企业环境信息有用性实证研究:融资约束视角的面板数据分析

发布时间：2018-01-22 02:53

本文关键词： 环境信息有用性融资约束地区差异产品市场竞争两型社会　出处：《企业经济》2014年08期 　论文类型：期刊论文

【摘要】：基于2009-20112009 2011年A股上市公司面板数据,实证考察了上市公司披露的环境信息能否有效降低信息不对称,从而缓解企业融资约束。分析发现,企业环境信息披露质量越高,融资约束程度就越低。同时,进一步考察了地区差异和产品市场竞争程度对环境信息披露质量的影响,结果显示:在东部地区企业以及产品市场竞争程度较低的企业中,环境信息披露质量与融资约束程度之间的负相关关系更加明显。这些证据表明,企业披露的环境信息是"有用的",降低了信息不对称的程度;但是,这种"有用性"会受到企业所处地区和产品市场竞争等因素的影响。
[Abstract]:Based on the panel data of A share listed companies in 2009-20112009, this paper empirically investigates whether the environmental information disclosed by listed companies can effectively reduce information asymmetry. The analysis shows that the higher the quality of enterprise environmental information disclosure, the lower the degree of financing constraint. At the same time. The effects of regional differences and the degree of product market competition on the quality of environmental information disclosure are further investigated. The results show that: in the eastern region of the enterprises and the low degree of competition in the product market. The negative correlation between the quality of environmental information disclosure and the degree of financing constraints is more obvious. These evidences show that the environmental information disclosed by enterprises is "useful" and reduces the degree of information asymmetry. However, this "usefulness" will be affected by such factors as the region in which the enterprise is located and the competition in the product market.
【作者单位】：湛江师范学院商学院会计系;
【基金】：国家自然科学基金项目“基于‘两型’社会的城市规模研究”(批准号:71073135) 广东实践科学发展观研究基地——城乡协调发展研究基地项目“生态建市背景下湛江市重污染企业环境信息披露研究”(批准号:2014JD01) 湛江师范学院课题项目“组织合法性视角下国有企业环境责任与环境信息披露研究”(批准号:W1207)
【分类号】：F832.51
【正文快照】： 一、引言近年来国内频发的重大环境污染事件,使得企业环境责任问题成为公众关注的焦点。对外进行环境信息披露、反映环境责任履行情况与满足社会公众对企业环境信息披露日益强烈的需求,成为现代企业可持续发展的必然选择,也是我国实现“绿色发展”、建设生态文明的必由之路。

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