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義務的ESG開示が株式流動性に与える影響—A+H株に基づく準自然実験

The Influence of Mandatory ESG Disclosure on Improving Stock Liquidity-Quasi-Natural Experiment Based on A+H Shares (原題)

Sitong Zhang

Advances in Economics, Management and Political Sciences📚 査読済 / ジャーナル2026-07-21#ESGOrigin: CN経営インパクト: 資金調達対象セクター: cross_sector
DOI: 10.54254/2754-1169/2026.35540
原典: https://doi.org/10.54254/2754-1169/2026.35540

🤖 gxceed AI 要約

日本語

香港証券取引所の2016年義務的ESG開示政策を自然実験として、A+H株を処置群、A株のみを対照群とするDID分析により、ESG開示義務化がA+H企業の株式流動性を平均14.1%向上させることを示した。アナリストのフォローが政策効果を増幅するという異質性も確認。中国市場におけるESG開示の経済的便益を実証した。

English

Using the 2016 HKEX mandatory ESG disclosure policy as a quasi-natural experiment, this study employs a DID approach with A+H shares as treatment and A-only shares as control. It finds that mandatory ESG disclosure significantly increases stock liquidity by 14.1% on average, with analyst coverage as a positive moderator. Provides Chinese evidence on the economic benefits of mandatory ESG disclosure.

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開示が義務化に向かう中、開示が資本市場に与える経済的便益（流動性向上）の実証は、国内企業の開示コスト対効果を議論する上で参考になる。特にアナリストの仲介役割は、日本市場での情報仲介の重要性を示唆する。

In the global GX context

This paper adds to the global evidence on the economic consequences of mandatory ESG disclosure, complementing studies on TCFD/ISSB adoption. It demonstrates that disclosure can enhance market liquidity, supporting regulators in jurisdictions like the EU and US considering mandatory ESG reporting. The analyst moderation effect highlights the role of information intermediaries in policy transmission.

👥 読者別の含意

🔬研究者:Provides causal evidence on ESG disclosure and market liquidity, useful for disclosure economics research.

🏢実務担当者:Highlights potential capital market benefits of ESG disclosure, supporting corporate communication strategies.

🏛政策担当者:Offers empirical support for mandatory ESG disclosure policies, showing liquidity benefits.

📄 Abstract（原文）

The mandatory quantitative key performance indicator (KPI)-style environmental, social, and governance (ESG) disclosure policy implemented by the Hong Kong Stock Exchange (HKEX) in 2016 offers a useful context for examining the economic impacts of mandatory non-financial disclosure. Using data of Chinese A-share listed companies between 2012 and 2023, the paper takes A+H shares as the treatment group while other A-share companies as the control group and employs a difference-in-differences method to evaluate the impact of this policy on the A-share liquidity of A+H companies. Results show that the disclosure of ESG is a mandatory requirement for a significant increase in stock liquidity of A+H companies, where the average logarithmic quoted spread of the stocks in the sample decreases by 0.152 units, or an increase in liquidity of 14.1% on average. Conclusions remain robust after running a series of tests. Based on the results of heterogeneity analysis, the role of analysts as a positive moderating factor in policy transmission is obtained. This paper provides Chinese contextual evidence on how mandatory ESG disclosure improves the market information environment from an international experience perspective, offering empirical support for improving the ESG information disclosure system and optimizing investor protection mechanisms in the A-share market.

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