摘要
本文选取2005至2010年沪深两市四个重污染行业上市公司样本，基于环境信息披露的动因理论以及对我国制度背景的分析，以股权性质和股权集中度代表国有上市公司可能面临的政治压力，研究其对我国上市公司环境信息披露水平的影响。研究结果显示，国有上市公司环境信息披露水平显著高于非国有上市公司，国有上市公司股权集中度与环境信息披露水平显著正相关，非国有上市公司的股权集中度对环境信息披露水平无显著影响。进一步研究结果表明，上市公司股权集中度对环境信息披露水平的影响存在年度差异，国有上市公司股权集中度对环境信息披露的驱动作用存在行业差异。
Based on samples of firms from tbur heavily polluting industries listed on Shanghai and Shenzhen Stock Exchange during the period fi＇om 2005 to 2010, this paper intends to analyze the influential effects of environmental information disclosure of Chinese firms in this biggest emerging market, using ownership types and ownership concentration to proxy the political pressure faced by Chinese firms. Empirical evidences show that state-owned companies disclose significantly more environmental intbrmation than non-state-owned companies do. Our findings show that ownership concentration and corporate environmental information disclosure are positively correlated in state-owned companies while no significant relation is found in non-state-owned companies, suggesting that state-owned companies with high ownership concentration are driven to disclose more environmental information by political pressure. Further tests demonstrate that influences of ownership concentration on environmental information disclosure of firms vary in different years, and the driving lbrces of ownership concentration on environmental information disclosure of state-owned firms differ among industries.
出处
《中大管理研究》
CSSCI
2012年第4期114-136,共23页
China Management Studies
基金
教育部人文社科研究规划基金项目(10YJA790127)的资助
关键词
环境信息披露
股权性质
股权集中度
corporate environmental information disclosure, ownership type, ownership concentration
