Policy-Based ESG Disclosure and Firm Value: Public-Only Evidence on Market Pricing in China's A-Share Market

Haoye Ding

doi:10.47297/wspdecWSP2515-797304.20261006

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Policy-Based ESG Disclosure and Firm Value: Public-Only Evidence on Market Pricing in China's A-Share Market

10卷第6期

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Policy-Based ESG Disclosure and Firm Value: Public-Only Evidence on Market Pricing in China's A-Share Market
Policy-Based ESG Disclosure and Firm Value: Public-Only Evidence on Market Pricing in China's A-Share Market
Macquarie Business School, Macquarie University, Business Administration, Sydney, New South Wales, 2109, Australia
2026年10卷第6期页码：20-23
纸质出版：2026-06-30
DOI：10.47297/wspdecWSP2515-797304.20261006
Accepted：

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Haoye Ding. (2026). Policy-Based ESG Disclosure and Firm Value: Public-Only Evidence on Market Pricing in China's A-Share Market. 发展经济学, 10(6), 20-23.

Ding Haoye.Policy-Based ESG Disclosure and Firm Value: Public-Only Evidence on Market Pricing in China's A-Share Market[J].Development Economics of China,2026,10(06):20-23.
Haoye Ding. (2026). Policy-Based ESG Disclosure and Firm Value: Public-Only Evidence on Market Pricing in China's A-Share Market. 发展经济学, 10(6), 20-23. DOI： 10.47297/wspdecWSP2515-797304.20261006.

Ding Haoye.Policy-Based ESG Disclosure and Firm Value: Public-Only Evidence on Market Pricing in China's A-Share Market[J].Development Economics of China,2026,10(06):20-23. DOI： 10.47297/wspdecWSP2515-797304.20261006.

摘要

Abstract

Is policy-based environmental

social

and governance (ESG) disclosure priced in China's A-share market? This study builds a 36-item index from public corporate reports rather than commercial ratings. The 2020-2025 candidate panel covers 300 firms and 1

800 potential firm-years; 2026 is excluded. Index-input coverage is 52.11%

and ambiguous cases are not scored positive. Firm and year fixed-effects models use lagged variables

firm-clustered standard errors and model-specific complete cases. The baseline coefficient is 0.000109 (p = 0.9355): a 10-point increase equals 0.00109 firm-value units (95% CI [-0.02535

0.02754]). Alternative measures

lags

winsorisation

exclusions and supplementary matching do not produce a robust positive estimate. Threshold tests reject premia of 0.05 and 0.10 per 10 points

but not 0.02. This evidence is associative and remains limited by measurement and selection. Policy-aligned reporting alone does not imply a material valuation premium.

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references

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