摘要
ESG信息披露质量体系目前仍不完善,存在“说”与“做”的差距,即ESG信息策略性披露。机构投资者作为企业外部治理的重要力量,是否以及如何影响企业ESG信息策略性披露值得深入研究。基于2012—2022年A股上市公司的样本,深入探讨了机构投资者持股对企业ESG信息策略性披露的潜在影响。研究结果显示,机构投资者持股会加剧企业ESG信息策略性披露。媒体关注度和分析师关注度等外部监督在一定程度上能够调节并缓解这种作用。异质性分析发现,机构投资者持股对企业ESG信息策略性披露的加剧作用在特定企业特征和存在共同机构持股的情况下更加明显。该研究为理解机构投资者如何影响ESG信息披露提供了新依据,有助于引导机构投资者积极践行ESG投资理念,推动整个资本市场的可持续发展。
The ESG information disclosure quality system is currently still imperfect,with a gap between“say⁃ing”and“doing”,leading to ESG strategic disclosure.This study explores whether and how institutional investors,as key external corporate governance players,impact firms’ESG strategic disclosure.Based on A-share listed companies from 2012 to 2022,this study deeply explores the potential impact of institutional investors’sharehold⁃ing on corporate ESG strategic disclosure.The research results show that a higher institutional investors’share⁃holding proportion aggravates corporate ESG strategic disclosure.External supervision like media and analyst at⁃tention can mitigate this effect.Heterogeneous analysis shows this aggravating impact is more pronounced in spe⁃cific firm types and with common institutional shareholding.The research offers new insights into how institutional investors affect ESG disclosure,which helps guide them to better implement ESG investing and promote sustain⁃able capital market development.
作者
王志芳
李心月
谭丽娜
WANG Zhi-fang;LI Xin-yue;TAN Li-na(School of Accounting,Shanxi University of Finance and Economics,Taiyuan 030006,China)
出处
《经济问题》
北大核心
2025年第6期73-85,共13页
On Economic Problems
基金
山西省财经高质量发展重大专项研究课题“数字金融赋能山西经济高质量发展的机制、效应与策略研究”(SXCJGZLZD014)。
