摘要
借助中国各城市对外开放环境设施的准自然实验,以2014—2022年中国A股上市公司为研究样本,深入考察环境设施公开对企业环境信息披露的影响及其作用机制。研究发现,环境设施公开会导致企业的策略性环境信息披露行为,具体表现为对正面环境信息披露质量无显著影响,但降低了负面环境信息披露质量。动因分析发现,企业的策略性环境信息披露行为主要是由政府环境监管压力、公众环境监管压力以及环境改进的高成本造成。异质性分析发现,当企业的机构投资者持股比例较高、分析师关注度较高、受到产业政策支持时,有利于缓解环境设施公开带来的策略性环境信息披露行为。进一步分析发现,环境设施公开并未带来企业实际环境绩效的提升,体现出企业对环境信息披露进行了策略性管理。研究结论为理解环境设施公开情况下企业的策略性环境信息披露行为提供了新视角,并且为如何抑制该种策略性环境信息披露行为提供了新的经验证据。
Utilizing the quasi-natural experiment of environmental facility disclosure in various Chinese cities,and by using A-share listed companies in China from 2014 to 2022 as research samples,the paper examines the impact and mechanisms of environmental facility disclosure on corporate environmental information disclosure.The study finds that environmental facility disclosure leads to strategic environmental information disclosure behaviors of companies.Specifically,it does not significantly affect the quality of positive environmental information disclosure but reduces the quality of negative environmental information disclosure.Driving force analysis reveals that corporate strategic environmental information disclosure behavior is mainly caused by government environmental regulatory pressure,public environmental regulatory pressure,and the high cost of environmental improvements.Heterogeneity analysis shows that higher institutional investor shareholding,greater analyst attention,and support from industrial policies can help mitigate the strategic environmental information disclosure behavior induced by environmental facility disclosure.Further analysis discovers that environmental facility disclosure does not lead to actual improvement of environmental performance,showing that enterprises have made strategic management on environmental information disclosure.This study provides a new perspective on understanding corporate strategic environmental information disclosure behavior under the condition of environmental facility disclosure and offers new empirical evidence on how to curb such strategic behaviors.
作者
李玉银
陈莹
逯东
LI Yuyin;CHEN Ying;LU Dong(School of Economics and Management,Dali University,Dali 671003,China;School of Accounting,Southwestern University of Finance and Economics,Chengdu 611130,China)
出处
《云南财经大学学报》
北大核心
2025年第8期94-110,共17页
Journal of Yunnan University of Finance and Economics
基金
国家自然科学基金面上项目“数字经济下互联网信息生态风险治理、信息环境与企业经营效率”(72472130)。
关键词
环境设施公开
环境信息披露
策略性管理
Environmental Facility Disclosure
Environmental Information Disclosure
Strategic Management
