儒家文化与企业气候变化风险披露——基于文本分析和机器学习

Confucian Culture and Corporate Climate Change Risk Disclosure:Based on Text Analysis and Machine Learning

本文基于2007—2019年中国沪深A股上市公司社会责任报告文本数据,采用文本分析和机器学习技术构建出反映企业气候变化风险披露水平的指标,从理论逻辑和经验证据两个方面探讨儒家文化这一非正式制度对企业气候变化风险披露的影响。研究发现:(1)儒家文化主要是通过提升企业声誉、缓解代理冲突、促进企业环境责任承担三条渠道驱动企业气候变化风险披露。(2)法治环境与儒家文化在促进企业气候变化风险披露上存在协同互补功能,同时CEO学术经历也起到了正向调节作用。(3)儒家文化驱动下的企业气候变化风险披露兼具绿色创新效应和价值创造效应。本研究对于推进我国资本市场气候变化风险披露制度的建立和完善,提供了有力的经验证据,同时也丰富了“文化与气候金融”的相关研究。

Based on the text data of China's Shanghai and Shenzhen A-share listed companies'social responsibility report from 2007 to 2019,this paper constructs an index reflecting the level of corporate climate change risk disclosure by using text analysis and machine learning technology,and discusses the influence of Confucian culture on corporate climate change risk disclosure from two aspects of theoretical logic and empirical evidence.The study finds that:(1)Confucian culture drives corporate climate change risk disclosure mainly through three channels:improving corporate reputation,alleviating agency conflicts and promoting corporate environmental responsibility.(2)Legal environment and Confucian culture have synergistic and complementary functions in promoting corporate climate change risk disclosure,and CEO academic experience also plays a positive moderating role.(3)Corporate climate change risk disclosure driven by Confucian culture has both green innovation effect and value creation effect.