| Author: | 唐琳 Tang, Lin |
| Title: | 为什么ESG很重要？及其对投资效率、 融资约束的影响 |
| Other Title: | Why does ESG matter? And its effects on investment efficiency and financing constraints |
| Advisors: | 郑大昭 (LMS) 蒋励 (AF) |
| Degree: | D.Mgt. |
| Year: | 2025 |
| Department: | Faculty of Business |
| Pages: | 1 volume (various pagings) |
| Language: | Chinese |
| Abstract: | 本文检验了 ESG对于调节投资对 q敏感度与投资对现金流敏感度的作用，研究发现 ESG会显著提升投资对 q敏感度并降低投资对现金流敏感度，这说明 ESG会提升公司的投资效率并降低融资约束。本文进一步探究了影响机制，发现 ESG可能通过提升股价信息性提升投资对 q敏感度，ESG可能通过降低代理问题和信息不对称降低投资对现金流敏感度。本文利用 2020 年 9 月我国的 “碳达峰” 和 “碳中和” 政策作为对企业 ESG表现的外生事件冲击，同时利用同行业其他公司的 ESG表现作为企业 ESG表现的工具变量，来缓解本文的内生性问题。 |
| Rights: | All rights reserved |
| Access: | restricted access |
Files in This Item:
| File | Description | Size | Format | |
|---|---|---|---|---|
| 9055.pdf | For All Users (off-campus access for PolyU Staff & Students only) | 1.74 MB | Adobe PDF | View/Open |
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