Does the Market Value Corporate ESG Ratings? A Complex System Driven by Institutional Investors
市場は企業のESG評価を評価するのか？機関投資家が駆動する複雑なシステム (AI 翻訳)
Changjiang Zhang, Sihan Zhang, Zhepeng Zhou, Yuqi Yang
🤖 gxceed AI 要約
日本語
本研究は、2018～2024年の中国A株上場企業をサンプルに、ESG格付けと企業価値の関係を分析した。ESG格付けが高い企業は市場価値が高く、その効果は機関投資家の保有増加を通じて媒介されることが明らかになった。特に長期機関投資家がこの媒介効果を牽引しており、ESG格付けのばらつきは評価プレミアムを弱める。中国資本市場におけるESG格付けの透明性向上の重要性を示唆する。
English
This study examines the relationship between ESG ratings and firm market value using Chinese A-share listed firms from 2018-2024. Firms with higher ESG ratings have significantly higher market value, mediated by increased institutional ownership, especially long-term institutional investors. ESG rating divergence weakens this positive effect by increasing informational uncertainty. The findings highlight the need for greater transparency and comparability of ESG ratings in China's capital market.
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
日本では、SSBJや有報でのESG開示が進む中、ESG評価と企業価値の関係は投資家対応の重要課題。本論文は中国市場の実証結果だが、日本の機関投資家行動やESG格付けの信頼性向上にも示唆を与える。特に、格付けのばらつきが評価に与える負の影響は、国内のESG開示インフラ整備に参考になる。
In the global GX context
Globally, this paper contributes to the understanding of how ESG ratings are priced in emerging markets, with implications for institutional investor strategies. It underscores the importance of consistent ESG ratings for market efficiency, aligning with global discussions on ISSB standards and rating transparency.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the mechanism through which ESG ratings affect firm value via institutional ownership, and highlights the moderating role of rating divergence.
🏢実務担当者:Insights on how institutional investors respond to ESG ratings, which can inform corporate ESG strategy and communication to attract long-term investors.
🏛政策担当者:Demonstrates the negative impact of ESG rating divergence on market valuation, supporting the case for standardized ESG disclosure regulation.
📄 Abstract（原文）
Against the backdrop of China’s dual-carbon goals and the growing emphasis on sustainable development, ESG information has become an important non-financial signal in capital markets; yet whether and how it is priced by investors remains unclear. Using a sample of 2018–2024 Chinese A-share listed firms, this study examines the relationship between corporate ESG ratings and firm market value, with a particular focus on the mediating role of institutional ownership and investor heterogeneity. We find that firms with higher ESG ratings exhibit significantly higher market value, indicating that the market assigns a valuation premium to favorable ESG evaluations. Mediation analyses further show that higher ESG ratings are associated with increased institutional ownership, which in turn enhances firm value. Heterogeneity analyses reveal that this mediating effect is primarily driven by long-term institutional investors, whereas medium-term and short-term institutions neither respond systematically to ESG ratings nor transmit ESG rating information into firm valuation. In additional analyses, we show that ESG rating divergence significantly weakens the positive valuation effect of ESG ratings by increasing informational uncertainty and reducing the credibility of ESG rating signals. Overall, this study provides new evidence on the investor-based mechanisms underlying ESG rating-based pricing and highlights the importance of improving the transparency and comparability of ESG ratings in China’s capital market.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://www.mdpi.com/2079-8954/14/4/368/pdf?version=1774882508first seen 2026-07-18 08:04:43
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