分析师对环保信息的关注能提高重污染企业绿色投资吗?

Can Analysts’Attention to Environmental Information Boost Green Investment in Heavy Polluters?

以2012—2022年重污染上市企业为样本,利用文本分析探究分析师对环保信息的关注能否提高重污染企业绿色投资。研究发现,分析师对环保信息的关注能显著提高重污染企业绿色投资水平。机制检验表明,绿色信息披露质量和业绩压力发挥部分中介作用,环境规制发挥正向调节作用。异质性检验发现,分析师对环保信息的关注对国有企业和东部地区企业的促进作用更明显。研究结论为探索企业绿色投资的驱动因素提供了新视角,对推进环境污染防治和实现“双碳”目标具有一定的实践意义。

Taking heavily polluting listed companies from 2012 to 2022 as research samples,and uses textual analysis to explore whether analysts’attention to environmental information can improve the green investment in heavily polluting enterprises.The research reveals that analysts’attention to environmental information significantly improves the level of green investment in heavily polluting companies.The mechanism analysis indicates that the quality of green information disclosure and performance pressure play a partial mediating role,while environmental regulation plays a positive moderating role.The heterogeneity analysis reveals that analysts’attention has a more pronounced facilitating effect on state-owned enterprises and enterprises in eastern regions.The research conclusions provide a new perspective for exploring the driving factors of corporate green investment and have practical significance for promoting environmental pollution prevention and achieving carbon peaking and carbon neutrality goals.