主讲人：何国俊（香港大学讲席教授）
主持人：（北大经院）梁远宁
时间：2025年9月15日（周一）10:00-11:30
地点： 北京大学经济学院101会议室
主讲人简介：
何国俊是香港大学赛马会基金讲席教授(经济学)、香港大学赛马会环球企业可持续发展研究所所长、香港大学经管学院（深圳校区）ESG研究所所长、香港大学中国经济研究所副所长，同时兼任芝加哥大学能源政策研究所中国中心（EPIC-China）研究主任。何国俊教授是环境经济学领域著名期刊 Journal of Environmental Economics and Management 的共同编辑(Co-Editor)、Management Science的副编辑(Associate Editor)、AEJ-Policy 及若干国际其他期刊的编委会成员。
何国俊教授主要研究与中国环境与发展经济学问题。其论文发表于 Quarterly Journal of Economics, American Economic Review, American Economic Review: Insights, American Economic Journal: Applied Economics 等顶尖经济学类期刊，也发表于Science, Proceedings of National Academy of Sciences, Nature: Sustainability, Nature: Human Behaviour, The BMJ 等顶尖科学类期刊。其课题得到国际国内多项基金的资助，研究成果受到社会的关注并推动了相关领域政策的出台与制定。
何国俊教授曾荣获多项学术奖励，包括“国家杰出青年科学基金（2024）”“第九届高等学校科学研究优秀成果奖（人文社会科学）”“欧洲环境经济学杰出研究者奖”“张培刚发展经济学优秀成果奖”“邹至庄最佳经济学论文奖”等。
摘要：
We conduct a nationwide field experiment with over 4,800 Chinese non-financial listed companies to study how demand shocks for ESG actions translate into supply and equilibrium effects. By randomly conveying ESG rating concerns to corporate management teams through public online platforms, we trace the entire impact-generating process from online investor engagement to offline ESG actions and market reactions. We find that companies actively address our concerns by providing high-quality answers, disclosing their ESG strategies, publishing more ESG reports, and promoting commitments to investors. Stock market responses diverge: Environmental (E) inquiries boost valuations, while Governance (G) concerns trigger persistent skepticism. Furthermore, productive and opaque firms respond more positively to ESG demands. These patterns are consistent with a Spence (1973)-inspired signaling model in which costly ESG actions serve as credible quality signals under information asymmetry. Overall, the results suggest that corporate ESG actions are likely driven by profit-oriented signaling rather than values-based motives.
供稿单位：经济学院科研办公室
供稿人：车晓莹
