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Finance 2024
ESG表现、媒体关注度与非效率投资
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Abstract:
ESG (环境、社会与治理)是当前经济主体制定投资等决策时需要考虑的重要因素之一，企业的ESG表现以及其如何对非效率投资水平产生影响是亟待解决的热点问题。基于此，本文以2011~2019年我国A股上市公司为样本，分析了企业的ESG表现与其非效率投资的关系以及媒体关注在这一环节中的作用。进一步地，本文还基于地区市场化程度的视角进行了异质性分析。研究结果显示，良好的ESG表现能够抑制企业的非效率投资，且媒体关注能够强化ESG表现对企业非效率投资的抑制作用；异质性分析结果显示ESG对非效率投资的影响及媒体关注度的调节作用均存在显著的异质性特征。
ESG (Environment, Society and Governance) is one of the most important considerations for companies when making investment and other decisions, and how it affects the level of inefficient investment is a hot issue that needs to be investigated urgently. Based on this, this paper analyzes the impact of ESG on the level of inefficient investment of enterprises and the moderating role of media attention based on a sample of China’s A-share listed companies from 2011~2019. Further, this pa-per also conducts a heterogeneity analysis based on the perspective of regional marketization degree. The findings indicate that good ESG performance can inhibit the level of inefficient investment, and media attention can strengthen the inhibitory effect of ESG performance on corporate inefficient investment; The results of the heterogeneity analysis show that there are significant heterogeneity characteristics of the impact of ESG on inefficient investment and the moderating effect of media attention.
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