Full metadata record
| DC Field | Value | Language |
|---|---|---|
| dc.contributor | Faculty of Business | en_US |
| dc.contributor.advisor | Cao, Jay (AF) | en_US |
| dc.creator | 吴莉珊 | - |
| dc.creator | Wu, Lishan | - |
| dc.identifier.uri | https://theses.lib.polyu.edu.hk/handle/200/14559 | - |
| dc.language | Chinese | en_US |
| dc.publisher | Hong Kong Polytechnic University | en_US |
| dc.rights | All rights reserved | en_US |
| dc.title | 私募股权机构 ESG 信息披露与募资表现：来自中国的证据 | en_US |
| dcterms.abstract | 在全球可持续投资理念日益强化的背景下，ESG（环境、社会与治理）信息披露正逐步成为影响资本配置的重要因素。然而，现有研究主要聚焦于上市公司，私募股权机构作为非公开市场的重要中介，其 ESG 披露行为及其经济后果仍缺乏系统性研究。本文以 2010–2023 年间中国资产管理规模排名前列的 961 家私募股权机构作为研究样本，系统考察其官网 ESG 报告披露与募资结果之间的关系。通过构建 “ESG 报告披露” 与 “ESG 相关信息” 双重指标，结合新设基金数量与募资成功率等关键变量，实证结果显示：PE 机构在官网披露 ESG 报告显著提高其募资表现，平均每年新增基金数量提升约 30%，募资成功概率提升约 10%；而对于未发布正式 ESG 报告，仅在官网提及 ESG 理念、责任治理或相关信息的 “软性披露” 行为，其对募资表现的促进作用总体上更为有限。机制分析表明，ESG 披露主要通过吸引政府类有限合伙人（Limited Partners, LP）和在声誉较弱的 PE 机构中发挥更强的替代性声誉信号作用，从而提升募资效率。同时，异质性检验结果显示，ESG 披露对开展全球化业务的机构以及处于公众环境关注度较高地区的机构募资促进效果更为显著。信息披露差异分析进一步发现，相较于仅表述 ESG 投资理念的策略性内容，涉及公益实践等具体行动的披露在募资效果上表现更为显著。为加强结果的识别能力与解释力，本文引入滞后解释变量、工具变量法与倾向得分匹配法控制内生性问题，并通过替代回归模型、剔除疫情年份、重新定义披露变量、控制市场冷暖、控制基金类型与行业偏好等方式开展稳健性检验，结果均一致支持主结论。此外，本文结合基石资本案例及 77 份 LP 问卷调查，提供了来自机构实践与投资者视角的微观补充证据，有助于更全面地理解 ESG 披露在实际募资过程中的作用机制与行为逻辑。本文不仅拓展了信号理论、制度理论、社会责任投资理论与利益相关者理论在私募股权等非公开市场中的应用范畴，也揭示了 ESG 披露在不同制度环境下的作用机制，为政策制定者推动绿色金融发展与私募股权行业 ESG 规范化建设提供了实践参考。 | en_US |
| dcterms.alternative | ESG disclosure and fundraising performance of private equity firms : evidence from China | en_US |
| dcterms.extent | 106 pages : color illustrations | en_US |
| dcterms.isPartOf | PolyU Electronic Theses | en_US |
| dcterms.issued | 2025 | en_US |
| dcterms.educationalLevel | D.Mgt. | en_US |
| dcterms.educationalLevel | All Doctorate | en_US |
| dcterms.accessRights | restricted access | en_US |
Files in This Item:
| File | Description | Size | Format | |
|---|---|---|---|---|
| 9072.pdf | For All Users (off-campus access for PolyU Staff & Students only) | 1.97 MB | Adobe PDF | View/Open |
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