| 摘要: |
| 摘要：活跃的资本市场以“手脚并用”的方式，促使企业践行ESG理念。以股票交易“龙虎榜”上榜事件为冲击，综合运用信号传递、利益相关者和退出威胁与发声干预理论，考察股票市场交易活跃度对企业ESG表现的影响。研究发现，活跃的股票交易有助于提升企业ESG表现，该结论经稳健性检验后依然成立。机制检验证实，活跃的股票交易通过提升高管薪酬激励、降低融资约束、减少机构投资者持股提升企业ESG表现。异质性分析显示，该影响存在行业差异和资质差别，即对非重污染行业、拥有融资融券资质的企业更为显著。基于以上结论，围绕优化融资环境、鼓励机构长期投资、设立高管激励计划等方面提出政策建议。 |
| 关键词: 关键词：股票交易活跃度；企业ESG表现；股票交易龙虎榜；断点回归设计 |
| DOI： |
| 分类号:F832.51 |
| 基金项目:基金项目：国家社会科学基金重点项目“数字正义视角下算法价格歧视的福利损益及向善治理研究”（22AJY016）。 |
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| The Mechanism and Evidence of Stock Trading Activity Enhancing Firms’ ESG Performance |
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FU Lian-ying1，WANG Shi-qi2，JIANG Hui-jie11,2
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1.（1.School of Economics and Finance，Huaqiao University;2.Industrial and Commercial Bank of China，Mianyang Branch）
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| Abstract: |
| Abstract：An active capital market drives enterprises to implement ESG principles through a synergistic dual-channel mechanism.Taking the event of being listed on the stock trading “Dragon and Tiger List” as an exogenous shock，this study comprehensively applies signal transmission theory，stakeholder theory，and exit threat & voice intervention theory to investigate the impact of stock market trading activity on corporate ESG performance.The findings indicate that active stock trading contributes to the improvement of corporate ESG performance，and this conclusion remains valid after robustness tests.Mechanism tests confirm that active stock trading enhances corporate ESG performance by increasing executive compensation incentives，reducing financing constraints，and decreasing institutional investor shareholdings.Heterogeneity analysis reveals that this impact exhibits industry differences and qualification disparities，being more pronounced in non-heavy-polluting industries and enterprises with margin trading and short-selling qualifications.Based on the above findings，policy recommendations are proposed focusing on optimizing the financing environment，encouraging long-term institutional investment，and establishing executive incentive plans. |
| Key words: Key words：Stock Trading Activity；Corporate ESG Performance；Top and Bottom Performers in Stock Trading；Breakpoint Regression Design |
