机构投资者与监督机制对碳披露质量的影响研究

The Impact of Institutional Investors and Supervision Mechanisms on Carbon Disclosure Quality

摘要: 随着全球气候变化关注度不断提升，企业碳信息披露已成为衡量企业环境责任、透明度与社会合法性的重要指标。本文以我国重污染行业上市公司为研究对象，系统分析机构投资者及外部监督机制(政府监管与媒体监督)对企业碳披露质量的影响。实证结果显示：机构投资者持股比例越高，企业碳披露质量越低；政府监管显著提升碳披露质量，并在一定程度上缓解机构投资者的负向作用；媒体监督通过舆论压力可能影响企业声誉，也能够在一定程度上减弱机构投资者的负向影响，尤其在非国有企业中更为明显。研究丰富了利益相关者理论，企业社会责任理论和声誉理论，强调政府和媒体对企业碳披露质量的监督作用，并为政策制定者、投资者和企业治理提供实践参考，包括引导机构投资者强化长期治理责任、利用政府和媒体舆论形成制度监督和声誉激励，以及针对不同所有制企业设计差异化披露政策。

Abstract: As global attention to climate change continues to intensify, corporate carbon disclosure has become a key indicator of environmental responsibility, transparency, and social legitimacy. This study examines the influence of institutional investors and external supervision mechanisms (government regulation and media supervision) on the quality of carbon disclosure among listed companies in China’s heavily polluting industries. The empirical results reveal that a higher proportion of institutional ownership is associated with lower carbon disclosure quality. Government regulation significantly enhances disclosure quality and partially mitigates the negative impact of institutional investors. Media supervision, through public opinion pressure and reputational effects, also weakens the adverse influence of institutional investors, particularly in non-state-owned enterprises. This research enriches stakeholder, corporate social responsibility, and reputation theory by highlighting the supervisory roles of government and media in improving carbon disclosure quality. The findings provide practical implications for policymakers, investors, and corporate governance by suggesting that institutional investors should strengthen long-term governance responsibility, that government and media supervision should be leveraged as institutional and reputational incentives, and that differentiated disclosure policies should be designed according to ownership types.