画虎画皮难画骨”：企业碳信息漂绿与投资者情绪——基于ESG报告文本分析的经验证据

摘要/Abstract

摘要： ESG报告作为企业碳信息披露的重要载体，由于其自身存在披露原则不清、披露体系不全等问题，企业选择碳信息漂绿动机加大。本文基于2018—2022年沪深A股市场发布ESG报告的上市公司数据，实证检验企业碳信息漂绿对投资者情绪的直接影响和作用机制。结果表明：碳信息漂绿调动了投资者情绪，但在衰退期企业、机构投资者、低绿色投资偏好和市场化程度低与政府干预强（“小市场大政府”）分组中并不明显。同时，环保补助、融资约束在碳信息漂绿与投资者情绪间具有中介作用，但其呈现“遮掩”效应。此外，投资者情绪放大了碳信息漂绿对内部企业价值和外部股价崩盘风险的不利影响。本文在丰富碳信息披露领域的计量与经济后果研究的同时，为规范ESG信息披露提供了参考。

关键词: 碳信息漂绿, 投资者情绪, ESG报告, 印象管理, 文本分析

Abstract: ESG report as an important carrier of corporate carbon information disclosure has such problems as unclear disclosure principles and incomplete disclosure system, so some enterprises tend to greenwash their carbon information through ESG report. This paper takes China’s A-share listed companies that published ESG reports from 2018 to 2022 as the research sample to empirically examine the direct impact of corporate carbon information greenwashing on investor sentiment and the mechanism underlying the impact. The results show that carbon information greenwashing provokes investor sentiment, but this effect is not significant for institutional investors and companies that are at their declining stage, not keen on green investment, not much market-oriented and under strong government intervention(or exposed to an environment where market plays a less important role than thegovernment). Meanwhile, environmental subsidies and financing constraints mediate the relationship between carbon information greenwashing and investor sentiment, but they show a “masking” effect. In addition, investor sentiment magnifies the negative impact of carbon information greenwashing on internal enterprise value and external stock price crash risk. This paper enriches the research on measurement and economic consequences in the field of carbon disclosure while providing a reference for standardizing ESG disclosure.

Key words: carbon information greenwashing, investor sentiment, ESG report, impression management, text analysis

汪玮, 孙自愿, 王立虹. 画虎画皮难画骨”：企业碳信息漂绿与投资者情绪——基于ESG报告文本分析的经验证据[J]. 管理评论, 2025, 37(12): 41-53.

Wang Wei, Sun Ziyuan, Wang Lihong. Corporate Carbon Information Greenwashing and Investor Sentiment—Empirical Evidence Based on Text Analysis of ESG Reports[J]. Management Review, 2025, 37(12): 41-53.

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