共同机构投资者与企业可持续信息披露：基于气候风险的视角

摘要/Abstract

摘要： 本文以2014—2023年沪深A股非金融类上市公司为研究样本，基于气候风险披露的视角，实证检验了共同机构投资者对企业可持续信息披露的影响及其作用机制。研究发现，共同机构投资者对企业气候风险披露具有显著正向影响，并进一步对股票流动性、企业声誉及供应链韧性产生积极影响。机制分析结果显示，共同机构投资者同行业势力、第二类代理成本及信息透明度在两者关系中发挥了中介作用，当企业位于东部地区、属于重污染行业，或共同机构投资者为压力抵制型时，上述促进作用更为明显。本文丰富了企业可持续信息披露影响因素的相关研究，为企业应对气候变化及推动可持续发展提供了新的经验依据。

关键词: 共同机构投资者, 可持续信息披露, 气候风险

Abstract: Using Shanghai and Shenzhen A-share listed non-financial companies from 2014 to 2023 as the sample, this paper empirically examines the impact of common institutional ownership on corporate sustainable information disclosure and the underlying mechanism from the perspective of climate risk disclosure. The study finds that common institutional ownership has a significant positive effect on corporate climate risk disclosure, which further positively influences stock liquidity, corporate reputation, and supply chain resilience. Mechanism analysis reveals that common institutional ownership's industry influence, agency costs, and information transparency play mediating roles in this relationship. Further analysis indicates that the promoting effect is more pronounced when firms are located in the eastern region, belong to heavily polluting industries, or when the common institutional investors are pressure-resistant. This study enriches the research on factors influencing corporate sustainable information disclosure and provides new empirical evidence for firms to address climate change and promote sustainable development.

Key words: common institutional investor, corporate sustainable information disclosure, climate risk disclosure

刘琳, 赵海旭, 李宾. 共同机构投资者与企业可持续信息披露：基于气候风险的视角[J]. 管理评论, 2026, 38(3): 198-209.

Liu Lin, Zhao Haixu, Li Bin. Common Institutional Investors and Corporate Sustainable Information Disclosure: From the Perspective of Climate Risk Disclosure[J]. Management Review, 2026, 38(3): 198-209.

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