绿色投资者进入对企业环境信息披露质量的影响及作用机制研究

Impact of green investors'entry on the quality of corporate environmental information disclosure and its mechanisms

以2009一2022年A股上市公司为样本,通过实证研究考察绿色投资者进入对企业环境信息披露质量的影响及其作用机制。研究发现:绿色投资者进入可以提升环境信息披露质量;机制分析表明,绿色投资者主要通过推动绿色创新、提高内部控制质量和引入外界媒体监督来提升环境信息披露质量;这种提升作用在国有企业、低碳企业、获得环保补助较多和融资约束较低的企业中更加显著。本研究不仅丰富了环境治理领域的相关文献,还为引入绿色投资者、提高环境信息披露质量提供一定的理论依据和经验支持。

Based on the samples of A-share listed enterprises from 2009 to 2022,this paper examines the impact of green investors'entry on the quality of corporate environmental information disclosure and its mechanisms.It is found that the entry of green investors can improve the quality of environmental information disclosure.Mechanism analysis shows that green investors improve the quality of environmental information disclosure mainly by promoting green innovation,enhancing the quality of internal control and introducing external media supervision.The improvement is more obvious in state-owned enterprises,low-carbon enterprises,enterprises with higher environmental subsidies,and those with lower financing constraints.This research not only enriches the related literature in the field of environmental governance,but also provides a theoretical basis and empirical support for the improvement of the quality of environmental information disclosure by introducing green investors.