1453 
2229企业ESG“漂绿”行为是指企业在环境、社会与治理（ESG）方面通过策略性的失实、片面或夸大的披露方式以塑造出优于真实表现的公共形象。随着ESG理念在全球普及，企业ESG“漂绿”行为引起了学术界和实务界的共同关注。本文创新性地基于信息质量特征，构建了一个企业ESG“漂绿”行为的分类框架，围绕“相关性”“如实反映”“可比性”“可验证性”“及时性”与“可理解性”六个维度梳理其表现形式，并系统总结了识别与测度方法。进一步地，本文基于“成本—收益”分析框架，从政府、投资者、管理者及消费者等多重利益相关者视角，剖析了企业从事“漂绿”行为的内在动因与外部激励，并指出企业在通过该行为获取短期收益的同时，也会对企业自身、社会治理及资本市场带来负面后果。在此基础上，本文从外部治理和内部治理两个维度，系统阐述了治理企业“漂绿”行为的机制。本文不仅为识别与治理企业ESG“漂绿”行为提供了整合性分析框架，也为未来研究在测度方法、动因机制与治理路径等方面指出了可能的方向。
企业ESG“漂绿”行为研究：表现形式、行为动机与治理机制
摘要
参考文献
1 白福萍, 黄宇杰, 王京, 等. 入芝兰之室: 企业绿色文化与绿色创新[J]. 外国经济与管理, 2025, 47(1): 137-152. DOI:10.16538/j.cnki.fem.20231027.401
5 胡天杨, 谌仁俊, 涂正革. 环境信息披露评价与市场价值: 第三方机构的影响研究[J]. 世界经济, 2022, 45(11): 150-176. DOI:10.19985/j.cnki.cassjwe.2022.11.008
6 黄莲琴, 梁晨, 何蔓莉. 公司绿色治理: 公众与媒体的力量[J]. 会计研究, 2022, (8): 90-105. DOI:10.3969/j.issn.1003-2886.2022.08.007
8 黄世忠. ESG报告的“漂绿”与反“漂绿”[J]. 财会月刊, 2022, (1): 3-11. DOI:10.19641/j.cnki.42-1290/f.2022.01.001
10 黎文靖. 所有权类型、政治寻租与公司社会责任报告: 一个分析性框架[J]. 会计研究, 2012, (1): 81-88. DOI:10.3969/j.issn.1003-2886.2012.01.012
14 连燕玲, 张明发, 周琼, 等. 保持先锋模范性: 党员CEO思想烙印与企业慈善捐赠[J]. 外国经济与管理, 2021, 43(10): 3-20. DOI:10.16538/j.cnki.fem.20210610.202
17 潘爱玲, 王慧, 邱金龙. 儒家文化与重污染企业绿色并购[J]. 会计研究, 2021, (5): 133-147. DOI:10.3969/j.issn.1003-2886.2021.05.011
19 权小锋, 吴世农, 尹洪英. 企业社会责任与股价崩盘风险: “价值利器”或“自利工具”?[J]. 经济研究, 2015, 50(11): 49-64.
20 沈洪涛. 公司特征与公司社会责任信息披露——来自我国上市公司的经验证据[J]. 会计研究, 2007, (3): 9-16,93.
21 沈艳, 蔡剑. 企业社会责任意识与企业融资关系研究[J]. 金融研究, 2009, (12): 127-136.
22 田利辉, 王可第. 社会责任信息披露的“掩饰效应”和上市公司崩盘风险——来自中国股票市场的DID-PSM分析[J]. 管理世界, 2017, (11): 146-157. DOI:10.3969/j.issn.1002-5502.2017.11.011
23 童泽林, 王新刚, 李丹妮, 等. 消费者对品牌慈善地域不一致行为的负面评价及其扭转机制[J]. 管理世界, 2016, (1): 129-138.
24 王建明. 环境信息披露、行业差异和外部制度压力相关性研究——来自我国沪市上市公司环境信息披露的经验证据[J]. 会计研究, 2008, (6): 54-62,95. DOI:10.3969/j.issn.1003-2886.2008.06.006
25 王茂斌, 叶涛, 孔东民. 绿色制造与企业环境信息披露——基于中国绿色工厂创建的政策实验[J]. 经济研究, 2024, 59(2): 116-134.
26 孙晓华, 车天琪, 马雪娇. 企业碳信息披露的迎合行为: 识别、溢价损失与作用机制[J]. 中国工业经济, 2023, (1): 132-150. DOI:10.3969/j.issn.1006-480X.2023.01.008
27 谢东明, 王平. 减税激励、独立董事规模与重污染企业环保投资[J]. 会计研究, 2021, (8): 137-152. DOI:10.3969/j.issn.1003-2886.2021.08.010
28 徐佳, 魏佳灵, 卢良栋. 公众参与、政府监管对制造业企业ESG表现的协同作用[J]. 技术经济, 2025, 44(5): 39-56. DOI:10.12404/j.issn.1002-980X.J24060621
29 徐细雄, 龙志能, 李万利. 儒家文化与企业慈善捐赠[J]. 外国经济与管理, 2020, 42(2): 124-136. DOI:10.16538/j.cnki.fem.20190703.003
41 朱华伟, 涂荣庭, 靳菲. 好事是否要做到底: 企业停止承担社会责任后公众的态度变化[J]. 南开管理评论, 2014, 17(6): 4-12,29.
42 Amiraslani H, Lins K V, Servaes H, et al. Trust, social capital, and the bond market benefits of ESG performance[J]. Review of Accounting Studies, 2023, 28(2): 421-462. DOI:10.1007/s11142-021-09646-0
43 Aobdia D, Yoon A. Do auditors understand the implications of ESG issues for their audits? Evidence from financially material negative ESG incidents[J]. Journal of Accounting and Economics, 2026, 81(2): 101831. DOI:10.1016/j.jacceco.2025.101831
44 Azar J, Duro M, Kadach I, et al. The big three and corporate carbon emissions around the world[J]. Journal of Financial Economics, 2021, 142(2): 674-696. DOI:10.1016/j.jfineco.2021.05.007
45 Baker A C, Larcker D F, McClure C G, et al. Diversity washing[J]. Journal of Accounting Research, 2024, 62(5): 1661-1709. DOI:10.1111/1475-679X.12542
46 Banker R D, Ma X J, Pomare C, et al. When doing good for society is good for shareholders: Importance of alignment between strategy and CSR performance[J]. Review of Accounting Studies, 2023, 28(2): 1074-1106. DOI:10.1007/s11142-021-09664-y
47 Bauer R, Ruof T, Smeets P. Get real! Individuals prefer more sustainable investments[J]. The Review of Financial Studies, 2021, 34(8): 3976-4043. DOI:10.1093/rfs/hhab037
48 Cai W, Chen Y, Rajgopal S, et al. Diversity targets[J]. Review of Accounting Studies, 2024, 29(3): 2157-2208. DOI:10.1007/s11142-024-09831-x
49 Chen T, Dong H, Lin C. Institutional shareholders and corporate social responsibility[J]. Journal of Financial Economics, 2020, 135(2): 483-504. DOI:10.1016/j.jfineco.2019.06.007
50 Chen Y C, Hung M, Wang Y X. The effect of mandatory CSR disclosure on firm profitability and social externalities: Evidence from China[J]. Journal of Accounting and Economics, 2018, 65(1): 169-190. DOI:10.1016/j.jacceco.2017.11.009
51 Choy S, Jiang S S, Liao S, et al. Public environmental enforcement and private lender monitoring: Evidence from environmental covenants[J]. Journal of Accounting and Economics, 2024, 77(2-3): 101621. DOI:10.1016/j.jacceco.2023.101621
52 Christensen D M, Serafeim G, Sikochi A. Why is corporate virtue in the eye of the beholder? The case of ESG ratings[J]. The Accounting Review, 2022, 97(1): 147-175. DOI:10.2308/TAR-2019-0506
53 Clarkson P M, Li Y, Richardson G D, et al. Revisiting the relation between environmental performance and environmental disclosure: An empirical analysis[J]. Accounting, Organizations and Society, 2008, 33(4-5): 303-327. DOI:10.1016/j.aos.2007.05.003
54 Dai R, Liang H, Ng L. Socially responsible corporate customers[J]. Journal of Financial Economics, 2021, 142(2): 598-626. DOI:10.1016/j.jfineco.2020.01.003
55 Darendeli A, Law K K F, Shen M. Green new hiring[J]. Review of Accounting Studies, 2022, 27(3): 986-1037. DOI:10.1007/s11142-022-09696-y
56 Davidson R H, Dey A, Smith A J. CEO materialism and corporate social responsibility[J]. The Accounting Review, 2019, 94(1): 101-126. DOI:10.2308/accr-52079
57 De La Fuente G, Velasco P. Pretending to be sustainable: Is ESG disparity a symptom?[J]. Journal of Contemporary Accounting & Economics, 2024, 20(2): 100418. DOI:10.1016/j.jcae.2024.100418
58 Distelhorst G, Shin J E. Assessing the social impact of corporations: Evidence from management control interventions in the supply chain to increase worker wages[J]. Journal of Accounting Research, 2023, 61(3): 855-890. DOI:10.1111/1475-679X.12472
59 Downar B, Ernstberger J, Reichelstein S, et al. The impact of carbon disclosure mandates on emissions and financial operating performance[J]. Review of Accounting Studies, 2021, 26(3): 1137-1175. DOI:10.1007/s11142-021-09611-x
60 Du X Q, Jian W, Du Y J, et al. Religion, the nature of ultimate owner, and corporate philanthropic giving: Evidence from China[J]. Journal of Business Ethics, 2014, 123(2): 235-256. DOI:10.1007/s10551-013-1804-1
61 Dube S, Zhu C Q. The disciplinary effect of social media: Evidence from firms’ responses to glassdoor reviews[J]. Journal of Accounting Research, 2021, 59(5): 1783-1825. DOI:10.1111/1475-679X.12393
62 Dyck A, Lins K V, Roth L, et al. Renewable governance: Good for the environment?[J]. Journal of Accounting Research, 2023, 61(1): 279-327. DOI:10.1111/1475-679X.12462
63 Fiechter P, Hitz J M, Lehmann N. Real effects of a widespread CSR reporting mandate: Evidence from the European Union’s CSR directive[J]. Journal of Accounting Research, 2022, 60(4): 1499-1549. DOI:10.1111/1475-679X.12424
64 Gipper B, Ross S, Shi S X. ESG assurance in the United States[J]. Review of Accounting Studies, 2025, 30(2): 1753-1803. DOI:10.1007/s11142-024-09856-2
65 Grougiou V, Dedoulis E, Leventis S. Corporate social responsibility reporting and organizational stigma: The case of “sin” industries[J]. Journal of Business Research, 2016, 69(2): 905-914. DOI:10.1016/j.jbusres.2015.06.041
66 Hartzmark S M, Sussman A B. Do investors value sustainability? A natural experiment examining ranking and fund flows[J]. The Journal of Finance, 2019, 74(6): 2789-2837. DOI:10.1111/jofi.12841
67 Heese J, Pérez-Cavazos G. The effect of retaliation costs on employee whistleblowing[J]. Journal of Accounting and Economics, 2021, 71(2-3): 101385. DOI:10.1016/j.jacceco.2020.101385
68 Ingram R W, Frazier K B. Environmental performance and corporate disclosure[J]. Journal of Accounting Research, 1980, 18(2): 614-622. DOI:10.2307/2490597
69 Ingram R W. An investigation of the information content of (certain) social responsibility disclosures[J]. Journal of Accounting Research, 1978, 16(2): 270-285. DOI:10.2307/2490567
70 Krueger P, Sautner Z, Tang D Y, et al. The effects of mandatory ESG disclosure around the world[J]. Journal of Accounting Research, 2024, 62(5): 1795-1847. DOI:10.1111/1475-679X.12548
71 Krüger P. Corporate goodness and shareholder wealth[J]. Journal of Financial Economics, 2015, 115(2): 304-329. DOI:10.1016/j.jfineco.2014.09.008
72 Leonelli S, Muhn M, Rauter T, et al. How do consumers use ESG disclosure? Evidence from a randomized field experiment with everyday product purchases[J]. Journal of Accounting and Economics, 2026, 81(1): 101811. DOI:10.1016/j.jacceco.2025.101811
73 Liang H, Renneboog L. On the foundations of corporate social responsibility[J]. The Journal of Finance, 2017, 72(2): 853-910. DOI:10.1111/jofi.12487
74 Lin Y, Shen R, Wang J, et al. Global evolution of environmental and social disclosure in annual reports[J]. Journal of Accounting Research, 2024, 62(5): 1941-1988. DOI:10.1111/1475-679X.12575
75 Long L, Wang C Z, Zhang M. Does social media pressure induce corporate hypocrisy? Evidence of ESG greenwashing from China[J]. Journal of Business Ethics, 2025, 197(2): 311-338. DOI:10.1007/s10551-024-05747-3
76 Lys T, Naughton J P, Wang C. Signaling through corporate accountability reporting[J]. Journal of Accounting and Economics, 2015, 60(1): 56-72. DOI:10.1016/j.jacceco.2015.03.001
77 Manchiraju H, Rajgopal S. Does corporate social responsibility (CSR) create shareholder value? Evidence from the Indian companies act 2013[J]. Journal of Accounting Research, 2017, 55(5): 1257-1300. DOI:10.1111/1475-679X.12174
78 Masulis R W, Reza S W. Agency problems of corporate philanthropy[J]. Review of Financial Studies, 2015, 28(2): 592-636. DOI:10.1093/rfs/hhu082
79 Patten D M. The relation between environmental performance and environmental disclosure: A research note[J]. Accounting, Organizations and Society, 2002, 27(8): 763-773. DOI:10.1016/S0361-3682(02)00028-4
80 Raghunandan A, Rajgopal S. Do ESG funds make stakeholder-friendly investments?[J]. Review of Accounting Studies, 2022, 27(3): 822-863. DOI:10.1007/s11142-022-09693-1
81 Rajgopal S, Tantri P. Does a government mandate crowd out voluntary corporate social responsibility? Evidence from India[J]. Journal of Accounting Research, 2023, 61(1): 415-447. DOI:10.1111/1475-679X.12461
82 Shive S A, Forster M M. Corporate governance and pollution externalities of public and private firms[J]. The Review of Financial Studies, 2020, 33(3): 1296-1330. DOI:10.1093/rfs/hhz079
83 Suchman M C. Managing legitimacy: Strategic and institutional approaches[J]. The Academy of Management Review, 1995, 20(3): 571-610. DOI:10.2307/258788
84 Tsang A, Frost T, Cao H J. Environmental, social, and governance (ESG) disclosure: A literature review[J]. The British Accounting Review, 2023, 55(1): 101149. DOI:10.1016/j.bar.2022.101149
85 Yang G C, Wei S, Chen K J, et al. Repairing damaged reputations through targeted poverty alleviation: Evidence from private companies’ strategies to deal with negative media coverage[J]. China Journal of Accounting Research, 2023, 16(3): 100306. DOI:10.1016/j.cjar.2023.100306
引用本文
杨国超, 刘绍庆, 潘扬. 企业ESG“漂绿”行为研究：表现形式、行为动机与治理机制[J]. 外国经济与管理, 2026, 48(4): 3-22.
导出参考文献，格式为：
下一篇：技术转移价值创造研究综述与展望
