Do green policies catalyze green investment? Evidence from ESG investing developments in China

被引：90

作者：

Zhang, Xiaoke ^{[1
]}

Zhao, Xuankai ^{[2
,3
]}

Qu, Linshan ^{[3
]}

机构：

[1] Peking Univ, Sch Econ, Beijing, Peoples R China

[2] Cent Univ Finance & Econ, China Ctr Internet Econ Res, Beijing, Peoples R China

[3] Cent Univ Finance & Econ, Sch Econ, Beijing, Peoples R China

来源：

ECONOMICS LETTERS | 2021年 / 207卷

关键词：

ESG investing; Portfolio analysis; Alpha; Chinese stock market; Green policy; CORPORATE SOCIAL-RESPONSIBILITY; RISK; PERFORMANCE;

D O I：

10.1016/j.econlet.2021.110028

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This study examines the heterogeneous performance of ESG investing in China before and after 2016, when the "Guidelines for Establishing a Green Financial System'' was announced. In the portfolio analysis, high ESG portfolios earn significantly higher abnormal returns compared to low ESG portfolios in the post-2016 context, but this is not the case pre-2016. This outperformance is not closely related to common firm characteristics. Next, the stock analysis also shows that good ESG profiles predict higher future excess returns on average post-2016. The rising performance of good ESG stocks largely depends on equity cost advantage other than profitability improvement. (C) 2021 Elsevier B.V. All rights reserved.

引用

页数：3

共 11 条

[1] Fishing the Corporate Social Responsibility risk factors [J].