报告题目：The ESG Rating, Spillover of ESG Ratings, and Stock Return: Evidence from Chinese listed firms

报 告 人：张旋

时    间：2023年4月18日 上午10:00

地    点：西安交通大学雁塔校区财经主楼806会议室

报告人简介：

张旋，南京航空航天大学经济与管理学院副教授。英国格拉斯哥大学亚当斯密商学院金融学博士，主要研究方向包括金融风险管理、能源金融、公司金融，金融科技等。在Journal of Banking & Finance, Journal of Financial Markets，International Journal of Forecasting，Energy Economics等学术期刊上发表论文30余篇。主持一项国家自然科学基金青年项目，并参与多项国家和省部级项目。兼任江苏省金融科技专业委员会秘书长，International Review of Economics & Finance副主编，Economic Modelling客座主编，Humanities & Social Sciences Communications副主编 。

摘要：

In line with the increasing concern about climate change and the Chinese government's goal of achieving carbon peaking and carbon neutrality (known as the "Double Carbon" policy), Chinese corporations and investors are forced to shift their strategies to sustainable investing. This paper investigates the spillovers of the ESG ratings from other firms in the same locations and its impact on stock performance using the dataset of Chinese listed firms in the A-share financial market from Jan 2015 to May 2022. We show that firms face peer pressure from other firms' ESG ratings in the same location, and stock yield is negatively related to ESG ratings. Our results are robust to different ESG rating methods and the sample of non-zombie listed firms. By further investigating the heterogeneity of the relationships, we find that the ESG ratings of listed firms in China are more likely to impact the stock yields of non-manufacturing and firms that are not located in the province-level cities.

经济与金融学院

2023年4月14日