| The 20 th National Congress of the Communist Party of China pointed out that it is necessary to establish Chinese-style modernization in which people and nature coexist harmoniously,and to accelerate the green transformation of development mode and steadily promote achieve carbon peaking and carbon neutrality goals.This has put forward higher requirements on ecological resource,environmental protection and sustainable development.To do a good job of "double carbon" is an important strategic decision made by the Party Central Committee with Comrade Xi Jinping at the core at both domestic and international levels.At present,China is in the period of tackling the goal of "double carbon",and the development of all aspects of industrial structure needs to achieve high-quality and green transformation.The Corporate ESG concept is highly consistent with the concept of dual-carbon goal,and the Corporate ESG responsibility concept is great importance to the green and low-carbon development.The fulfillment of Corporate ESG responsibility of enterprises is an important starting point for implementing the goal of carbon peaking and carbon neutralization,which is of great significance to China’s comprehensive and sustainable development.However,a review of the existing literature shows that most studies on corporate ESG performance focus on corporate value and financial performance,while fewer scholars focus on the impact of corporate ESG performance on the stable operation of the capital market and how to guide capital market funds to make value investments to promote corporate development and transformation.The ESG performance of enterprises reflects the multi-layer information of enterprises,and institutions can judge the efforts of enterprises in environmental,social and governance aspects based on the ESG performance of enterprises,so as to judge the investment value of enterprises and guide them to work together towards the "double carbon" goal.As an emerging capital market,China is still in the early stage of development,and various rules need to be improved urgently,which leads to the interference of irrational voices in the operation of stock prices.The stock price synchronicity is a common phenomenon in capital market and there are two viewpoints: information efficiency view and noise-based view,The former view holds that the low stock price synchronicity represents the high allocation efficiency of capital market,The latter view holds that the low stock price synchronicity may be caused by the irrational noise which from the "hype",so some scholars simply think that the stock price synchronicity is the high or low present efficiency of resource allocation and the high or low efficiency of information in capital market,which is obviously unconvincing.But it is certain that stock price synchronicity not only reflects the information efficiency,but also reflects the stable operation of the stock market to some extent.Therefore,studying the causes and influencing factors of stock price synchronicity is conducive to clarifying the price transmission mechanism and development of capital market,and has a feedback effect on the stable development of China’s economy.It is of great significance to the high-quality economic development and the realization of the goal of double carbon.Based on the above background,this paper researches the relationship between the Corporate ESG performance and stock price synchronicity,supported by stakeholder theory,noise trading theory and signal transmission theory.This paper selects the data of all non-financial,non-ST A-share companies from 2009 to 2021 as samples,empirically tests the influence of ESG performance on stock price synchronization,and analyzes the possible mechanism from the perspective of information transparency and principal-agent.The empirical results show that:(1)The Corporate ESG performance is significantly positively correlated with stock price synchronicity,with the improvement of ESG performance,the synchronicity of stock price will also improve.In order to avoid the influence of endogenous problems such as sample self-selection on the robustness of the conclusion,this paper also eliminates the possible endogenous problems in this paper by replacing explanatory variables,replacing explained variables,instrumental variables and tendency score matching method,and the conclusion is still valid.(2)Through the test of mediation effect,it is verified that information transparency and agency cost play a partly mediating role in the relationship between ESG performance and stock price synchronicity.With PSM and Bootstrap method test,the conclusion is still valid.(3)Compared with SOEs,non-SOEs have fewer political resources and tasks.The ESG responsibility expenditure is lower so people have different expectations for two different corporate.Good ESG performance can attract investors’ attention,reduce noise and improve the synchronicity of stock price more obviously.Property rights play a negative role in regulating the relationship between ESG performance and synchronicity of stock price.(4)Based on the grouping adjustment test of information concerned subjects,the companies which the fewer analysts pay attention,institutional holders and media reports,the lower information transparency and high noise interference,will lead to low stock price synchronization,while the performance of ESG responsibilities and the disclosure of related information can inhibit the negative impact of irrelevant information on stock price synchronization and improve the synchronicity of stock price.Information concerns play a positive role in regulating ESG performance and stock price synchronization.(5)Considering that different market conditions have different degrees of stock price synchronization,empirical study found that the Corporate ESG performance has more obvious influence on stock price synchronization in bull market,but not in bear market conditions.The corporate ESG performance of enterprises plays an obvious role of "helping up but not helping down",and different market conditions play a positive role of adjustment.Based on the background of green modernization and governance modernization proposed by the 20 th National Congress,this paper explores the impact of corporate ESG performance on stock price synchronization,which is a hot topic nowadays,and the mediating role of information transparency and principal-agent cost in the relationship between the two,enriching the research results related to corporate ESG performance and stock price synchronization,and also providing reference for relevant departments and listed companies to further promote the development of ESG system. |
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