【摘要】 本文基于A股纳入MSCI指数这一事件，检验了资本市场国际融合对上市公司ESG表现的影响。研究发现，资本市场国际融合能够驱动上市公司提高ESG表现。机制分析发现，资本市场国际融合通过促进本地机构投资者价值投资、增强外部分析师关注和改善上市公司内部绿色治理，进而提高上市公司ESG表现。异质性分析发现，资本市场国际融合对ESG表现的驱动效应只在信息透明度较高和跨国经营的上市公司中显著，在面临资本市场盈余压力的上市公司中更显著。更多还原

【Abstract】 Using the event of A-shares being included in the MSCI index as a quasi-natural experiment, this paper examined the impact of the international integration of capital market on the Environmental, Social, and Governance(ESG) performance of listed companies.It is found that the international integration of capital market can drive listed companies to improve their ESG performance.Mechanism analysis reveals that this integration fosters value investment among local institutional investors, enhances external analysts’ attention, and improves internal green governance within listed companies, thereby elevating their ESG performance.Heterogeneity analysis demonstrates that the positive effect of this integration on ESG performance is only significant in companies with higher information transparency and multinational operations, and is more pronounced in those facing earnings pressure from the capital market.更多还原