School of Economics and Management, Xi′an Shiyou University

随着资本市场的不断发展,投资者对企业财务透明度和可持续发展的关注日益增加。以A股上市公司为研究对象,采用多元线性回归模型对A股上市公司2018—2022年的数据进行实证分析,研究企业盈余管理,ESG表现对股价同步性的影响。研究结果表明:企业盈余管理水平负相关于股价同步性,而ESG表现正相关于股价同步性,并且企业ESG表现有效缓解了盈余质量对股价同步性的负向影响。此外,基于实证结果提出建议:国家应当完善会计准则体系以及资本市场制度建设,提升资本市场效率;企业强化治理体系,减少盈余管理行为并增加ESG有关信息披露;投资者应当重点关注企业盈余质量及ESG信息披露,理性分析媒体相关信息以提升决策水平。

With the continuous development of capital markets, investors′attention to corporate financial transparency and sustainable development has increased.Taking a-share listed companies as the research object, and using multiple linear regression models to conduct empirical analysis on the data of a-share listed companies from 2018 to 2022. The research results show that the level of earnings management is negatively correlated with stock price synchronization, while esg performance is positively correlated with stock price synchronization. Moreover, the esg performance of enterprises effectively alleviates the negative impact of earnings quality on stock price synchronization. In addition, based on the empirical analysis results, it is suggested that the state should improve the accounting standard system and the construction of the capital market system to enhance market efficiency, enterprises should strengthen the governance system, reduce earnings management behavior and increase disclosure of esg-related information, investors should pay special attention to earnings quality and esg information disclosure, and rationally analyze media-related information to improve their decision-making level.

王小鹏, 逯冠博. 盈余管理、ESG表现与股价同步性. 煤炭经济研究. 2024, 44(12): 170-178

WANG Xiaopeng, LU Guanbo. Earnings management, ESG performance, and stock price synchronization. Coal Economic Research. 2024, 44(12): 170-178