Quantitative Impact of ESG Factors on the Valuation of A-Share Listed Companies Using R: A Case Study of BYD
Rを用いたA株上場企業のESG要因が評価に与える定量的影響：BYDの事例研究 (AI 翻訳)
Shukai Zhan
🤖 gxceed AI 要約
日本語
本研究は、中国新エネルギー車メーカーBYDを事例に、ESG関連開示イベントが株式評価に与える影響をイベントスタディ手法で分析。CNINFOプラットフォームからの公表情報と第三者ESG格付け更新を用いて、異常収益率と累積異常収益率を計算。実証結果は、ESG情報が投資家の評価判断に影響を与えることを示唆している。
English
This study examines the impact of ESG-related disclosure events on the stock valuation of BYD, a leading Chinese NEV company, using an event study approach in R. It identifies events from CNINFO announcements and third-party ESG rating updates, calculating abnormal returns and cumulative abnormal returns. Empirical evidence shows discernible market reactions around ESG disclosure events, indicating that ESG information is relevant for investor valuation decisions.
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
日本のSSBJ開示基準や投資家対応において、ESG情報の市場評価への影響を理解することは重要。本論文は中国市場の事例だが、日本企業がESG開示のIR効果を検討する際の参考となる。
In the global GX context
This paper provides empirical evidence that ESG disclosures are priced by capital markets, supporting the global push for standardized ESG reporting (e.g., ISSB, CSRD). The event study methodology is replicable for other markets, including Japan, where SSBJ standards are evolving.
👥 読者別の含意
🔬研究者:Event study methodology applied to ESG disclosure events offers a replicable framework for analyzing market reactions.
🏢実務担当者:Corporate IR teams can anticipate stock price sensitivity to ESG announcements, informing disclosure strategy.
🏛政策担当者:Evidence that mandatory ESG disclosure can influence market efficiency supports regulatory initiatives like SSBJ.
📄 Abstract（原文）
The relevance of Environmental, Social, and Governance (ESG) performance in corporate valuation has been growing, in tandem with investors' increasing focus on sustainability and non-financial risks. As a leading enterprise in China's new energy vehicle industry, BYD plays a pivotal role in the A-share market, making it a suitable case study for examining how ESG-related information is priced by the capital market. This study adopts a case firm approach, focusing on BYD, to investigate the quantitative impact of ESG factors on firm valuation. To this end, an event-based analytical framework implemented in R is utilised. ESG-related disclosure events are identified based on publicly available announcements from the CNINFO platform and third-party ESG rating updates. The present study employs an event study approach to examine market reactions around these events by calculating abnormal returns and cumulative abnormal returns within specified event windows. The empirical evidence indicates that the stock market demonstrates discernible valuation responses in the vicinity of ESG-related disclosure events, thereby suggesting that ESG information is indeed a relevant factor in investor valuation decisions.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.54254/2754-1169/2026.ld33106first seen 2026-07-18 05:10:12
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