气候风险信息披露与资产误定价  

Climate Risk Information Disclosure and Asset Mispricing

作　　者：凌义铭 张春强[1] LING Yiming;ZHANG Chunqiang(School of Accountancy,Anhui University of Finance and Economics,Bengbu 233030,Anhui,China)

机构地区：[1]安徽财经大学会计学院,安徽蚌埠233030

出　　处：《合肥大学学报》2025年第1期59-65,共7页Journal of Hefei University

基　　金：安徽省哲学社会科学规划重点项目“上市公司债务违约风险传播路径及防控对策究”(AHSKD2023D014)。

摘　　要：基于2008—2022年A股上市公司的样本,实证检验气候风险信息披露对资产误定价的影响。研究发现,气候风险信息披露显著降低资产误定价,其作用路径主要包括提升信息透明度和增强投资者关注;进一步分析发现,气候风险信息披露对资产误定价的抑制作用在外部分析师关注度较高以及非国有企业中更为明显。研究结论对于优化气候风险信息披露机制、激励企业主动公开相关信息以缓解资产定价偏差具有重要指导意义。Based on the data of A-share listed companies from 2008 to 2022,this paper empirically examines the impact of climate risk information disclosure on asset mispricing.The study finds that climate risk information disclosure significantly reduces asset mispricing,with its main pathways in?cluding improving information transparency and enhancing investor attention;further analysis reveals that the effect of climate risk information disclosure is more significant in companies with higher external analyst attention and in non-state-owned enterprises.The research conclusions have important guiding significance for optimizing the mechanism of climate risk information disclosure and encouraging enterprises to proactively disclose relevant information to alleviate asset pricing bias.

关 键 词：气候风险信息披露 资产误定价 信息透明度 投资者关注 

分 类 号：F273.1[经济管理—企业管理]