 决策和行为存在重要影响。以2010—2021 年沪深两市首次公开发行的A 股上市公司为研究样本,实证研究风险投资对企业ESG 表现的影响。研究发现,风险投资对企业ESG 表现存在显著的负向影响,验证了风险资本的“逐名”假说。进一步分析表明,风险资本联合、风险资本声誉较高、风险资本有外资背景等因素显著地抑制了风险投资对企业ESG 表现的负向作用。研究结论拓展了企业ESG 表现影响因素的相关研究,为强化政府对风险资本的正确引导,以及企业提高ESG 表现提供了有益的思路和启示。     

企业ESG表现对企业韧性的影响研究

依据2009—2022年A股上市公司数据,构建多元线性回归模型,考量企业ESG表现对企业韧性的影响。结果显示：企业ESG表现对企业韧性正向影响显著,企业ESG表现越好,企业韧性越强,且在重污染行业和东部地区企业中更为显著;良好的企业ESG表现主要通过缓解企业融资约束和提高企业创新效率两个渠道增强企业韧性。鉴于此,企业应努力提升自身ESG表现,政府主管部门要引导并鼓励企业加强ESG建设,各利益相关方发挥监督作用,强化企业韧性,助力企业高质量发展。     

石化行业上市公司ESG报告信息披露探究

2018年修改的《上市公司治理准则》明确要求上市公司在公司治理中贯彻落实绿色、开放发展观,并确立ESG信息披露框架。目前证监会对上市公司ESG信息披露持鼓励态度,随着可持续发展在国内的逐步推进,可以预料未来上市公司披露ESG报告是大势所趋。石化行业作为经济支柱,业内上市公司应尽早关注ESG发展,部署可持续发展战略,将ESG建设纳入企业管理并定期发布ESG报告。通过收集2018—2020年深沪上市的石化行业上市公司ESG披露信息,分析ESG在石化行业上市公司中的披露情况,探寻企业在披露ESG报告中存在的问题,并提出相应对策,为石化行业上市公司ESG报告规范披露提供参考。     

Who Dares to Care? (In the World of Finance)

This study argues that gendered barriers to care are limiting the progress of socially responsible investment (SRI). Anchored within the world of finance – an industry predicated on mathematical theorizing, neoclassical economic thought, and omission of relational values – the inclusion of environmental, social, and governance (ESG) reporting, a commonly used term for nonfinancial information in SRI, in investment decision making confronts several barriers. One such barrier concerns care: who cares for what, and where. In an environment where an atomistic-individualistic ontology dominates, and a relational-values ontology is omitted, the study investigates the possibilities for ESG to have a wider uptake. It considers the changes required to align the inherently relational aspect of care within a culture of economic reasoning reliant on the exclusion of care. It concludes with suggestions for how a relational caring perspective can be incorporated to accommodate and encourage SRI in the world of financial management.     

The effect of social screening on bond mutual fund performance

This study measures the financial impact of screening for environmental, social and governance criteria on corporate bond portfolios. Specifically, the risk-adjusted financial performance of 103 socially responsible bond funds in the US and the Eurozone is compared with a matched sample of conventional funds. During the period 2001–2014, socially responsible bond funds outperform by one-half of one percent annually. An evaluation of fund holdings and a performance-attribution analysis suggest that this outperformance is directly related to the mitigation of ESG risks, which is achieved by the exclusion of corporate bond issuers with poor corporate social responsibility activities. A separation of crisis and non-crisis periods further indicates that the outperformance is especially likely to occur during recessions or bear market periods. We confirm this crisis-related return effect from a sample of socially screened bond indices. Moreover, our results are robust to alternative definitions of sustainability, survivorship bias, fund characteristics and stable in the US and Eurozone sub-samples.     

The future trajectory for environmental finance: planetary boundaries and environmental,social and governance analysis

Urgent issues such as climate change have drawn increasing attention from finance scholars. Most research has situated a corporate response within the context of the environmental, social and governance performance. However, other disciplines express concerns around environmental degradation within broader frameworks, such as the Planetary Boundaries framework. We highlight the different conceptualisations of ESG and planetary boundaries and call for further research that links finance research to the Planetary Boundaries framework. We describe how contributions in the Accounting & Finance Special Issue on Environmental Finance advance research in this area and explore implications for future research that responds to the imperatives of remaining within Planetary Boundaries.     

论公司法修订中公司治理的目标迁移及范式重塑

利益相关者理论更加契合现代公司可持续发展之理念;而实践中对公司表现的考察亦拓展至环境、社会及治理等诸多方面,评价指标正从单一逐渐转向多维。从公司立法层面观察,无论是国家立法还是国际软法,普遍要求公司在价值链决策中充分考虑社会影响,尊重和保障人权。为了革新滞后的旧有范式,需要将利益相关者理论予以具体落实,从影响识别、避免损害、有效程序、企业规模、执法形式和尽职调查等方面共同推进,从而在促进公司创造经济价值的同时,为增进社会和环境多重共享价值打开通途。     

The performance of socially responsible investments: A meta-analysis

In this article, we use a meta-analysis to examine the performance of socially responsible investing (SRI). We find that, on average, SRI neither outperforms nor underperforms the market portfolio. However, in line with modern portfolio theory, we find that global SRI portfolios outperform regional subportfolios. Moreover, high-quality publications, publications in finance journals and authors who publish more frequently on SRI are all less likely to report SRI outperformance. In particular, we find that including more factors in a capital market model reduces the likelihood that a study will find SRI outperformance.     

ESG信息披露提升了企业投资效率吗？——非财务信息披露的财务作用

基于2010—2022年A股上市公司数据,将商道融绿首次公布上市公司ESG评级作为准自然实验,采用多期双重差分模型实证检验ESG信息披露对企业投资效率的影响效应及作用机制。研究结果显示,ESG信息披露能够有效提升企业投资效率,且这一结论在进行多项稳健性检验后依然成立。机制分析结果表明,抑制企业短视、缓解融资约束和降低环境不确定性是ESG信息披露提升企业投资效率的有效作用渠道。异质性分析发现,ESG信息披露对企业投资效率的促进作用在非国有企业、高数字化水平企业和市场化程度高的地区中更为明显。研究结论在实践层面为构建与完善企业可持续发展体系提供了经验证据,对促使企业积极履行社会责任、推动中国经济高质量发展具有重要意义。     

发行绿色债券与企业ESG 表现：来自中国的机制与实证发现

本文以绿色债券为切入点,研究其发行与企业ESG 得分之间的相互关系,解释企业ESG 目标实现的多个触发因素和努力动机。本文从CSMAR 国泰安等数据库中收集并筛选了5737 个观测样本,利用双重差分等计量经济学模型,发现绿色债券发行与企业ESG 评分的提升存在较强的相关性,且这种效应在国有企业、高环境规制地区和低人均工业GDP 地区更显著。机制研究发现,环境信息披露的改善、管理者短视的减少和分析师关注均为正向中介变量。最后,绿色债券发行对企业的财务状况具有积极影响。