郭文伟,黄子聪,何洁

• 1:广东财经大学金融学院

摘要(Abstract)：

本文基于2007—2019年中国沪深A股上市公司社会责任报告文本数据，采用文本分析和机器学习技术构建出反映企业气候变化风险披露水平的指标，从理论逻辑和经验证据两个方面探讨儒家文化这一非正式制度对企业气候变化风险披露的影响。研究发现：(1)儒家文化主要是通过提升企业声誉、缓解代理冲突、促进企业环境责任承担三条渠道驱动企业气候变化风险披露。(2)法治环境与儒家文化在促进企业气候变化风险披露上存在协同互补功能，同时CEO学术经历也起到了正向调节作用。(3)儒家文化驱动下的企业气候变化风险披露兼具绿色创新效应和价值创造效应。本研究对于推进我国资本市场气候变化风险披露制度的建立和完善，提供了有力的经验证据，同时也丰富了“文化与气候金融”的相关研究。

关键词(KeyWords)： 气候变化风险披露;儒家文化;文本分析

Abstract:

Keywords:

基金项目(Foundation): 国家社会科学基金项目“房价泡沫空间溢出对区域金融风险的影响机制和防范研究”(19BJY244);; 广东省基础与应用基础研究基金项目“粤港澳大湾区创新要素流动对科技创新效率的影响机制研究”(2023A1515012445)的资助

作者(Author): 郭文伟,黄子聪,何洁

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• (1)TCFD是2015年由全球金融稳定理事会主导成立的气候相关财务信息披露工作组,旨在落实《巴黎协定》要求,调研各国气候变化工作完成情况。《TCFD现状报告》主要是用于分析评估各地上市企业气候变化信息披露情况的一项研究调查结果。
• (2)2021年6月,央行行长易纲在第十三届陆家嘴论坛上表示,将建立统一的气候变化信息披露标准和制度。
• (3)本文研究样本仅考虑上市公司的原因在于它们相较于中小型公司面临更大的公共政治和制度压力,并且更加在乎自身声誉,因此可能更倾向于自愿披露信息。
• (4)2007年8月,中国证监会出台《关于规范上市公司信息披露及相关各方行为的通知》,要求上市企业采取适当措施提升信息披露内容与质量。此外,2015年1月,我国新《环保法》正式施行,进一步提高对企业环境保护及相关环境信息披露的要求。
• (5)上市公司注册地经纬度的数据来源于CNRDS数据库-公司特色库-公司年度信息-CAID。孔庙遗存数量及其经纬度来源于CNRDS数据库-经济特色库-儒家文化。
• (6)采用上市公司-年度的形式而不只用上市公司形式的原因在于上市公司可能在样本期内发生注册地变更。
• (7)识别不足检验(Kleibergen-Paap rk LM)统计量均在1%的显著性水平上被拒绝,弱工具变量检验Cragg-Donald Wald F值远大于10,拒绝弱工具变量假设。过度识别检验(Hansen J统计量)相伴概率均大于0.1,工具变量符合外生性条件。
• (8)CEO出生地数据来源为CSMAR国泰安数据库以及CNRDS中国研究数据服务平台。
• (9)剔除省份主要包括新疆、西藏、青海、内蒙古、云南、宁夏、广西、贵州。
• (10)限于篇幅,其他稳健性检验结果留存备索。
• (11)若企业注册地位于深圳、珠海、汕头、厦门、海南、大连、秦皇岛、天津、烟台、青岛、连云港、南通、上海、宁波、温州、福州、广州、湛江、北海、营口这些改革开放初期率先开放的省市,则设置对外开放程度(Open)取值为1,否则为0。
• (12)其中,控制变量替换为企业规模(size)、资产负债率(lev)、资产净利润率(roa)、现金流比率(Cashflow)、营收增长率(growth)、产权性质(Soe)、第一大股东持股比例(top1)、月均超额换手率(Dual)和机构持股比例(Inst)。