ESG Disclosure Quality, Auditor Independence, and Firm Market Value: Empirical Evidence from Chinese A-share Listed Companies
ESG情報開示の質、監査人の独立性、企業市場価値：中国A株上場企業の実証分析 (AI 翻訳)
Zihan Guo
🤖 gxceed AI 要約
日本語
本論文は2018～2024年の中国A株上場企業パネルデータを用い、PSM-DID法によりESG開示の質が企業価値（Tobin's Q）に与える影響を検証。ESG開示の質が1標準偏差向上すると企業価値が平均6.8%上昇し、監査人の独立性がこの効果を正に調整することを発見。また、資金調達制約の緩和と情報透明性の向上が媒介メカニズムとして働くことを示した。
English
Using panel data of Chinese A-share listed firms (2018-2024) and PSM-DID, this paper finds that a one-standard-deviation increase in ESG disclosure quality raises Tobin's Q by 6.8%. Auditor independence positively moderates this effect, especially for Big Four auditors. The mechanism works through reduced financing constraints and increased analyst coverage.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
中国市場の研究だが、ESG開示の質が企業価値に与える因果効果や監査人の調整役割は、日本のSSBJ対応や有報・統合報告書の信頼性向上にも示唆を与える。特に監査人の独立性強化は、日本においても開示情報の資本市場での評価を高める可能性がある。
In the global GX context
This paper provides causal evidence from an emerging market that ESG disclosure quality increases firm value, with auditor independence acting as a credibility enhancer. For global regulators and standard-setters (ISSB, SEC), it underscores the importance of assurance in ESG reporting.
👥 読者別の含意
🔬研究者:This paper offers robust causal estimates of ESG disclosure value relevance and the moderating role of auditor independence, useful for researchers studying ESG-financial performance links.
🏢実務担当者:Corporate disclosure teams can use these findings to justify investments in ESG reporting quality and to engage auditors for enhanced credibility.
🏛政策担当者:Regulators can note the value-enhancing effect of auditor independence on ESG disclosures, supporting the case for mandatory assurance in sustainability reporting.
📄 Abstract（原文）
ESG information disclosure has become a key tool for assessing the sustainable value of enterprises, but its actual impact on the market value of enterprises remains controversial. This study is based on the panel data of China's A-share listed companies from 2018 to 2024 (N=14,267 enterprises - annual observation value), and adopts the tendency score matching-double difference (PSM-DID) method to systematically test the relationship between ESG disclosure quality, auditor independence and enterprise market value. The study found that: First, every time the quality of ESG disclosure increased by a standard deviation, Tobin's Q of the enterprise increased by an average of 6.8% (β=0.068, p<0.01), and the effect is still stable after controlling the enterprise scale, debt level and industry fixed effect; Second, the auditor's independence positively adjusts the value effect of ESG disclosure (interactive term β=0.038, p<0.05), and the adjustment effect is significantly stronger in the audit samples of the four major international firms; Third, the intermediary mechanism test shows that ESG disclosure quality affects the value of enterprise value by reducing financing constraints (KZ index decreased by 0.21) and improving information transparency (analyst coverage increased by 1.6 people). This research provides an empirical basis for ESG policy formulation and audit industry reform in China.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.54254/2754-1169/2026.34215first seen 2026-06-12 05:46:49
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