Based on the ratings of all A-shares companies, we focus our analysis on the CSI 800 index constituents from 2018 to 2022, and the main findings are:
ESG ratings of A-share listed companies have improved significantly, and the improvement rate of ESG rating results of CSI 800 constituents has doubled compared to last year.
The ESG report publication rate and ESG indicator disclosure rate of A-share listed companies both show a positive "breakthrough trend", but there is still much room for improvement in disclosure quality.
Listed companies at the leading end of ESG performance are improving faster than those at the bottom.
ESG risks are still occurring at a high frequency, with the market's reaction to ESG risks apparent and notable sensitivity to corporate governance risks.
The correlation between ESG scores and the stock prices of listed companies is significant. A discounted cash flow pricing model can be used to explain the transmission mechanism of ESG scores affecting stock prices.
