Abstract:

This paper empirically examines the impact and underlying mechanisms of disclosing environmental, social, and governance (ESG) information on firm risk in Chinese A-share listed companies from 2011 to 2020. The results reveal that proactive ESG disclosure reduces risk for firms, and this effect is enhanced by media and analyst attention. The analysis of mechanisms demonstrates that ESG disclosure mitigates firm risk by improving stakeholder identification, reducing information asymmetry, and managing ESG risks. Additionally, heterogeneity tests indicate that the risk reduction from ESG disclosure is particularly significant for non-state-owned enterprises and firms in the growth and mature stages. This paper helps understand the inherent logic of risk management in enterprises through ESG strategies, and provides empirical evidence for regulatory bodies to strengthen ESG disclosure guidelines, thereby enhancing the overall quality of listed companies.

Key words: environmental, social, and governance (ESG), media attention, analyst attention, stakeholders, agency costs, firm risk

摘要：

以中国A股2011～2020年上市公司为研究对象，实证检验了ESG信息披露对企业风险的影响效应与影响机制。研究发现：积极进行ESG信息披露能够降低企业风险，外部的媒体关注和分析师关注均强化了ESG信息披露的风险降低效应。机制检验表明：ESG信息披露通过增强利益相关者认同、减少信息不对称和管理ESG风险来降低企业风险水平。异质性检验还发现，ESG信息披露对企业风险的降低效应在非国有企业、成长期和成熟期企业样本中更显著。本研究有助于理解企业通过ESG战略进行风险管理的内在逻辑，为监管机构强化ESG信息披露指引以提升上市公司质量提供了经验证据。

关键词: 环境、社会、治理, 媒体关注, 分析师关注, 利益相关者, 代理成本, 企业风险