financeФинансы: теория и практика/Finance: Theory and PracticeFinance: Theory and Practice2587-56712587-7089Financial University under The Government of Russian Federation10.26794/2587-5671-2025-29-6-18-31finance-4075Research ArticleИНВЕСТИЦИОННАЯ ПОЛИТИКАINVESTMENT POlICYВлияние раскрытия социальных аспектов ESG-показателей на стоимость акций китайских компанийThe Impact of ESG Social Aspects Disclosure on the Stock Prices of Chinese Companieshttps://orcid.org/0000-0002-3381-6116ФедороваЕ. А.FedorovaE. A.

Елена Анатольевна Федорова – доктор экономических наук, профессор кафедры корпоративных финансов и корпоративного управления

Москва

Elena A. Fedorova – Dr. Sci. (Econ.), Prof., Department of Corporate Finance and Corporate Management

Moscow

EAFedorova@fa.ruhttps://orcid.org/0000-0003-4862-5440ФедотоваМ. А.FedotovaM. A.

Марина Алексеевна Федотова – доктор экономических наук, доцент, профессор кафедры корпоративных финансов и корпоративного управления

Москва

Marina A. Fedotova – Dr. Sci. (Econ.), Prof., Department of Corporate Finance and Corporate Management

Moscow

MFedotova@fa.ruhttps://orcid.org/0000-0002-0065-9644СлепневаТ. А.SlepnevaT. A.

Татьяна Александровна Слепнева – кандидат экономических наук, профессор кафедры корпоративных финансов и корпоративного управления

Москва

Tatyana A. Slepneva – Cand. Sci. (Econ.), Prof., Department of Corporate Finance and CorporateManagement

Moscow

TASlepneva@fa.ruhttps://orcid.org/0000-0003-4070-3715ДеминИ. С.DeminI. S.

Игорь Святославович Демин – доктор экономических наук, профессор кафедры искусственного интеллекта факультета информационных технологий и анализа больших данных

Москва

Igor S. Demin – Dr. Sci. (Econ.), Prof., Department of Artificial Intelligence, Faculty of Information Technology and Big Data Analysis

Moscow

ig.demin@gmail.comФинансовый университет при Правительстве Российской ФедерацииРоссияFinancial University under the Government of the Russian FederationRussian Federation2025291220252961831Copyright © Федорова Е.А., Федотова М.А., Слепнева Т.А., Демин И.С., 20252025Федорова Е.А., Федотова М.А., Слепнева Т.А., Демин И.С.Fedorova E.A., Fedotova M.A., Slepneva T.A., Demin I.S.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://financetp.fa.ru/jour/article/view/4075

Целью исследования является оценка влияния раскрытия социального аспекта нефинансовой корпоративной отчетности на стоимость акций компаний в периоды до и после пандемии коронавируса.

Методология исследования включает панельную регрессию, текстовый анализ и анализ количественных показателей социальной наполняемости годовой отчетности компаний. По результатам машинного обучения, проведения тематического моделирования LDA составлены основные «топики» слов. Они выбраны в результате исследования российских особенностей и менталитета инвесторов с учетом того, на что они обращают внимание в первую очередь, изучая социальную политику компании. Результаты исследования показали, что в период 2021–2022 гг. социальные факторы стали занимать более важную роль в процессе формирования инвестиционной привлекательности. Оценка показателей за два периода, именуемые «доковидным» и «постковидным», дала возможность доказать увеличение количества значимых социальных факторов на стоимость акций компании. Так, если в 2018–2019 гг. было выявлено всего 3 значимых показателя, то в 2020–2021 гг. их количество выросло до 9, что подтверждает гипотезу. Было выявлено, что показатели социальной политики имеют как прямую зависимость (условия труда, среднее количество часов обучения), так и обратную (обучение сотрудников компании технике безопасности на рабочем месте, травматизм, социальные инвестиции).

Выводы: подтверждается теоретический вклад сигнальной теории, так как именно сигналы, связанные с социальной политикой, оказывают влияние на инвесторов и принимаемые ими решения.

The purpose of this study is to assess the impact of social disclosure in non-financial corporate reporting on company stock prices in the periods before and after the coronavirus pandemic.

The study methodology includes panel regression, text analysis, and quantitative analysis of social content indicators in companies’ annual reports. Machine learning and LDA were used to generate key word «topics». These were selected based on research into Russian investor characteristics and mentality: these were the primary factors investors pay attention to when examining a company’s social policy.  Results: The study revealed that social factors assumed a more significant role in shaping investment attractiveness in 2021–2022. Assessing indicators for two periods, referred to as «pre-COVID» and «post-COVID», demonstrated an increase in the number of significant social factors influencing company stock prices. Thus, in 2018–2019, we identified only three significant indicators, but in 2020–2021, we identified nine significant social variables, thereby confirming Hypothesis 3. Social policy indicators were found to have both a direct relationship (working conditions, average number of hours of training) and an inverse relationship (average salary, injury rate, social investment).

Conclusions: the theoretical contribution of signaling theory is confirmed, as it is signals related to social policy that influence investors and their decisions.

ESG-показателисоциальная политикакорпорациябизнесденежные потокиинвестиционная стоимостькитайские компаниибетта-показателиакцииESG indicatorssocial policycorporationbusinesscash flowsinvestment valueChinese companiesbeta indicatorssharesСтатья подготовлена по результатам исследований, выполненных за счет бюджетных средств по государственному заданию Финансовому университету при Правительстве Российской Федерации на 2025 год. Финансовый университет при Правительстве Российской Федерации, Москва, Российская Федерация.This article was prepared based on the results of research conducted with budgetary funds under a state assignment for the Financial University under the Government of the Russian Federation for 2025. Financial University under the Government of the Russian Federation, Moscow, Russian Federation.ReferencesBorges M. L., Anholon R., Cooper Ordo˜nez R.E., et al. Corporate Social Responsibility (CSR) practices developed by Brazilian companies: An exploratory study. 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The authors declare that there are no conflicts of interest present.