罗喜英,谢任依.碳信息披露印象管理与股价崩盘风险:“自噬工具”还是“伪装利器”?[J].,2022,(4):23-32
碳信息披露印象管理与股价崩盘风险:“自噬工具”还是“伪装利器”?
Impression Management of Carbon Information Disclosure and Stock Price Crash Risk:“Autophagy Tool” or “Camouflage Weapon”?
投稿时间:2022-08-08  
DOI:
中文关键词:  双碳目标  高碳行业  碳信息披露  印象管理  股价崩盘风险
English Keywords:dual carbon target  high carbon industry  carbon information disclosure  impression management  stock price crash risk (
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作者单位
罗喜英 湖南科技大学 商学院,湖南 湘潭 411100 
谢任依 湖南科技大学 商学院,湖南 湘潭 411100 
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中文摘要:
      文章选取2015—2020年中国八大高碳行业上市公司为研究对象,实证检验了高碳企业碳信息披露印象管理对股价崩盘风险的影响。研究发现,企业碳信息披露印象管理会显著降低股价崩盘风险,体现出印象管理的“伪装利器”作用,并且政治关联水平会削弱碳信息披露印象管理对股价崩盘风险的影响。进一步研究发现,碳信息披露印象管理主要通过表述性操纵来影响股价崩盘风险。此外,监管压力不同的企业在碳信息披露印象管理对股价崩盘风险的影响中存在差异,具体表现为非交叉持股企业碳信息披露印象管理和股价崩盘风险负相关,但在双重监管下的交叉持股企业中这一关系并不显著。
English Summary:
      Eight listed companies in China's high carbon industry from 2015 to 2020 were selected as research objects to empirically test the impact of the impression management of carbon information disclosure on stock price crash risk of high carbon enterprises. It is found that the impression management of carbon information disclosure can significantly reduce stock price crash risk, reflecting the “camouflage weapon” effect of impression management, and the political affiliation level will weaken the impact of the impression management of carbon information disclosure on stock price crash risk. Further research shows that the impression management of carbon information disclosure mainly affects stock price crash risk through expressive manipulation. In addition, there are differences in the impact of the impression management of carbon information disclosure on stock price crash risk among enterprises with different regulatory pressures. Specifically, there is a negative correlation between the impression management of carbon information disclosure and stock price crash risk in non-cross-holding enterprises, but this relationship is not significant in cross-holding enterprises under dual supervision.
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