气候风险披露对企业“漂绿”行为的影响——基于中国工业企业的经验证据

doi:10.16381/j.cnki.issn1003-207x.2023.1727

Abstract

Abstract:

As industrial enterprises play a significant role in driving climate change， it is necessary to examine the influence of climate risk disclosure on their greenwashing behavior. Climate risk disclosure indicators are constructed for Chinese A-share listed industrial enterprises from 2009 to 2024 employing machine learning and text analysis techniques. It aims to explore the relationship and influencing mechanisms between climate risk disclosure and the degree of greenwashing behavior in these firms. Research findings indicate that corporate climate risk disclosure significantly mitigates the extent of corporate greenwashing. Corporate social responsibility and analyst attention respectively play an intermediary effect as internal governance and information intermediary channels， while government environmental regulation exerts a moderating role as external constraints. Extension analysis indicates that for companies with higher-quality climate risk disclosures， reducing greenwashing contributes more effectively to enhancing profitability and operational efficiency. Furthermore， transition risk disclosures demonstrate greater efficacy in mitigating greenwashing compared to physical climate risk disclosures. It not only enriches the theoretical framework for corporate climate risk management in this study but also provides empirical evidence for optimizing corporate environmental governance and curbing greenwashing practices.

Key words: corporate climate risk disclosure, “greenwashing” behavior, corporate social responsibility, analyst attention, government environmental regulation

CLC Number:

F272.3

Zongrun Wang,Haiqin Fu,Xiaohang Ren. The Impact of Climate Risk Disclosure on Corporate “Greenwashing” Behavior: Empirical Evidence from Chinese Industrial Enterprises[J]. Chinese Journal of Management Science, 2026, 34(7): 61-70.

Figures/Tables 8

变量	N	mean	$σ$	Mid	Min	Max
FGW	18542	0.259	0.81	0.50	-1.00	1
CRD	18542	0.228	0.23	0.16	0.00	3.36
Listage	18542	2.132	0.89	2.30	0.00	3.56
Size	18542	22.47	1.32	22.3	19.42	26.45
Lev	18542	0.416	0.19	0.42	0.03	0.91
Roa	18542	0.041	0.06	0.04	-0.56	0.22
Top1	18542	0.346	0.15	0.33	0.08	0.76
Indep	18542	0.375	0.05	0.35	0.25	0.6
Cashflow	18542	0.059	0.07	0.06	-0.21	0.28
Growth	17624	0.136	0.34	0.09	-0.67	5.08
Tobinq	18539	1.935	1.19	1.55	0.80	17.68
BM	18539	0.640	0.24	0.64	0.06	1.26

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变量类型	变量名称	变量符号	变量说明
被解释变量	企业漂绿程度	FGW	借鉴黄溶冰等^[9]与苏冬蔚和刘子茗^[23]的测度方法
解释变量	企业气候风险披露	CRD	使用文本分析与机器学习技术构建
调节变量	企业社会责任	CSR	越接近8，企业社会责任越好
	企业社会责任	Csrqua	越接近1，社会责任信息质量越好
	分析师关注度	Follow	Ln(1+分析师人数)
	分析师关注度	lnReportAttention	Ln(1+研报数量)
	政府环境监管	ER	通过文本分析获取地级市环保词频占比
控制变量	企业上市年限	ListAge	Ln(当年年份-上市年份+1)
	企业规模	Size	总资产的自然对数
	资产负债率	Lev	年末总负债/年末总资产
	盈利能力	Roa	净利润/总资产平均余额
	现金占比	Cashflow	经营活动产生的现金流量净额/总资产
	托宾Q值	Tobinq	市场价值/资产重置成本
	营业收入增长率	Growth	当年营业收入/上一年营业收入-1
	第一大股东持股比例	Top1	第一大股东持股数量/总股数
	独立董事占比	Indep	独立董事人数/董事人数

变量	被解释变量：FGW
变量	(1)	(2)	(3)	(4)
CRD	-0.436^***	-0.290^***	-0.173^***	-0.149^**
	(-16.88)	(-9.73)	(-2.95)	(-2.46)
控制变量	否	否	否	是
企业固定	否	否	是	是
年份固定	否	是	是	是
行业固定	否	是	是	是
样本量	18542	18542	18542	17621
调整R²	0.015	0.118	0.155	0.157

变量	企业社会责任		分析师关注度		政府环境监管
	(1)	(2)	(3)	(4)	(5)
	CSR	Csrqua	lnReportAttention	Follow	FGW
CRD	0.764^***	0.083^***	0.283^***	0.318^***	-0.075
CRD	(5.42)	(5.88)	(3.81)	(4.47)	(-0.49)
CRD×ER					-0.061^**
CRD×ER					(-2.05)
ER					-0.011^*
ER					(-1.82)
控制变量	Yes	Yes	Yes	Yes	Yes
Firm FE	Yes	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes	Yes
Industry FE	Yes	Yes	Yes	Yes	Yes
样本量	16849	16849	17621	13810	3667
R²	0.135	0.161	0.292	0.263	0.190

	被解释变量：FGW
	区域异质性		所有权异质性		是否竞争性行业		是否重污染行业		企业规模异质性
	东部	中西部	国有制	非国有制	是	非	是	非	大	小
CRD	-0.189^***	-0.066	-0.024	-0.325^***	-0.326^***	-0.031	-0.003	-0.31^***	-0.051	-0.31^**
控制变量	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
企业固定	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
行业固定	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
年份固定	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
样本量	11818	5803	6539	11082	13633	3988	6787	10834	10250	6358
调整R²	0.149	0.178	0.186	0.140	0.166	0.146	0.167	0.151	0.173	0.107

变量	①替换被解释变量	②替换核心解释变量	③剔除样本
CRD	-0.650^***		-0.193^***
CRD	(-4.52)		(-2.72)
CRD2		-0.114^**
CRD2		(-2.45)
控制变量	Yes	Yes	Yes
企业固定	Yes	Yes	Yes
行业固定	Yes	Yes	Yes
年份固定	Yes	Yes	Yes
样本量	6379	9386	14192
调整R²	0.027	0.069	0.167

The Impact of Climate Risk Disclosure on Corporate “Greenwashing” Behavior: Empirical Evidence from Chinese Industrial Enterprises

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变量	被解释变量：FGW
	④变量滞后	⑤剔除只有一年的数据	⑥工具变量检验
	④变量滞后	⑤剔除只有一年的数据	第一阶段	第二阶段
CRD	-0.152^**	-0.149^**	-0.236^***	-2.302^**
CRD	(-2.03)	(-2.46)	(-4.67)	(-2.20)
控制变量	Yes	Yes	Yes	Yes
企业固定	Yes	Yes	Yes	Yes
行业固定	Yes	Yes	Yes	Yes
年份固定	Yes	Yes	Yes	Yes
Kleibergen-Paap rk Wald F statistic				21.852
样本量	13347	15961	12471	12471
调整R²	0.157	0.212

变量	企业经济后果分析					不同气候风险披露类型分析
	企业发展能力（NetProfit）		企业营运能力（ATO）			企业漂绿（FGW）
	高气候风险披露组	低气候风险披露组	高气候风险披露组		低气候风险披露组	TCRD	PCRD
N-FGW	0.0871^*	-0.0087	0.0054^*	0.0002
N-FGW	(1.85)	(-0.18)	(1.80)	(0.07)
TCRD						-0.147^**
TCRD						(-2.40)
PCRD							-1.583
PCRD							(-1.44)
控制变量	Yes	Yes	Yes	Yes		Yes	Yes
企业固定	Yes	Yes	Yes	Yes		Yes	Yes
年份固定	Yes	Yes	Yes	Yes		Yes	Yes
样本量	8924	8697	8924	8697		17621	17621
调整R2	0.17	0.16	0.23	0.23		0.16	0.16

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