公司“漂绿”对股价崩盘风险的影响  

Impact of “Greenwashing” on Stock Price Collapse Risk

作　　者：李艳[1] LI Yan(School of Managment,Hefei University of Technology,Hefei 230000,China)

机构地区：[1]合肥工业大学管理学院,合肥230000

出　　处：《科技和产业》2025年第3期210-216,共7页Science Technology and Industry

摘　　要：选取2018—2022年A股上市公司数据,实证分析公司“漂绿”程度对股价崩盘风险的影响。研究发现,“漂绿”程度与股价崩盘风险之间呈现显著正相关关系,即公司的“漂绿”得分越高,崩盘风险越高。同时,机构投资者持股比例、被分析师关注度对两者之间关系具有调节作用,当持股比例和关注度增加时,缓和了“漂绿”带来的崩盘风险。此外,通过异质性检验,“漂绿”得分与崩盘风险的正相关关系在民营企业、非制造业企业中更为显著。Selecting data from A-share listed companies from 2018 to 2022,the impact of companies’degree of“greenwashing”on stock price collapse risk was empirically analyzed.The research findings indicate a significant positive correlation between the degree of“greenwashing”and stock price collapse risk,meaning that the higher a company’s“greenwashing”score,the higher the risk of stock price collapse.Additionally,the proportion of institutional investors and analyst coverage plays a moderating role in this relationship,as the proportion of holdings and level of analyst coverage increase,they mitigate the collapse risk brought about by“greenwashing”.Furthermore,through heterogeneity tests,it is observed that the positive correlation between“greenwashing”scores and stock price collapse risk is more pronounced in private enterprises and non-manufacturing companies.

关 键 词：“漂绿” 股价崩盘风险 机构投资者持股比例 分析师关注度 

分 类 号：F830.91[经济管理—金融学]