公司治理结构与环境信息披露质量的相关性研究

发布时间：2018-11-12 11:00

【摘要】：随着经济全球化进程的不断加快,经济效益成为了评价发展能力的关键指标。然而,我国在大力发展经济的同时却忽视了保护环境的重要性,从而导致资源不断减少、环境污染严重以及生态系统退化。为了有效遏制这种态势,我国政府提出“以生态文明为指导,建设美丽中国”的发展目标,并制定相关政策法规。作为社会发展最主要的贡献者和受益者,企业在发展运营中难以避免环境污染行为。为了改善生态环境,遵守相关制度规定,企业应当优化环境行为,并及时向外界披露相关环境信息。环境信息反映了企业在环保方面所做的努力,能够向外部利益相关者表明企业的环保决心和高度的社会责任感。那么如何提高企业披露环境信息的自愿性?如何保证企业披露高质量的环境信息?这一问题成为社会各界的关注重点。本文认为,公司治理是企业各方权力制衡的重要手段,能够影响企业的行为选择,包括环境信息披露。基于此,本文对公司治理结构与环境信息披露质量的相关性进行检验,一方面为优化公司治理结构提出建议,另一方面为制定和完善环境信息披露制度提供政策建议。本文对国内外相关研究进行梳理,明确当前研究现状。以可持续发展理论、委托代理理论、利益相关者理论、信息不对称理论作为理论指导,提出研究假设,选取深市2008-2014年175家重污染行业上市公司作为研究样本,根据环境信息披露制度的具体要求,建立EIDQ指标体系,运用面板数据回归方法,分析公司治理结构对环境信息披露质量的影响,并根据不同股权性质和不同地区,将总样本分为两个子样本进行回归分析,研究发现：(1)我国重污染行业上市公司的环境信息披露质量和数量有所提高,但总体水平仍然较低,部分企业信息披露不达标；(2)良好的公司治理能够促进企业披露质量更高的环境信息；(3)引入股权性质,国有企业的公司治理对环境信息披露质量的促进作用更强；(4)东部地区上市公司的治理结构对环境信息披露质量的影响更为显著。因此,本文建议制定相关法规政策,规范环境信息披露,并加强董事会、监事会的建设,优化国有股代理人制度,提高管理者的持股比例。此外,提倡环保发展模式,缩小地区之间企业环境信息披露的差异,并加强监督力度和执法力度,确保环境信息披露制度的有效执行。
[Abstract]:With the accelerating process of economic globalization, economic benefit has become the key index to evaluate the development ability. However, China has neglected the importance of environmental protection while developing its economy, which leads to the continuous reduction of resources, serious environmental pollution and ecosystem degradation. In order to effectively curb this situation, our government put forward the development goal of "building a beautiful China under the guidance of ecological civilization", and formulated relevant policies and regulations. As the main contributors and beneficiaries of social development, it is difficult for enterprises to avoid environmental pollution in their development and operation. In order to improve ecological environment and comply with relevant regulations, enterprises should optimize environmental behavior and disclose relevant environmental information to the outside world in time. Environmental information reflects the efforts of enterprises in environmental protection and can show the environmental protection determination and social responsibility of enterprises to external stakeholders. So how to improve the voluntary disclosure of environmental information? How to ensure the disclosure of high-quality environmental information? This issue has become the focus of attention from all walks of life. This paper holds that corporate governance is an important means of power balance, which can influence the behavior choice of enterprises, including the disclosure of environmental information. Based on this, this paper examines the correlation between corporate governance structure and environmental information disclosure quality. On the one hand, it puts forward some suggestions for optimizing corporate governance structure, on the other hand, it provides policy recommendations for the formulation and improvement of environmental information disclosure system. In this paper, the relevant research at home and abroad is combed, and the current research status is clear. Under the guidance of sustainable development theory, principal-agent theory, stakeholder theory and information asymmetry theory, this paper puts forward the research hypothesis and selects 175 listed companies in heavy pollution industries in Shenzhen from 2008 to 2014 as the research samples. According to the specific requirements of environmental information disclosure system, the EIDQ index system is established, and the impact of corporate governance structure on the quality of environmental information disclosure is analyzed by using panel data regression method. The total samples are divided into two sub-samples for regression analysis. The results show that: (1) the quality and quantity of environmental information disclosure of listed companies in heavy pollution industries have been improved, but the overall level is still low, and some enterprises' information disclosure is not up to standard; (2) good corporate governance can promote the disclosure of environmental information of higher quality, (3) introducing the nature of equity, the corporate governance of state-owned enterprises can promote the quality of environmental information disclosure more strongly; (4) the governance structure of listed companies in eastern China has a more significant impact on the quality of environmental information disclosure. Therefore, this paper proposes to formulate relevant laws and policies, standardize environmental information disclosure, strengthen the construction of board of directors and supervisory board, optimize the agent system of state-owned shares, and increase the proportion of managers holding shares. In addition, we should advocate the development mode of environmental protection, reduce the differences of environmental information disclosure between different regions, and strengthen supervision and law enforcement to ensure the effective implementation of the environmental information disclosure system.
【学位授予单位】：西北大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F271;F275;F832.51

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