股权结构、政治关联与企业环境信息披露

发布时间：2018-03-11 21:51

本文选题：股权结构　切入点：政治关联　出处：《财会通讯》2017年27期 　论文类型：期刊论文

【摘要】：本文以2013年至2015年沪深两市重污染行业上市公司为样本,实证检验了股权结构与政治关联及其交互效应与企业环境信息披露水平的相关性。研究结果表明:股权集中、股权制衡度与企业环境信息披露水平显著正相关;高管持股比例与之显著负相关;国有上市公司比民营上市环境信息披露水平更高;机构投资者持股比例与环境信息披露水平正相关但不显著。重污染行业上市公司高管政治关联程度与环境信息披露水平正相关。民营上市公司与国有上市公司相比,其正相关关系更强。政治关联对重污染行业上市公司股权结构与环境信息披露水平的关系具有调节作用。
[Abstract]:From 2013 to 2015, this paper empirically examines the correlation between the ownership structure and the political connection, the interaction effect and the level of environmental information disclosure in the Shanghai and Shenzhen stock markets. The results show that the ownership concentration is concentrated. The degree of equity balance is significantly positively correlated with the level of environmental information disclosure of enterprises, the proportion of senior management shares is negatively correlated, the level of environmental information disclosure of state-owned listed companies is higher than that of private listed companies. The proportion of institutional investors holding shares is positively related to the level of environmental information disclosure, but not significant. The degree of political connection of executives in heavy pollution industries is positively correlated with the level of environmental information disclosure. Compared with state-owned listed companies, private listed companies have a positive correlation with the level of environmental information disclosure. The relationship between the ownership structure and the level of environmental information disclosure of the listed companies in heavy pollution industries is regulated by political connections.
【作者单位】：东南大学经济管理学院;
【基金】：江苏省社科基金重点项目(项目编号:16EYA001) 江苏高校哲学社会科学研究项目(项目编号:2014SJD009)资助
【分类号】：F271;F832.5;X196

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