%0 Journal Article
%T ESG信息披露对上市公司股价波动性影响研究——基于分析师关注度及年报可读性视角
Research on the Impact of ESG Information Disclosure on Stock Price Volatility of Listed Companies—From the Perspective of Analyst Attention and Annual Report Readability
%A 徐一宁
%J Operations Research and Fuzziology
%P 361-373
%@ 2163-1530
%D 2025
%I Hans Publishing
%R 10.12677/orf.2025.151034
%X 基于2009至2022年沪深两市A股上市公司的样本数据，本文运用双向固定效应模型，通过在回归模型中同时控制个体固定效应和时间固定效应探讨了ESG信息披露对股票价格波动的影响。实证分析结果表明，ESG信息披露能够有效抑制股票价格的波动，且这一结论在经过一系列稳健性检验后依然得到确认。机制检验的结果指出，ESG披露主要通过增加分析师关注度来减少股价波动。此外，进一步的分析显示年报可读性增强了ESG信息披露所带来的风险降低效果。异质性检验结果表明，在非国有企业以及中东部地区的企业中，ESG披露对股价波动风险的抑制作用更为显著。本研究不仅为探讨ESG信息披露的经济后果提供了新的理论视角，也为资本市场的发展、稳定及风险防范提供了实证支持。
This paper examines the impact of ESG information disclosure on stock price volatility using a two-way fixed effects model by controlling both individual fixed effect and time fixed effect in the regression model, based on data from A-share listed companies in the Shanghai and Shenzhen stock markets from 2009 to 2022. The results show that ESG disclosure reduces stock price volatility, with robustness tests confirming this finding. Mechanism tests suggest that ESG disclosure achieves this by increasing analyst attention, while further analysis reveals that annual report readability enhances the risk-reducing effect. Heterogeneity tests indicate a stronger impact in non-state-owned and central/eastern region companies. This study offers new theoretical insights and empirical support for ESG disclosure’s role in promoting capital market stability and risk mitigation.
%K ESG信息披露，
%K 股价波动性，
%K 分析师关注度，
%K 年报可读性
ESG Information Disclosure
%K Stock Price Volatility
%K Analyst Attention
%K Readability of Annual Reports
%U http://www.hanspub.org/journal/PaperInformation.aspx?PaperID=107272