环境信息披露对机构投资者增减持行为的影响研究——基于我国重污染行业上市公司的实证分析  

Research on the impact of environmental information disclosure on the increase or decrease of holdings of institutional investors——An empirical analysis of listed companies in China’s heavy pollution industry

作　　者：张戈辰 胡有顺 Zhang Gechen;Hu Youshun(Suzhou University of Science&Technology,Suzhou,Jiangsu,215009;Nanjing University of Science&Technology,Nanjing,Jiangsu,210094)

机构地区：[1]苏州科技大学,江苏苏州215009 [2]南京理工大学,江苏南京210094

出　　处：《市场周刊》2022年第8期140-143,185,共5页Market Weekly

基　　金：国家社科基金重大项目(20&ZD127);江苏省高校哲学社会科学研究项目(2021SJA0176);江苏省社科应用研究精品工程财经发展专项重点课题(21SCA-05);江苏省会计领军人才培养工程项目的阶段性研究成果。

摘　　要：在当前我国大力发展低碳环保型经济的态势下,企业环境信息披露越来越被公众所重视。基于我国2015~2019年重污染上市公司的样本数据,文章探讨了企业进行环境信息披露对机构投资者增减持行为的影响。研究发现,对重污染行业上市公司,企业环境信息披露质量与机构投资者增持行为呈显著的正相关关系;企业环境信息披露质量并不会影响机构投资者的减持行为;机构投资者的投资行为并不受企业产权性质的影响。Under the current trend of vigorously developing a low-carbon and environmentally friendly economy in China,corporate environmental information disclosure is increasingly valued by the public.Based on the data of heavy pollution listed companies in China from 2015 to 2019,this paper explores the impact of environmental information disclosure conducted by enterprises on the behavior of institutional investors in increasing and decreasing their holdings.Through empirical analysis,it is found that for listed companies in the heavy pollution industry,the quality of corporate environmental information disclosure has a significant positive relationship with the behavior of institutional investors in increasing their holdings;the quality of corporate environmental information disclosure does not affect the holding reduction behavior of institutional investors;the behavior of institutional investors is not affected by the nature of the company’s property rights.

关 键 词：环境信息披露 重污染企业 机构投资者 投资持有行为 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]