数据资产信息披露分歧与绿色创新：来自双去偏机器学习的因果证据

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-06-16 DOI:10.1016/j.frl.2025.107757

Huiyi Shi , Yufei Xia , Yawen Li , Yifan Hua , Yating Fu

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引用次数: 0

摘要

我们考察了披露和实际数据资产之间的差异对企业绿色创新的影响。基于2010 - 2023年中国上市公司数据，我们发现数据资产信息披露差异抑制了绿色创新，并且这一结论经过多次严格的稳健性检验仍然是稳健性的。机制分析表明，这种分化通过增加债务融资成本、强化媒体监督、降低机构投资者的稳定性等方式阻碍绿色创新。此外，会计稳健性放大了差异对绿色创新的抑制作用。异质性分析表明，国有企业、主板上市企业和高污染企业的负面影响更为明显。

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Data asset information disclosure divergence and green innovation: causal evidence from double-debiased machine learning

We examine the impact of the divergence between disclosed and actual data assets on firms' green innovation. Based on a Chinese listed companies dataset from 2010 to 2023, we uncover that data asset information disclosure divergence suppresses green innovation, and this conclusion remains robust across several rigorous robustness checks. Mechanism analysis shows that the divergence impedes green innovation by increasing debt financing costs, intensifying media scrutiny, and reducing the institutional investor’s stability. Moreover, accounting conservatism amplifies the suppressive effect of divergence on green innovation. Heterogeneity analysis reveals that the negative effect is more pronounced among state-owned, mainboard-listed, and high-pollution enterprises.

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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