证券市场导报Issue(9)：33-45,13.
网络新闻媒体报道与企业环保投资行为
摘要
Abstract
Online news media coverage of corporate environmental investment has gradually increased in recent years,drawing broad attention from investors,financial institutions,and regulators.Currently,empirical evidence on how such coverage affects corporate behavior and the associated economic consequences remains scarce.This paper innovatively employs GPT large language models to conduct textual analysis of listed companies'financial statements and news reports,and empirically examines the impact and underlying mechanisms of online news media coverage on corporate front-end preventive and end-of-pipe governance environmental investment behavior.This study finds that online news media coverage can significantly enhance the overall level of corporate environmental investment,primarily manifested as a driving effect on end-of-pipe governance environmental investment.The mechanism analysis reveals that online news media coverage may increase stock price volatility risk,intensify inquiries from regulators,and exacerbate corporate financing constraints.To release positive signals to the market in the short term,firms tend to implement end-of-pipe governance environmental investments.Further analysis indicates that the impact of online news media coverage on corporate environmental investment behavior is more significant when firms operate in non-heavily polluting industries and when executives possess stronger environmental awareness.By shaping corporate environmental investment behavior,online news media coverage mitigates both overinvestment and underinvestment,thereby enhancing corporate investment efficiency.This paper provides valuable insights for deepening the understanding of the mechanisms through which online news media influence corporate environmental decision-making and for promoting the achievement of environmental sustainability goals.关键词
网络新闻媒体/企业环保投资/前端预防/末端治理/大语言模型Key words
online news media/corporate environmental investment/front-end prevention/end-of-pipe governance/large language models分类
管理科学引用本文复制引用
习明明,李婷,张卢千漪..网络新闻媒体报道与企业环保投资行为[J].证券市场导报,2025,(9):33-45,13.基金项目
国家自然科学基金地区项目"基于两区制空间Durbin固定效应模型的地区资本结构对经济增长影响研究"(批准号:72264011)、"基于同伴效应的网络经济中的从众行为及其特征研究"(批准号:71863011) （批准号:72264011）
