政府监管、经营开放性与企业环境信息披露——基于我国重污染行业的实证分析
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摘要
企业环境信息披露的影响因素一直是学界和实务界的研究关注点。当前我国企业环境信息披露总体水平仍处于发展阶段,环境信息披露水平、质量和内容在不同行业、地区、股权结构间表现出明显差异。以我国沪深A股重污染行业2009—2015年相关信息为研究样本进行实证分析,分别探讨了我国政府对企业环境信息公开的监管力度以及经营开放性程度对企业环境信息披露水平的影响。研究发现,政府的监管力度会对企业环境信息披露水平产生积极影响,而从外资占比和境外收入占比两个维度进行衡量,企业环境信息披露水平与经营开放性存在正向影响。为此,经济新常态下我国政府在完善相关法律法规的同时,应鼓励企业在"一带一路"倡议下积极开拓国际间的贸易和投融资范围,吸收先进的公司治理理念和经验,从而加强对企业环境信息披露的监管和引导。
Currently,the overall level of corporate environmental disclosures in China is still in the development stage,and the level,quality,and content of environmental disclosures show significant gaps among industries,regions,and different equity structures. The factors that influence the disclosure of environmental information in enterprises have always been the focus of academic and practical circles. Using the sample of China's A-share listed firms in highly polluted industry from 2009 to2015 for empirical research,this paper discusses the impact of government supervision and openness of economy on environmental information disclosure respectively. Results show that government supervision has a significantly positive impact on the level of corporate environmental information disclosure,and from the two dimensions of foreign investment and overseas revenue,there is a positive correlation between corporate environmental information disclosure and openness of economy. Therefore,under the new normal of economy,while improving relevant laws and regulations,our government should encourage enterprises to explore the scope of international trade and investment and financing actively,and absorb advanced corporate governance concepts and experiences in the construction of"One Belt and One Road",so as to strengthen the supervision and guidance of environmental information disclosure.
Currently,the overall level of corporate environmental disclosures in China is still in the development stage,and the level,quality,and content of environmental disclosures show significant gaps among industries,regions,and different equity structures. The factors that influence the disclosure of environmental information in enterprises have always been the focus of academic and practical circles. Using the sample of China's A-share listed firms in highly polluted industry from 2009 to2015 for empirical research,this paper discusses the impact of government supervision and openness of economy on environmental information disclosure respectively. Results show that government supervision has a significantly positive impact on the level of corporate environmental information disclosure,and from the two dimensions of foreign investment and overseas revenue,there is a positive correlation between corporate environmental information disclosure and openness of economy. Therefore,under the new normal of economy,while improving relevant laws and regulations,our government should encourage enterprises to explore the scope of international trade and investment and financing actively,and absorb advanced corporate governance concepts and experiences in the construction of"One Belt and One Road",so as to strengthen the supervision and guidance of environmental information disclosure.
引文
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[19]刘茂平.上市公司实际控制人特征与企业环境信息披露质量---以广东上市公司为例[J].岭南学刊,2012(2):102-107.
[20]王海妹,吕晓静,林晚发.外资参股和高管、机构持股对企业社会责任的影响---基于中国A股上市公司的实证研究[J].会计研究,2014(8):81-87+97.
[21]BELAL A R,OWEN D L.The views of corporate managers on the current state of,and future prospects for,social reporting in Bangladesh:an engagement-based study[J].Accounting auditing&accountability journal,2007,20(4):472-494.
[22]MUTTAKIN M B,KHAN A,AZIM M I.Corporate social responsibility disclosures and earnings quality[J].Managerial auditing journal,2015,30(3):277-298.
[23]AERTS W,CORMIER D,MAGNAN M.Corporate environmental disclosure,financial markets and the media:an international perspective[J].Ecological economics,2008,64(3):643-659.
[24]张秀敏,马默坤,陈婧.外部压力对企业环境信息披露的监管效应[J].软科学,2016(2):74-78.
[25]舒利敏.我国重污染行业环境信息披露现状研究---基于沪市重污染行业620份社会责任报告的分析[J].证券市场导报,2014(9):35-44.
[26]CLARKSON P M,LI Y,RICHARDSON G D,et al.Revisiting the relation between environmental performance and environmental disclosure:an empirical analysis[J].Accounting organizations&society,2008,33(4-5):303-327.
[27]肖华,张国清,李建发.制度压力、高管特征与公司环境信息披露[J].经济管理,2016(3):168-180.
[2]FROST G R.The introduction of mandatory environmental reporting guidelines:Australian evidence[J].Abacus,2014,43(2):190-216.
[3]DOBLER M,LAJILI K,ZEGHAL D.Corporate environmental sustainability disclosures and environmental risk:alternative tests of socio-political theories[J].Social science electronic publishing,2015,11(3):301-332.
[4]沈洪涛,杨熠,吴奕彬.合规性、公司治理与社会责任信息披露[J].中国会计评论,2010(3):363-376.
[5]毕茜,顾立盟,张济建.传统文化、环境制度与企业环境信息披露[J].会计研究,2015(3):12-19+94.
[6]宋晓华,魏烁,蒋雨晗,等.政策环境、经营开放性与企业可持续发展信息披露---来自我国电力行业的实证分析[J].会计研究,2016(10):78-85+97.
[7]ROCKNESS J W.An assessment of the relationship between us corporate environmental performance and disclosure[J].Journal of business finance&accounting,1985,12(3):339-354.
[8]ZENG S X,XU X D,YIN H T,et al.Factors that drive Chinese listed companies in voluntary disclosure of environmental information[J].Journal of business ethics,2012,109(3):309-321.
[9]CLARKSON P M,OVERELL M B,CHAPPLE L.Environmental reporting and its relation to corporate environmental performance[J].Abacus,2014,47(1):27-60.
[10]沈洪涛,黄珍,郭肪汝.告白还是辩白---企业环境表现与环境信息披露关系研究[J].南开管理评论,2014(2):56-63.
[11]DIMAGGIO P J,POWELL W W.The iron cage revisited:institutional isomorphism and collective rationality in organizational fields[J].American sociological review,1983,48(2):147-160.
[12]VILLIERS C D,LOW M,SAMKIN G.The institutionalisation of mining company sustainability disclosures[J].Journal of cleaner production,2014,84(1):51-58.
[13]王建明.环境信息披露、行业差异和外部制度压力相关性研究---来自我国沪市上市公司环境信息披露的经验证据[J].会计研究,2008(6):54-62+95.
[14]何丽梅,侯涛.环境绩效信息披露及其影响因素实证研究---来自我国上市公司社会责任报告的经验证据[J].中国人口·资源与环境,2010(8):99-104.
[15]聂金玲,雷玲.外部监督、内部压力与环境信息披露相关性实证研究---基于沪市重污染行业上市公司的数据[J].财会通讯,2015(27):72-75+129.
[16]GRAY R,KOUHY R,LAVERS S.Corporate social and environmental reporting:a review of the literature and a longitudinal study of UK disclosure[J].Accounting,1995,8(2):47-77.
[17]BARAKO D G,HANCOCK P,IZAN H Y.Factors influencing voluntary corporate disclosure by Kenyan companies[J].Corporate governance an international review,2010,14(2):107-125.
[18]WON Y O,CHANG Y K,MARTYNOV A.The effect of ownership structure on corporate social responsibility:empirical evidence from Korea[J].Journal of business ethics,2011,104(2):283-297.
[19]刘茂平.上市公司实际控制人特征与企业环境信息披露质量---以广东上市公司为例[J].岭南学刊,2012(2):102-107.
[20]王海妹,吕晓静,林晚发.外资参股和高管、机构持股对企业社会责任的影响---基于中国A股上市公司的实证研究[J].会计研究,2014(8):81-87+97.
[21]BELAL A R,OWEN D L.The views of corporate managers on the current state of,and future prospects for,social reporting in Bangladesh:an engagement-based study[J].Accounting auditing&accountability journal,2007,20(4):472-494.
[22]MUTTAKIN M B,KHAN A,AZIM M I.Corporate social responsibility disclosures and earnings quality[J].Managerial auditing journal,2015,30(3):277-298.
[23]AERTS W,CORMIER D,MAGNAN M.Corporate environmental disclosure,financial markets and the media:an international perspective[J].Ecological economics,2008,64(3):643-659.
[24]张秀敏,马默坤,陈婧.外部压力对企业环境信息披露的监管效应[J].软科学,2016(2):74-78.
[25]舒利敏.我国重污染行业环境信息披露现状研究---基于沪市重污染行业620份社会责任报告的分析[J].证券市场导报,2014(9):35-44.
[26]CLARKSON P M,LI Y,RICHARDSON G D,et al.Revisiting the relation between environmental performance and environmental disclosure:an empirical analysis[J].Accounting organizations&society,2008,33(4-5):303-327.
[27]肖华,张国清,李建发.制度压力、高管特征与公司环境信息披露[J].经济管理,2016(3):168-180.
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