证券市场导报Issue(4)：54-65,12.
责任投资与股票市场操纵
摘要
Abstract
Stock market manipulation distorts market trading order,affects the resource allocation function of the market,and undermines the fairness and stability of the capital market.Can responsible investment,by actively advocating ESG governance principles and enhancing corporate governance efficiency and accountability,promote the stable and healthy development of the capital market?Using A-share listed non-financial companies on the Shanghai and Shenzhen Stock Exchanges as the research object and leveraging three-second slice stock trading data,the paper empirically tests the influence of ESG fund holdings on stock market manipulation and its underlying mechanism.This paper finds that ESG funds,characterized by self-reflective and self-discipline qualities as well as a community-oriented focus on corporate-social synergy,significantly curb stock market manipulation by improving the internal control quality and information transparency of the companies they invest in.These findings remain robust after a series of robustness tests.The heterogeneity analysis indicates that this inhibitory effect is more pronounced for enterprises located in regions with weaker financial regulation,enterprises with a higher degree of managerial short-sightedness,and non-state-owned enterprises.This paper expands the research boundary of responsible investment and provides references for regulators to prevent market manipulation.关键词
责任投资/ESG/股票市场操纵/内部控制/信息透明度Key words
responsible investment/ESG/stock market manipulation/internal control/information transparency分类
管理科学引用本文复制引用
李志辉,常心宇,魏斌..责任投资与股票市场操纵[J].证券市场导报,2025,(4):54-65,12.基金项目
国家自然科学基金面上项目"中国股票市场交易型操纵监测、影响与防范研究——基于分时高频数据云计算的实现"(项目编号:71973070)、教育部人文社会科学研究青年基金项目"股票市场异常波动背景下程序化交易操纵诱发系统性风险的机理及监管"(项目编号:24YJC790254)、国家社科基金一般项目"全面注册制下市场操纵诱发股市系统性风险的机理与对策研究"(项目编号:23BJY253) （项目编号:71973070）
