| Compared with the United Kingdom,the United States and other western developed countries,China’s ESG started late.Although China’s ESG has been developing rapidly in recent years under the guidance of a series of relevant documents,it is still in its infancy.According to relevant data,most enterprises still have many problems in ESG information disclosure,such as weak willingness to disclose,low disclosure rate,single disclosure channel,and non-standard disclosure content.In this context,this paper selects BYD as the case study object and adopts a variety of case analysis methods to comprehensively explore the content characteristics and market reaction of ESG information disclosed by BYD through formal and informal channels.First of all,this paper summarizes and combs the existing literature at home and abroad from the three aspects of ESG information disclosure motivation,disclosure standards and channels,and economic consequences,defines the core concepts,and constructs a theoretical analysis framework based on sustainable development theory,corporate social responsibility theory,and signal transmission theory,thus clarifying the logical relationship between ESG information disclosure and market response.Secondly,on the basis of an objective description of the current situation of ESG information disclosure in China’s A-share market as a whole and in different industries,this paper elaborates the reasons for the selection of case objects from the perspective of the automobile industry and the case study object itself.Thirdly,text analysis,comparative analysis and web crawler are used to describe and analyze the expression form,length,disclosure scope and intonation of ESG information disclosed in different channels.Finally,on this basis,the corresponding typical events are selected for event study analysis to comprehensively explore the market response of enterprises to disclose ESG information in different channels.Through the above analysis,this paper draws the following conclusions: in terms of content characteristics: ESG information disclosed through official channels is mainly expressed in words and pictures;The disclosure space is limited and has format requirements;The scope of disclosure basically covers E,S and G;The tone of information is neutral and positive,with the length accounting for more than 97%.There is a serious problem of "selective disclosure";ESG information disclosed through informal channels is diversified in terms of expression,such as text,pictures,audio,video,online live broadcast,etc;The length of disclosure is unlimited and there is no fixed format requirement;The scope of disclosure is one-sided,covering only some aspects of ESG;In terms of the tone of information,most of the sub-channels only disclose positive information.Although there are special channels to disclose negative information,the number of channels and the proportion of disclosure content are very small.There is also a serious problem of "selective disclosure".In terms of market reaction: ESG information disclosed through formal or informal channels will cause different market reactions.Further analysis found that ESG information disclosed through official channels would bring positive market reaction to enterprises,and it lasted for a long time and had a heavy impact.For ESG information actively disclosed through informal channels,according to the different intonation of the information disclosed,the disclosure of positive information will bring positive market reaction,and the disclosure of negative information will bring negative market reaction,and the duration and extent of the impact of negative information are stronger than that of positive information.ESG information passively disclosed through informal channels(this article only analyzes the negative information disclosed through this channel),because most of such ESG information involves topics of public concern such as personal safety,consumer rights and interests,the ESG information disclosed through this channel will have a very serious negative market reaction.The main innovations of this paper are as follows: First,starting from the content characteristics of ESG information disclosure,this paper uses text analysis method,web crawler and other methods to more intuitively and accurately analyze the expression,length,disclosure scope and intonation of ESG information disclosed by BYD over the years,which to a certain extent broadens the research perspective of ESG information disclosure.Secondly,when analyzing the market response of ESG information disclosure,this paper not only analyzes the traditional perspective,namely,the social responsibility reports and other ESG related information regularly released by enterprises on official websites,securities companies’ websites and other official channels,but also focuses on the market response analysis from the informal disclosure channels,namely,the ESG information actively disclosed by micro-blog,We Chat official account and other active disclosure and the passive disclosure of stakeholders,major media and other exposure,This,to a certain extent,enriches the research content on the market response of ESG information disclosure. |
