环境信息披露、绿色金融与企业投资效率

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-05-16 DOI:10.1016/j.frl.2025.107594

Xiao Li , Furong Mo , Xinfang Li

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引用次数: 0

摘要

在“双碳”目标的推动下，提高企业投资效率，推动绿色低碳转型成为实现高质量发展的关键。利用2013-2023年中国a股上市公司面板数据，研究环境信息披露对企业投资效率的影响及其机制。结果表明，环境信息披露显著提高了企业投资效率。绿色金融在环境信息披露与企业投资效率之间起到中介作用。此外，环境信息披露对企业投资效率的积极作用在国有企业和重污染行业更为明显。

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Environmental information disclosure, green finance, and corporate investment efficiency

Under the impetus of the "Dual Carbon" goals, enhancing corporate investment efficiency and fostering green low-carbon transition have become critical to achieving high-quality development. Utilizing panel data from China’s A-share listed companies 2013–2023, this study investigates the impact of environmental information disclosure on corporate investment efficiency and its underlying mechanisms. The results indicate that environmental information disclosure significantly improves corporate investment efficiency. Green finance mediates the relationship between environmental information disclosure and corporate investment efficiency. Furthermore, the positive effect of environmental information disclosure on corporate investment efficiency is more pronounced in state-owned enterprises and heavily polluting industries.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance