The Influence of ESG Information on Investors’ Firm Preference in China’s Financial Market
中国金融市場におけるESG情報が投資家の企業選好に与える影響 (AI 翻訳)
Ruijun Ma
🤖 gxceed AI 要約
日本語
本研究は、中国A株上場企業の2016〜2023年のパネルデータを用いて、ESG情報開示が投資家の選好に与える影響を固定効果回帰で分析。ESGスコアと超過収益（BHAR）の間に有意な負の関係があり、特に大企業・国有企業・資本集約型セクターで顕著。環境パフォーマンスが最も影響し、資金調達制約とグリーンウォッシング認識が負の影響の要因と示唆。
English
This study analyzes the impact of ESG disclosure on investor preferences using panel data of Chinese A-share listed firms from 2016-2023. Fixed-effects regressions reveal a significant negative association between ESG scores and excess returns (BHAR), especially for large firms, SOEs, and capital-intensive sectors. Environmental performance has the strongest effect, with financing constraints and greenwashing perceptions as drivers.
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
中国市場の実証結果は、日本企業のESG情報開示戦略に示唆を与える。特に、ESGスコアが投資家の選好に負の影響を与える可能性は、日本でも投資家対応や開示の質向上の重要性を示す。SSBJ開示基準への対応や、グリーンウォッシング防止策の検討に参考となる。
In the global GX context
This paper provides empirical evidence from an emerging market on how ESG ratings affect investor behavior, contributing to the global debate on ESG materiality and greenwashing. It highlights the need for credible ESG practices and transparent disclosure, relevant to ISSB and CSRD contexts where investor trust is crucial.
👥 読者別の含意
🔬研究者:Provides empirical evidence on ESG-investor preference dynamics in China, useful for comparative studies on emerging markets.
🏢実務担当者:Highlights potential negative investor reactions to ESG engagement, informing disclosure strategies and greenwashing risk management.
🏛政策担当者:Suggests the need for credible ESG standards and enforcement to prevent greenwashing and ensure market efficiency.
📄 Abstract（原文）
This study investigates the influence of Environmental, Social, and Governance (ESG) information disclosure on investors’ preferences in China’s capital market. Using panel data on A-share-listed companies between 2016 and 2023, the paper employs fixed-effects regression models to examine the relationship between ESG ratings and excess stock returns, proxied by Buy-and-Hold Abnormal Returns (BHAR). The results reveal a significant negative association between ESG scores and BHAR. This suggests that ESG engagement may reduce investor enthusiasm, particularly among large firms, state-owned enterprises, and capital-intensive sectors. Further decomposition of ESG components suggests that environmental performance has the most pronounced effect on investor behavior. Robustness tests confirm the consistency of these findings across alternative specifications and data sources. Mechanism analysis identifies financing constraints and greenwashing perceptions as potential drivers of the negative impact. The study contributes to the growing ESG literature by offering empirical insights into the evolving dynamics of sustainable investing in emerging markets and highlighting the need for more transparent and credible ESG practices in China.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://ojs.sgsci.org/journals/emi/article/download/635/430first seen 2026-08-14 05:49:30
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gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。