华东师范大学学报(哲学社会科学版) ›› 2026, Vol. 58 ›› Issue (2): 127-143.doi: 10.16382/j.cnki.1000-5579.2026.02.012

• 中国式现代化：高质量发展研究 • 上一篇    

企业碳披露粉饰的同群效应研究——多元关注压力的调节作用

张樨樨, 李奕忻, 贾晓霖   

  • 接受日期:2026-02-09 出版日期:2026-03-15 发布日期:2026-03-31
  • 作者简介:张樨樨，中国石油大学（华东）经济管理学院教授（青岛，266580）
    李奕忻，通讯作者，中国石油大学（华东）经济管理学院博士研究生（青岛，266580）
    贾晓霖，中国海洋大学管理学院博士研究生（青岛，266100）
  • 基金资助:
    国家社科基金一般项目“人工智能对新就业形态女性高质量充分就业的影响研究”（项目编号：25BJY160）。

On the Peer Effects of Corporate Carbon Disclosure Whitewashing：The Moderating Role of Multi-Stakeholder Attention Pressure

Xixi Zhang, Yixin Li, Xiaolin Jia   

  • Accepted:2026-02-09 Online:2026-03-15 Published:2026-03-31

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摘要：

碳披露是实现企业碳减排的重要管理工具和责任机制，而市场信息不对称等会诱发企业采取碳披露粉饰策略。基于同群效应理论，实证检验2010—2022年中国上市企业碳披露粉饰的驱动因素及其调节机制，结果发现：行业与地区间碳披露粉饰均存在同群效应，且更多是出于贴合群体规范而采取的规避型模仿行为；基于利益相关者理论的调节效应检验发现，政策与监管关注、媒体与舆论关注以及社会公众关注对同群效应存在不同的调节效果。异质性检验结果表明，无论处于何种规制披露强度或市场开启状态，同群效应依然存在，但规制型同群在弱规制披露行业或碳市场开启时影响作用更大，竞争型同群在强规制披露行业或碳市场未开启时影响作用更大。进一步研究发现，供应链间企业碳披露粉饰同样存在同群效应，且受到政策与监管关注的正向调节，以及媒体与舆论的负向调节。上述发现为识别企业碳披露粉饰的驱动因素提供了新视角，检验了不同群体范围内政府、媒体及公众关注对此的调节机制，为进一步完善碳披露制度提供了经验启示。

关键词: 企业碳披露, 碳披露粉饰, 同群效应, 规避型同群, 竞争型同群, 政策与监管关注, 媒体与舆论关注, 社会公众关注

Abstract:

Carbon disclosure is an important management tool and responsibility mechanism for achieving enterprises’ carbon reduction. However, market information asymmetry can induce enterprises to adopt carbon disclosure whitewashing strategies. Based on the theory of peer effect, this study empirically examines the driving factors and regulatory mechanisms of carbon disclosure whitewashing in Chinese listed enterprises from 2010 to 2022. The results show that peer effect exists in both industry and regional carbon disclosure whitewashing, and it is more often an avoidant imitation behavior that is adopted to conform to group norms. Based on the theory of stakeholders, the regulatory effect test reveals that policy and regulatory attention, media and public opinion attention, and public attention have different regulatory effects on the peer effect. The heterogeneity test results indicate that the peer effect still exists regardless of the regulatory disclosure intensity or market opening status. However, regulatory peer effect has a greater impact in industries with weak regulatory disclosure or when the carbon market is not open, while competitive peer effect has a greater impact in industries with strong regulatory disclosure or when the carbon market is open. Further research reveals that carbon disclosure whitewashing among enterprises in the supply chain also has a peer effect, and it is positively regulated by policy and regulatory attention, as well as negatively regulated by media and public opinion. These findings provide a new perspective for identifying the driving factors of carbon disclosure whitewashing, test the regulatory mechanisms within different groups of stakeholders, and offer empirical insights for further improving the carbon disclosure system.

Key words: corporate carbon disclosure, carbon disclosure whitewashing, peer effect, avoidance peer effect, competitive peer effect, policy and regulatory attention, media and public opinion attention, public attention