KPI式ESG强制性披露能提升股票流动性吗？

张子余; 韩佳妮

KPI式ESG强制性披露能提升股票流动性吗？

引用本文：张子余,韩佳妮.KPI式ESG强制性披露能提升股票流动性吗？[J].财经理论与实践,2026,(1):48-56

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作者	单位
张子余,韩佳妮	（上海工程技术大学管理学院,上海 201620）

中文摘要:基于金融学中的经典信息不对称理论，运用双重差分法，依据2012—2023年我国A股上市公司数据，考量香港证券交易所2016年实施的量化KPI式ESG强制披露政策对A+H公司股票流动性的影响，并进一步检验其作用机制与异质性。结果显示：强制性ESG披露显著提升了A+H公司在A股市场的股票流动性，其中媒体关注度的提高是主要作用路径；该效应在境外机构投资者持股比例高、分析师关注度高以及企业声誉高的公司中更为显著。鉴于此，建议积极推广以环境范畴的关键绩效指标为核心的强制性ESG披露制度，以进一步改善A股市场信息环境与流动性。

中文关键词:强制性ESG披露股票流动性 KPI A+H上市公司

Does Mandatory KPI-Style ESG Disclosure Enhance Stock Liquidity?

Abstract:Based on the classic information asymmetry theory in finance, this study employs the difference-in-differences method and utilizes data from Chinese A-share listed companies covering 2012-2023 to examine the impact of the quantitative KPI-style mandatory ESG disclosure policy implemented by the Hong Kong Stock Exchange (HKEX) in 2016 on the stock liquidity of A+H companies (i.e., enterprises listed on both the A-share and H-share markets). Additionally, it investigates the underlying mechanism through which the policy exerts its influence and the heterogeneity of this impact. The results indicate that this mandatory ESG disclosure requirement significantly enhances the stock liquidity of A+H companies in the A-share market, with heightened media attention acting as the key transmission channel. Specifically, this positive effect is more pronounced in three types of companies: those with a higher proportion of shares held by foreign institutional investors, those receiving greater analyst coverage, and those with a more robust corporate reputation. Given this, it is recommended to actively promote a mandatory ESG disclosure system centered on environmental Key Performance Indicators (KPIs) to further improve the information environment and liquidity of the A-share market.

keywords:mandatory ESG disclosure stock liquidity KPI A+H listed company

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