技术与创新管理2024，Vol.45Issue(3)：333-342,10.DOI:10.14090/j.cnki.jscx.2024.0311
ESG表现、双元创新与资本市场稳定
ESG Performance,Dual Innovation and Capital Market Stability
摘要
Abstract
With the deepening of China's high-quality development strategy and"dual carbon"policy,corporate ESG performance has been widely concerned by listed companies and investors,and has an effect on the performance of enterprises in the securities market,thus affecting the stability of China's capital market.This paper takes the panel data of Shanghai and Shenzhen A-share listed companies from 2013 to 2021 as research samples,constructs A fixed-effect model,and studies the impact of ESG performance on capital market stability from the perspective of stock price.The results show that,first,ESG performance can stabilize the capital market;Second,dual innovation weakens the stabilizing effect of ESG performance on the capital market;Third,institutional investors'shareholding plays a part of the mediating effect of ESG performance on the stability of the capital market.Further research shows that the stabilizing effect of corporate ESG performance on the capital market is more significant when non-heavily polluting enterprises,non-Big Four accounting firms are audited,and economic policy uncertainty is high.Based on this,this paper provides a reference for practicing the concept of ESG from the three levels of enterprises,investors,and government supervision.关键词
ESG表现/可持续发展/资本市场稳定/双元创新/机构投资者持股/股价Key words
ESG performance/sustainable development/capital market stability/dual innovation/insti-tutional shareholding/share price分类
管理科学引用本文复制引用
侯慧敏,郭淑娟,李明敏..ESG表现、双元创新与资本市场稳定[J].技术与创新管理,2024,45(3):333-342,10.基金项目
教育部人文社会科学研究青年基金项目"混改国企非国有股东董事会权力超额配置的微观机制及经济后果研究"(22YJC630059) （22YJC630059）
山西省哲学社会科学规划课题"动态及竞争环境下山西省科技型企业双元创新驱动高质量发展路径研究"(2022YY025) （2022YY025）
山西省科技战略研究专项"'双碳'目标下山西省煤炭行业科技创新驱动高质量发展研究"(202104031402058) （202104031402058）
山西省研究生教育教学管理改革课题"高质量发展视阈下非全日制会计硕士(MPAcc)培养质量提升研究"(2021YJJG065) （MPAcc）
