ESG 信息披露透明度对并购绩效的影响研究——基于中国 A 股上市公司的实证分析
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摘要
在全球气候治理紧迫性凸显的背景下，企业环境、社会和治理（ESG）责任备受关注。中国 A 股市场的 ESG 信息披露存在碎片化、定性多、结构化不足等问题，导致并购活动中信息不对称风险突出。现有研究多聚焦 ESG 评级，尚未系统揭示其信息披露透明度对并购绩效的作用机制，尤其缺乏对融资约束中介效应的实证检验。本文基于委托代理等理论，综合运用文献研究与实证分析法，以 2010-2021 年 A 股上市公司为样本，选取彭博 ESG 披露评分，结合 CSMAR 数据库，经筛选获 870 个有效并购样本，探究 ESG 信息披露透明度如何通过缓解信息不对称提升并购绩效，并验证融资约束的中介作用。通过构建多元线性回归模型并控制相关变量，研究发现：第一， ESG 信息披露透明度显著提升并购绩效（长期并购绩效回归系数为 0.010，在 1%水平显著）；第二， ESG 透明度显著缓解企业融资约束（系数为 -0.014，在 1% 水平显著）；第三，融资约束对并购绩效存在显著负向作用（系数为 -0.199， p < 0.05），且中介效应检验表明，融资约束在 “ESG 透明度——并购绩效” 路径中发挥部分中介作用。结论证实， ESG 信息透明度不仅直接改善并购绩效，还通过缓解融资约束间接促进并购表现。本研究创新性地将信息披露透明度与并购绩效关联，揭示了其作用机制，并首次验证了融资约束的关键中介角色。实践层面，建议监管机构加快构建强制性 ESG 披露框架，并通过绿色信贷、税收优惠等政策引导资源向高透明度企业配置。
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Chinese Journal of Social Science and Management Editorial Division
The Office of Research and Development, Panyapiwat Institute of Management
85/1 Moo 2, Chaengwattana Rd., Bang Talat, Pakkred, Nonthaburi 11120, Thailand
Tel. 02 855 01048 E-mail: cjssm@pim.ac.th
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