论坛活动

时 间

2025年12月10日（周三）上午10:00-11:30

地 点

中国人民大学中关村校区明德主楼801

主办单位

国家金融研究院、中国人民大学财政金融学院

主讲嘉宾简介

陈辉耀现任清华大学经济管理学院金融学助理教授，博士毕业于宾夕法尼亚大学沃顿商学院，研究领域包括公司金融、可持续投资、信息经济学等，研究关注金融市场与实体经济的互动。研究成果获得 First Place Award at FIASI and Fordham Sustainable Finance Research Competition 等奖项。

沙龙内容摘要

A common critique of ESG divestment is that traditional investors can buy divested stocks, thus neutralizing the intended impact. We propose a novel mechanism showing how ESG divestment can incentivize firms to adopt ESG practices, even when the fraction of ESG capital is limited. The key condition for impact is that ESG investors maintain a balanced emphasis on both ESG and financial fundamentals, coupled with private information on both. When ESG investors sell stocks, their trading motives remain uncertain to traditional investors. Traditional investors interpret selling as a potential bad signal about financial value, driving down stock prices. Therefore, firms may adopt ESG practices to avoid this negative price impact. We also show that this disciplining effect on firms' ESG practices is non-monotonic in investor ESG preferences.Particularly, when investor ESG preferences are too strong, the uncertainty about their trading motives vanishes, reducing the impact of divestment. Our findings provide novel empirical implications and offer important guidance for impact investors.