外部治理环境对公司环境信息披露水平的影响研究

发布时间：2019-06-04 12:41

【摘要】：党的十八大将“生态文明建设”列为建设中国特色社会主义的“五位一体”总布局之一,提出“必须树立尊重自然、顺应自然、保护自然的生态文明理念”。2015年,李克强总理在政府工作报告中指出:“环境污染是民生之患、民心之痛,要铁腕治理。”可见,国家对环保工作越来越重视。企业作为主要污染源,理应积极响应国家环保政策。环境信息披露作为环境保护的基础工作,既是促进企业履行环境责任的重要手段,又是加强外部监管的重要内容。一方面环境信息披露作为利益相关者考评企业的窗口,既考评企业环保行为的履行情况,又考评企业实现的环保绩效。另一方面,企业也通过披露环境信息向外界传达企业良好的环境表现和社会形象。因此研究环境信息披露问题具有重要的理论意义和现实意义。鉴于我国幅员辽阔,各地区资源禀赋和经济发展程度存在很大的差异,而外部治理环境的这种差异又会影响企业环境信息披露。因此本文选取2012-2014年沪市A股重污染制造业上市公司为样本,采用内容分析法来衡量环境信息披露水平,并从政府干预程度、市场化程度以及法治水平三个维度衡量外部治理环境,运用多元线性回归分析方法实证研究了外部治理环境对环境信息披露水平的影响。同时,我国市场经济存在着不同产权性质的企业:国有控股公司和非国有控股公司,在一定程度上外部治理环境可能对不同产权性质企业的影响程度存在差异。因此,本文基于产权性质视角,分别研究了外部治理环境对国有控股公司和非国有控股公司的环境信息披露水平的影响程度,实证研究结论为:(1)从全样本来看,政府干预程度越高,环境信息披露水平越高;进一步研究表明,相对于非国有控股上市公司,政府干预程度对于国有控股上市公司的环境信息披露水平促进作用更大。(2)从全样本来看,市场化程度越高,环境信息披露水平越高;进一步研究表明,相对于国有控股上市公司,市场化程度对非国有控股上市公司的环境信息披露水平影响促进作用更大。(3)从全样本来看,法治水平对环境信息披露水平的正向作用不显著;进一步研究表明,无论是对于国有控股上市公司还是非国有控股上市公司,法治水平的高低对环境信息披露水平的影响均不显著。
[Abstract]:The 18th National Congress of the Communist Party of China listed "ecological civilization construction" as one of the "five-in-one" general layout of building socialism with Chinese characteristics, and put forward that "we must establish the concept of ecological civilization that respects nature, conforms to nature, and protects nature." in 2015, In his government work report, Premier Li Keqiang pointed out: "Environmental pollution is a problem of people's livelihood, and the pain of the people's hearts should be treated with an iron fist." It can be seen that the state pays more and more attention to environmental protection. As the main pollution source, enterprises should respond positively to the national environmental protection policy. As the basic work of environmental protection, environmental information disclosure is not only an important means to promote enterprises to fulfill their environmental responsibilities, but also an important content to strengthen external supervision. On the one hand, environmental information disclosure, as a window for stakeholders to evaluate enterprises, not only evaluates the performance of environmental protection behavior of enterprises, but also evaluates the performance of environmental protection achieved by enterprises. On the other hand, enterprises also convey the good environmental performance and social image of the enterprise to the outside world through the disclosure of environmental information. Therefore, it is of great theoretical and practical significance to study the problem of environmental information disclosure. In view of the vast territory of our country, there are great differences in resource endowment and economic development in different regions, and this difference in external governance environment will affect the disclosure of enterprise environmental information. Therefore, this paper selects A-share heavily polluted manufacturing listed companies in Shanghai Stock Exchange from 2012 to 2014 as samples, uses content analysis method to measure the level of environmental information disclosure, and from the degree of government intervention, The degree of marketization and the level of rule of law are used to measure the external governance environment, and the influence of the external governance environment on the level of environmental information disclosure is empirically studied by using the method of multiple linear regression analysis. At the same time, there are different property rights enterprises in China's market economy: state-owned holding companies and non-state-owned holding companies. To a certain extent, the external governance environment may have different effects on enterprises of different property rights nature. Therefore, based on the perspective of the nature of property rights, this paper studies the impact of the external governance environment on the level of environmental information disclosure of state-owned holding companies and non-state-owned holding companies. The empirical conclusions are as follows: (1) from the full sample point of view, The higher the degree of government intervention, the higher the level of environmental information disclosure; Further research shows that, compared with non-state-owned listed companies, the degree of government intervention plays a greater role in promoting the level of environmental information disclosure of state-owned listed companies. (2) from the whole sample, the higher the degree of marketization, The higher the level of environmental information disclosure; Further research shows that compared with state-owned listed companies, the degree of marketization plays a more important role in promoting the level of environmental information disclosure of non-state-controlled listed companies. (3) from the point of view of the whole sample, The positive effect of the level of rule of law on the level of environmental information disclosure is not significant. Further research shows that the level of rule of law has no significant impact on the level of environmental information disclosure, both for state-owned listed companies and non-state-owned listed companies.
【学位授予单位】：湖南工业大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F275

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