环境信息不对称、机构投资者实地调研与企业环境治理
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摘要
基于信息不对称理论,本文以2013-2016年深交所重污染行业上市公司为研究样本,分析了机构投资者实地调研对企业环境治理的影响及其作用机制。研究发现,机构投资者实地调研对企业环境治理具有积极的推动作用;在环境信息披露较差以及本地子公司较多的企业中,机构投资者实地调研的环境治理作用更为明显。进一步考察实地调研对企业环境治理的影响路径发现,机构投资者实地调研推动了企业环境治理的资本市场监督和媒体监督。本文的研究验证了信息不对称理论在环境治理中的作用,拓宽了实地调研经济后果的研究领域,对于深入理解并推动我国企业环境治理具有重要的现实意义。
Based on the information asymmetry theory, this paper analyzes the influence of institutional investors' corporate site visits on corporate environmental governance using the Shenzhen Stock Exchange listed companies in heavily polluting industries during 2013-2016 as the sample. It is found that institutional investors' corporate site visits have a positive influence to promote corporate environmental governance. The environmental governance influence of institutional investors' corporate site visits is even more pronounced in the companies with poor environmental information disclosure and more local subsidiaries. Further investigation of the impact of institutional investors' corporate site visits on corporate environmental governance shows that institutional investors' corporate site visits have promoted capital market supervision and media supervision of corporate environmental governance. This paper verifies the role of information asymmetry theory in environmental governance and expands the research field of corporate site visits on economic consequences. It has important practical implications in understanding and promoting corporate environmental governance in China.
Based on the information asymmetry theory, this paper analyzes the influence of institutional investors' corporate site visits on corporate environmental governance using the Shenzhen Stock Exchange listed companies in heavily polluting industries during 2013-2016 as the sample. It is found that institutional investors' corporate site visits have a positive influence to promote corporate environmental governance. The environmental governance influence of institutional investors' corporate site visits is even more pronounced in the companies with poor environmental information disclosure and more local subsidiaries. Further investigation of the impact of institutional investors' corporate site visits on corporate environmental governance shows that institutional investors' corporate site visits have promoted capital market supervision and media supervision of corporate environmental governance. This paper verifies the role of information asymmetry theory in environmental governance and expands the research field of corporate site visits on economic consequences. It has important practical implications in understanding and promoting corporate environmental governance in China.
引文
[1]Han B,Kong D,Liu S.Do Analysts Gain an Informational Advantage by Visiting Listed Companies?[J].Contemporary Accounting Research,2018,35(4):1843-1867.
[2]谭松涛,崔小勇.上市公司调研能否提高分析师预测精度[J].世界经济,2015(4):126-145.
[3]Cheng Q,Du F,Wang X,et al.Seeing is Believing:Analysts’ Corporate Site Visits[J].Review of Accounting Studies,2017,21(4):1-42.
[4]谭劲松,林雨晨.机构投资者对信息披露的治理效应——基于机构调研行为的证据[J].南开管理评论,2016(5):115-126.
[5]程小可,李昊洋,高升好.机构投资者调研与管理层盈余预测方式[J].管理科学,2017(1):131-145.
[6]Bowen R M,Dutta S,Tang S,et al.Inside the “Black Box” of Private In-house Meetings[J].Review of Accounting Studies,2018,23(2):487-527.
[7]Cao S,Gong G,Shi H.Private Information Acquisition and Corporate Investment:Evidence from Corporate Site Visits[J].SSRN Working Paper,2017.
[8]Johnson R A,Greening D W.The Effects of Corporate Governance and Institutional Ownership Types on Corporate Social Performance[J].Academy of Management Journal,1999,42(5):564-576.
[9]李培功,沈艺峰.社会规范、资本市场与环境治理:基于机构投资者视角的经验证据[J].世界经济,2011(6):126-146.
[10]沈洪涛,游家兴,刘江宏.再融资环保核查、环境信息披露与权益资本成本[J].金融研究,2010(12):159-172.
[11]沈洪涛,冯杰.舆论监督、政府监管与企业环境信息披露[J].会计研究,2012(2):72-78.
[12]Cheng Q,Du F,Wang X,et al.Are Investors’ Corporate Site Visits Informative?[J].SSRN Working Paper,2013.
[13]Jiang X,Yuan Q.Institutional Investors’ Corporate Site Visits and Corporate Innovation[J].Journal of Corporate Finance,2018,48:148-168.
[14]Leonidou L C,Kvasova O,Leonidou C N,et al.Business Unethicality as an Impediment to Consumer Trust:The Moderating Role of Demographic and Cultural Characteristics[J].Journal of Business Ethics,2013,112(3):397-415.
[15]Walker K,Wan F.The Harm of Symbolic Actions and Green-washing:Corporate Actions and Communications on Environmental Performance and Their Financial Implications[J].Journal of Business Ethics,2012,109(2):227-242.
[16]赵阳,袁迪,沈洪涛.环境污染责任保险的资本市场反应研究[J].财务研究,2018(2):53-61.
[17]Du X.How the Market Values Greenwashing?Evidence from China[J].Journal of Business Ethics,2015,128(3):547-574.
[18]Parguel B,Beno?t-Moreau F,Larceneux F.How Sustainability Ratings Might Deter ‘Greenwashing’:A Closer Look at Ethical Corporate Communication[J].Journal of Business Ethics,2011,102(1):15-28.
[19]Horiuchi R,Schuchard R,Shea L,et al.Townsend.Understanding and Preventing Greenwash:A business Guide[M],London:Futerra Sustainability Communications,2009.
[20]肖红军,张俊生,李伟阳.企业伪社会责任行为研究[J].中国工业经济,2013(6):109-121.
[21]Bowen F.After Greenwashing:Symbolic Corporate Environmentalism and Society[M].Cambridge:Cambridge University Press,2014.
[22]Chen Q,Goldstein I,Jiang W.Price Informativeness and Investment Sensitivity to Stock Price[J].The Review of Financial Studies,2006,20(3):619-650.
[23]李培功,沈艺峰.媒体的公司治理作用:中国的经验证据[J].经济研究,2010(4):14-27.
[24]沈洪涛,周艳坤.环境执法监督与企业环境绩效:来自环保约谈的准自然实验证据[J].南开管理评论,2017(6):73-82.
[25]Patten D M.The Accuracy of Financial Report Projections of Future Environmental Capital Expenditures:A Research Note[J].Accounting,Organizations and Society,2005,30(5):457-468.
[26]胡珺,宋献中,王红建.非正式制度、家乡认同与企业环境治理[J].管理世界,2017(3):76-94.
[27]曹春方,周大伟,吴澄澄,张婷婷.市场分割与异地子公司分布[J].管理世界,2015(9):92-103.
[28]樊纲,王小鲁,朱恒鹏.中国市场化指数:各地区市场化相对进程2011年报告[M].北京:经济科学出版社,2011.
(1)数据来源:Wind金融数据库。
(2)限于篇幅,稳健性检验结果以附表1～7展示,见《统计研究》网站所列附件。
[2]谭松涛,崔小勇.上市公司调研能否提高分析师预测精度[J].世界经济,2015(4):126-145.
[3]Cheng Q,Du F,Wang X,et al.Seeing is Believing:Analysts’ Corporate Site Visits[J].Review of Accounting Studies,2017,21(4):1-42.
[4]谭劲松,林雨晨.机构投资者对信息披露的治理效应——基于机构调研行为的证据[J].南开管理评论,2016(5):115-126.
[5]程小可,李昊洋,高升好.机构投资者调研与管理层盈余预测方式[J].管理科学,2017(1):131-145.
[6]Bowen R M,Dutta S,Tang S,et al.Inside the “Black Box” of Private In-house Meetings[J].Review of Accounting Studies,2018,23(2):487-527.
[7]Cao S,Gong G,Shi H.Private Information Acquisition and Corporate Investment:Evidence from Corporate Site Visits[J].SSRN Working Paper,2017.
[8]Johnson R A,Greening D W.The Effects of Corporate Governance and Institutional Ownership Types on Corporate Social Performance[J].Academy of Management Journal,1999,42(5):564-576.
[9]李培功,沈艺峰.社会规范、资本市场与环境治理:基于机构投资者视角的经验证据[J].世界经济,2011(6):126-146.
[10]沈洪涛,游家兴,刘江宏.再融资环保核查、环境信息披露与权益资本成本[J].金融研究,2010(12):159-172.
[11]沈洪涛,冯杰.舆论监督、政府监管与企业环境信息披露[J].会计研究,2012(2):72-78.
[12]Cheng Q,Du F,Wang X,et al.Are Investors’ Corporate Site Visits Informative?[J].SSRN Working Paper,2013.
[13]Jiang X,Yuan Q.Institutional Investors’ Corporate Site Visits and Corporate Innovation[J].Journal of Corporate Finance,2018,48:148-168.
[14]Leonidou L C,Kvasova O,Leonidou C N,et al.Business Unethicality as an Impediment to Consumer Trust:The Moderating Role of Demographic and Cultural Characteristics[J].Journal of Business Ethics,2013,112(3):397-415.
[15]Walker K,Wan F.The Harm of Symbolic Actions and Green-washing:Corporate Actions and Communications on Environmental Performance and Their Financial Implications[J].Journal of Business Ethics,2012,109(2):227-242.
[16]赵阳,袁迪,沈洪涛.环境污染责任保险的资本市场反应研究[J].财务研究,2018(2):53-61.
[17]Du X.How the Market Values Greenwashing?Evidence from China[J].Journal of Business Ethics,2015,128(3):547-574.
[18]Parguel B,Beno?t-Moreau F,Larceneux F.How Sustainability Ratings Might Deter ‘Greenwashing’:A Closer Look at Ethical Corporate Communication[J].Journal of Business Ethics,2011,102(1):15-28.
[19]Horiuchi R,Schuchard R,Shea L,et al.Townsend.Understanding and Preventing Greenwash:A business Guide[M],London:Futerra Sustainability Communications,2009.
[20]肖红军,张俊生,李伟阳.企业伪社会责任行为研究[J].中国工业经济,2013(6):109-121.
[21]Bowen F.After Greenwashing:Symbolic Corporate Environmentalism and Society[M].Cambridge:Cambridge University Press,2014.
[22]Chen Q,Goldstein I,Jiang W.Price Informativeness and Investment Sensitivity to Stock Price[J].The Review of Financial Studies,2006,20(3):619-650.
[23]李培功,沈艺峰.媒体的公司治理作用:中国的经验证据[J].经济研究,2010(4):14-27.
[24]沈洪涛,周艳坤.环境执法监督与企业环境绩效:来自环保约谈的准自然实验证据[J].南开管理评论,2017(6):73-82.
[25]Patten D M.The Accuracy of Financial Report Projections of Future Environmental Capital Expenditures:A Research Note[J].Accounting,Organizations and Society,2005,30(5):457-468.
[26]胡珺,宋献中,王红建.非正式制度、家乡认同与企业环境治理[J].管理世界,2017(3):76-94.
[27]曹春方,周大伟,吴澄澄,张婷婷.市场分割与异地子公司分布[J].管理世界,2015(9):92-103.
[28]樊纲,王小鲁,朱恒鹏.中国市场化指数:各地区市场化相对进程2011年报告[M].北京:经济科学出版社,2011.
(1)数据来源:Wind金融数据库。
(2)限于篇幅,稳健性检验结果以附表1～7展示,见《统计研究》网站所列附件。
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