环境信息披露是否会影响公司的现金流? 通过考虑媒体关注的情况进行分析
1School of Economics and Business Administration, Chongqing University, Chongqing, 400030, China.
Journal of environmental management
|June 5, 2023
概括
环境,社会和治理 (ESG) 披露有助于降低企业现金流风险,特别是长期波动. 然而,媒体的关注可能会否定环境披露对风险管理的好处.
科学领域:
- 商业和经济学 商业和经济学
- 企业金融公司财务
- 可持续性研究 可持续性研究
背景情况:
- 最近的全球事件凸显了强有力的企业风险管理战略的必要性.
- 供应链中断和地缘政治不稳定凸显了商业运营中的脆弱性.
- 了解减轻财务风险的因素对于组织的弹性至关重要.
研究的目的:
- 调查环境,社会和治理 (ESG) 披露在缓解现金流风险方面的作用.
- 检查ESG披露的个别支柱 (环境,社会,治理) 对金融风险的影响.
- 分析媒体关注对ESG披露与现金流风险之间关系的缓解效应.
主要方法:
- 2011-2021年中国A股上市公司的实证分析.
- 利用利益相关者理论和合法性理论作为理论框架.
- 回归分析以量化ESG披露对现金流波动性的影响.
主要成果:
- ESG披露显著降低了现金流波动,具有显著的长期影响.
- 在ESG评分上升1个点后,1年和5年现金流率波动率分别降低0.014和0.020.
- 媒体的关注扭转了环境披露的降低风险效应,而不是社会或治理披露.
结论:
- 全面的ESG披露通过减少现金流风险来提高企业的金融稳定性.
- 在风险管理中ESG披露的有效性取决于背景,受媒体关注和公司类型等因素的影响.
- 国有企业 (SOE) 和中小企业 (SMEs) 显示ESG披露的好处较弱.
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