財務諸表情報の不足の緩和：会計利益の価値関連性向上における補足的ESG情報の役割
Mitigating Financial Statement Information Deficiency: The Role of Supplementary ESG Information in Improving the Value Relevance of Accounting Earnings (原題)
Lin-Gang Zheng
🤖 gxceed AI 要約
日本語
中国A株上場企業2018〜2023年のパネルデータを用い、修正Ohlson価格モデルでESG補足情報開示が会計利益の価値関連性に与える影響を検証。ESG開示は情報非対称性を緩和し、投資家の判断バイアスを減らすことで会計利益と株価の相関を強める。非国有企業や財務情報の透明性が低い企業で効果が顕著。ESG開示の増分情報価値を実証した。
English
Using Chinese A-share panel data (2018–2023) and a modified Ohlson price model, this study tests whether supplementary ESG disclosure improves the value relevance of accounting earnings. ESG disclosure significantly strengthens the earnings–market value link by reducing information asymmetry and investor judgment bias. The effect is stronger for non-state-owned firms and those with low financial transparency, confirming ESG's incremental information value.
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
SSBJ基準・有報でのサステナビリティ開示が進む日本では、ESG情報が財務情報の不足を補い企業価値評価に寄与するという本知見は、統合報告書や投資家対話の根拠として有用。非財務情報の価値関連性を定量的に示す点は、日本企業の開示高度化の説得材料になる。
In the global GX context
As ISSB/SSBJ standards push sustainability disclosure into mainstream reporting, this paper offers quantitative evidence that ESG information complements financial statements and enhances value relevance. It supports the global shift toward integrated reporting and gives disclosure-standard setters empirical backing for treating ESG data as material to capital markets.
👥 読者別の含意
🔬研究者:ESG開示の増分情報価値を価値関連性の観点から定量化した実証手法と結果を参考にできる。
🏢実務担当者:ESG開示の質向上が投資家評価・資本コストに直結する根拠として、開示戦略の正当化に使える。
🏛政策担当者:非財務情報開示義務化の政策効果を、価値関連性の実証エビデンスとして参照できる。
📄 Abstract（原文）
Financial statements focus on historical monetary information, which inevitably suffers from information incompleteness, timeliness lag, and insufficient reflection of corporate sustainable development potential, leading to reduced value relevance of traditional accounting earnings. As important non-financial supplementary information, ESG disclosure can effectively compensate for the inherent defects of financial information and transmit incremental corporate characteristic information to capital market investors. Based on the information asymmetry theory and signal transmission theory, this study selects the panel data of Chinese A-share listed companies from 2018 to 2023 as the research sample, adopts the modified Ohlson price model to empirically test the impact of ESG supplementary information disclosure on financial statement information deficiency and accounting earnings value relevance. The results show that ESG supplementary information disclosure significantly improves the value relevance of accounting earnings; further mechanism tests confirm that high-quality ESG disclosure mitigates information asymmetry caused by insufficient financial information, reduces investor information judgment bias, and thus strengthens the correlation between accounting earnings and stock market value. Heterogeneity analysis indicates that the value enhancement effect of ESG information is more significant in non-state-owned enterprises and firms with low financial information transparency. This study verifies the incremental information value of ESG disclosure, provides empirical evidence for improving corporate information disclosure quality, and offers references for investors’ decision-making and capital market information optimization.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://bcpublication.org/index.php/SJEMR/article/download/9719/9650first seen 2026-10-05 06:12:13 · last seen 2026-10-07 05:46:39
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