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The Linkage between Environmental Performance Factors and the Valuation of Companies: A Discussion of Channels of Transmission in the Financial Market

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DOI: 10.38007/Proceedings.0002087


Anqi Liu

Corresponding Author

Anqi Liu


Previous researches have demonstrated the transmission from environmental performance factors of listed companies to their market capitalization in both short term and long term in various markets. This paper uses the recent statistics of CSI 300 constituent stocks from SynTao Green Finance ESG database to verify both the short and long term transmission from environmental performance factors to the market capitalization of listed companies, verifying that the value law of environmental information is applicable to the A-share market of Mainland China. A more abstract understanding of this law of value leads to a discussion of the interaction of markets, companies, and environmental information, as well as concepts of the market effectiveness, corporate transparency, and financial materiality of environmental information.


Environment Factor; Listed Companies; Valuation; A-share Market