同群正面环保叙述对企业绿色投资的溢出效应研究  

Research on the Spillover Effects of Peer Positive Environmental Protection Narratives for Green Investments

作　　者：钱明[1] 吕明晗 沈弋 QIAN Ming;LYU Minghan;SHEN Yi(Nanjing University of Science and Technology,Nanjing,China;Shanghai National Accounting Institute,Shanghai,China;Nanjing Forestry University,Nanjing,China)

机构地区：[1]南京理工大学经济管理学院 [2]上海国家会计学院 [3]南京林业大学经济管理学院

出　　处：《管理学报》2023年第11期1608-1616,共9页Chinese Journal of Management

基　　金：国家自然科学基金青年基金资助项目(72202095);中央高校基本科研业务费专项资金资助项目(30922011202)。

摘　　要：采用基于机器学习的词向量技术构建环保词典,完成对企业正面环保叙述的测度,继而考察同群正面环保叙述对企业绿色投资的溢出效应。研究发现:同群企业正面的环保叙述对焦点企业的绿色投资具有正向溢出影响,但这种影响受到同群信息可靠性和焦点企业融资约束的制约。机制分析表明,前述影响主要透过竞争激发和信心传递机制实现。进一步地,研究发现,焦点企业更易受到前瞻信息、创新信息和特质信息含量较高的同群正面环保叙述影响,并证实同群正面环保叙述的溢出影响不因披露载体的不同而有显著差异。此外,研究发现企业正面环保叙述能够预测绿色创新绩效。This study used machine-learning based word vector technology to build an environmental dictionary,measured corporate positive environmental protection narratives(PEN),and then examined the spillover effect of peer PEN on corporate green investments(GI).Results show that peer PEN has a positive effect on GI,but this effect is constrained by the reliability of peer information and the financing constraints of focal enterprises.Mechanism analysis shows that competition stimulation and confidence transmission contribute to the abovementioned effect.Furthermore,the study finds that the focal firm is more susceptible to the influence of peer PEN with a higher proportion of forward-looking,innovative and specific information,and confirms that the spillover effect of peer PEN does not significantly differ in different carries.In addition,the study shows the predictive capability of PEN for green innovation.

关 键 词：正面环保叙述 绿色投资 溢出效应 文本分析 

分 类 号：C93[经济管理—管理学]