环境,社会和治理新闻报道是否会影响股权成本? 媒体报道的文本分析
Haixu Yu1, Chuanyu Liang2, Weiran Wang3
1School of Economics, Shenzhen Polytechnic University, Shenzhen, China.
Frontiers in public health
|April 28, 2025
概括
积极的环境,社会和治理 (ESG) 媒体报道通过提高信息透明度降低了公司的股权成本. 在新兴市场的国有企业和大型企业中,这种影响更为强烈.
科学领域:
- 环境,社会和治理 (ESG) 研究
- 金融经济学 金融经济学
- 媒体和通信研究 媒体和通信研究
背景情况:
- 越来越多的全球环境挑战需要可持续发展框架.
- 环境,社会和治理 (ESG) 原则指导负责任的商业实践.
- 了解ESG对企业融资的影响对于可持续投资至关重要.
研究的目的:
- 调查与ESG相关的媒体报道对股权成本的影响.
- 探索信息透明度如何影响企业的融资结果.
- 从新兴市场的背景提供经验证据.
主要方法:
- 在ESG新闻文本数据上使用机器学习构建ESG绩效指数.
- 分析了上市公司每年ESG新闻报道的媒体关注度和情绪 (音调).
- 进行了机制和异质性分析.
主要成果:
- 在ESG媒体报道与股权成本之间存在显著的负相关性.
- 更积极的ESG覆盖率与更低的融资成本有关.
- 由于ESG表现更强,信息透明度的提高降低了股权成本,特别是在国有和大型公司.
结论:
- 关于ESG的新闻报道对资本市场效率产生了积极的影响.
- 改善的ESG业绩,反映在媒体上,降低了股权成本.
- 调查结果支持将ESG因素纳入可持续发展的投资战略.
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