摘要
本文以2013-2022年沪深两市A股主板上市公司为研究样本,利用双重差分法研究了科创板注册制试点对同行业主板上市公司ESG表现的溢出效应与机制。实证结果表明,科创板注册制试点对同行业主板上市公司ESG表现具有明显的促进作用。进一步研究发现,绿色创新与媒体舆论倾向具有显著的中介效应。同时,对于不同产权性质、高管履历、要素密集度的企业,科创板注册制试点的影响作用与显著性均有不同,其中民营企业、高管具有海外经历的企业、技术密集型企业的作用效果更为显著。未来应立足全面深化资本市场改革,建立健全外部媒体监督机制,精准引才发挥企业家前瞻性作用,推动上市公司ESG水平稳步提升。
This study examines the spillover effects and mechanisms of the STAR Market's pilot registration-based IPO system on peer mainboard-listed companies'ESG performance through a difference-indifferences analysis by using 2013-2022 data from Shanghai and Shenzhen A-share markets.Empirical results demonstrate significant ESG performance enhancement in mainboard enterprises within corresponding industries.Further research findings indicate that green innovation and media sentiment tend to have significant mediating effects.Meanwhile,regarding enterprises with different ownership types,executive backgrounds,and factor intensities,the impact and significance of the Sci-Tech Innovation Board's registrationbased pilot program vary.Among them,the effect is more significant in private enterprises,enterprises whose executives have overseas experience,and technology-intensive enterprises.In the future,we should focus on comprehensively deepening the reform of the capital market,establish and improve the external media supervision mechanism,accurately attract talents to give play to entrepreneurs'foresight,and promote the steady improvement of the ESG level of listed companies.
作者
周玉龙
王瑞田
罗标强
Zhou Yulong;Wang Ruitian;Luo Biaoqiang(Academy of Metropolis Economic and Social Development,Capital University of Economics and Business,Beijing 100070,China;College of Economic and Social Development,Nankai University,Tianjin 300071,China;School of Economics and Management,Handan University,Handan 056006,China)
出处
《金融理论探索》
2025年第4期3-14,共12页
Exploration of Financial Theory
基金
国家社会科学基金重大项目“数字经济对区域协调发展的影响与对策研究”(23&ZD078)。
关键词
注册制改革
企业ESG表现
溢出效应
绿色创新
registration reform
corporate ESG performance
spillover effects
green innovation
