机构投资者异质性影响ESG信息披露质量吗?  

Does Institutional Investor Heterogeneity Affect ESG Information Disclosure Quality?

作　　者：黄晓芬 曾佳杰 吴晓娟 HUANG Xiaofen;ZENG Jiajie;WU Xiaojuan(School of Accounting,Guizhou University of Finance and Economics,Guiyang Guizhou,550025;Pearl River College,Tianjin University of Finance and Economics,Baodi District,Tianjin,301811)

机构地区：[1]贵州财经大学会计学院,贵州贵阳550025 [2]天津财经大学珠江学院,天津宝坻区301811

出　　处：《山西大同大学学报(自然科学版)》2025年第2期28-34,共7页Journal of Shanxi Datong University(Natural Science Edition)

摘　　要：随着全球气候变化和生态环境破坏等问题的不断涌现,社会各界对企业披露的ESG信息的关注越来越高涨。以2009-2022年沪深A股上市公司为研究样本,实证检验异质性机构投资者对企业ESG信息披露质量的影响及内在机制。研究发现:机构投资者持股越高,企业ESG信息披露质量越好,相比于压力敏感型机构投资者,压力抵抗型机构投资者对企业ESG信息披露的正向影响更显著。影响机制表明:压力抵抗型机构投资者通过增强企业的内部控制和提高分析师关注度来改善ESG信息披露质量。异质性检验发现,机构投资者持股对企业ESG信息披露的积极效应在东部地区和重污染行业中更明显,重污染行业中压力敏感性投资者的短期利益导向更突出,给企业ESG信息披露带来不利影响。In the context of the continuous emergence of issues such as global climate change and ecological environment degradation,there is a growing focus from all sectors of society on the ESG information disclosed by enterprises.This study takes the listed companies on the Shanghai and Shenzhen A-share markets from 2009-2022 as the research sample to empirically investigate the impact of heterogeneous institutional investors on the quality of ESG information disclosure of enterprises and the underlying mechanisms.The findings indicate that the higher the shareholding proportion of institutional investors,the better the quality of ESG information disclosure by enterprises.In comparison with pressure-sensitive institutional investors,pressure-resistant institutional investors have a more pronounced positive impact on the ESG information disclosure of enterprises.The mechanism of influence demonstrates that pressure-resistant institutional investors enhance the quality of ESG information disclosure by strengthening the internal control of enterprises and increasing analyst attention.The heterogeneity test uncovers that the positive effect of institutional investors’shareholding on the ESG information disclosure of enterprises is more evident in the eastern region and in heavily polluting industries.In heavily polluting industries,the short-term interest-oriented behavior of pressure-sensitive investors is more prominent,exerting adverse impacts on the ESG information disclosure of enterprises.

关 键 词：压力抵抗型机构投资者 压力敏感型机构投资者 ESG信息披露 内部控制 分析师关注 

分 类 号：F275[经济管理—企业管理]