机构投资者持股能刺激企业气候转型风险信息披露吗?——基于企业年报文本的实证分析  

Can Institutional Investors'Shareholdings Stimulate Corporate Climate Transition Risk Disclosure?An Empirical Analysis Based on the Text of Corporate Annual Reports

作　　者：杜剑[1] 滕丹妮 杨杨 DU Jian;TENG Dan-ni;YANG Yang(School of Accounting,Guizhou University of Finance and Economics,Guiyang 550025,China;Big Data Application and Economics,Guizhou University of Finance and Economics,Guiyang 550025,China)

机构地区：[1]贵州财经大学会计学院,贵州贵阳550025 [2]贵州财经大学大数据应用与经济学院,贵州贵阳550025

出　　处：《现代财经（天津财经大学学报）》2023年第6期56-77,共22页Modern Finance and Economics：Journal of Tianjin University of Finance and Economics

基　　金：贵州省哲学社会科学规划重大课题(21GZZB30);贵州省哲学社会科学规划一般课题(20GZYB02)。

摘　　要：气候转型风险信息披露是各方利益相关者了解企业应对气候风险有关作为的重要渠道,提高气候转型风险信息披露,提升企业气候风险治理水平,对推动企业绿色可持续发展有着重要意义。鉴于此,本文以2007—2020年沪深制造业重污染上市企业为样本,基于WinGo财经文本数据平台,运用文本分析方法,构建和测算企业气候转型风险信息披露指数,在此基础上研究机构投资者持股对企业气候转型风险信息披露的影响。实证结果表明,机构投资者持股能够显著地促进企业气候转型风险信息披露;代理成本和融资约束是机构投资者持股影响企业气候转型风险信息披露的中介因子;外部审计质量和内部控制水平削弱了机构投资者持股对气候转型风险信息披露的促进效应。从异质性来看,在管理层持股、股权集中度、媒体报道强度和信息透明度较低的企业,机构投资者持股对气候转型风险信息披露的促进效应更加明显。气候转型风险信息披露能够促进企业绿色创新水平和质量。The disclosure of climate transition risk information is an important channel for stakeholders to understand the actions of enterprises in addressing climate risks.Improving the dis-closure of climate transition risk information and enhancing the level of corporate climate risk gov-ernance are of great significance for promoting green and sustainable development of enterprises.In view of this,this paper takes heavily polluting listed enterprises in the manufacturing industry in Shanghai and Shenzhen from 2007 to 2020 as a sample.Based on the WinGo financial text data plat-form,text analysis is utilized to construct and calculate the enterprise climate transition risk disclo-sure index.On this basis,we study the impact of institutional investor shareholding on corporate climate transition risk disclosure.The empirical findings demonstrate that,climate transition risk disclosure is substantially promoted by institutional investors'shareholdings.Agency costs and fi-nancing constraints are mediating factors that influence the climate transition risk disclosure by in-stitutional investors.The quality of audit quality and the level of internal control weaken the pro-moting effect of institutional investors'shareholding and climate transition risk disclosure.From the perspective of heterogeneity,institutional investor shareholding has a more obvious promoting effect on climate transition risk disclosure in enterprises with low management shareholding,equity concentration ratio,media coverage intensity and information transparency.Climate transition risk disclosure can enhance the level and quality of green innovation in enterprises.

关 键 词：气候转型风险信息披露 机构投资者持股 文本分析 

分 类 号：F275.5[经济管理—企业管理]