实质性披露还是选择性披露:企业环境表现对环境信息披露质量的影响
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摘要
环境信息披露是企业向政府、社会公众传递企业履行环境保护责任情况的重要方式。企业公开的环境信息是对企业环境表现的实质性披露还是选择性披露,决定了企业环境信息披露的质量。本文以2012-2016年沪深两市A股重污染行业上市公司为样本,从披露载体和披露方式两个维度衡量环境信息披露质量,探究企业环境表现对环境信息披露质量的影响。实证结果表明:企业环境表现与环境信息定性披露呈负相关,与单独披露程度和定量披露呈正相关;外部环境管制压力相较于内在企业声誉动力对企业环境表现与环境信息披露质量之间的关系具有更显著的促进作用;环境管制的促进作用对国有企业更显著,而提高企业声誉的激励作用对非国有企业更显著。本文进一步研究还发现:高质量的实质性环境信息披露能够降低企业风险,促进企业可持续发展。
Environmental information disclosure is an important way for enterprises to communicate the environmental protection responsibility of enterprises to the government and the public.The environmental information disclosed by the enterprise is a substantive disclosure or selective disclosure of the environmental performance of the enterprise,which determines the quality of environmental information disclosure of the enterprise.This paper takes the 2012-2016 A-share heavily polluting listed companies as a sample,measures the quality of environmental information disclosure from the two dimensions of disclosure carrier and disclosure method,and studies the impact of corporate environmental performance on the quality of environmental information disclosure.The empirical results show that the environmental performance is negatively correlated with the qualitative disclosure of corporate environmental information,and positively correlated with the disclosure carrier and quantitative disclosure;external pressure has a more significant role in promoting the relationship between environmental performance and environmental information disclosure quality than internal dynamics;the promotion of environmental regulation is more significant for state-owned enterprises,and the incentive effect of reputation is more significant for non-state-owned enterprises.Furthermore,this paper finds that a high quality of substantive environmental information disclosure can reduce corporate risks and promote long-term development of enterprises.
Environmental information disclosure is an important way for enterprises to communicate the environmental protection responsibility of enterprises to the government and the public.The environmental information disclosed by the enterprise is a substantive disclosure or selective disclosure of the environmental performance of the enterprise,which determines the quality of environmental information disclosure of the enterprise.This paper takes the 2012-2016 A-share heavily polluting listed companies as a sample,measures the quality of environmental information disclosure from the two dimensions of disclosure carrier and disclosure method,and studies the impact of corporate environmental performance on the quality of environmental information disclosure.The empirical results show that the environmental performance is negatively correlated with the qualitative disclosure of corporate environmental information,and positively correlated with the disclosure carrier and quantitative disclosure;external pressure has a more significant role in promoting the relationship between environmental performance and environmental information disclosure quality than internal dynamics;the promotion of environmental regulation is more significant for state-owned enterprises,and the incentive effect of reputation is more significant for non-state-owned enterprises.Furthermore,this paper finds that a high quality of substantive environmental information disclosure can reduce corporate risks and promote long-term development of enterprises.
引文
毕茜,彭珏,左永彦.2012.环境信息披露制度、公司治理和环境信息披露.会计研究,7:39～47
陈国进,林辉,王磊.2005.公司治理、声誉机制和上市公司违法违规行为分析.南开管理评论,6:35～40
吕明晗,徐光华,沈弋,钱明.2018.异质性债务治理、契约不完全性与环境信息披露.会计研究,5:67～74
马本,张莉,郑新业.2017.收入水平、污染密度与公众环境质量需求.世界经济,9:149～173
沈洪涛,黄珍,郭肪汝.2014.告白还是辩白——企业环境表现与环境信息披露关系研究.南开管理评论,2:56～63
王书斌,徐盈之.2015.环境规制与雾霾脱钩效应——基于企业投资偏好的视角.中国工业经济,4:18～30
王霞,徐晓东,王宸.2013.公共压力、社会声誉、内部治理与企业环境信息披露——来自中国制造业上市公司的证据.南开管理评论,2:82～91
武恒光,王守海.2016.债券市场参与者关注公司环境信息吗?——来自中国重污染上市公司的经验证据.会计研究,9:68～74
翟胜宝,张胜,谢露.2014.银行关联与企业风险——基于我国上市公司的经验证据.管理世界,4:53～59
Ballou,B.,D.Heitger,C.Landes.2006.The Rise of Corporate Sustainability Reporting:a Rapidly Growing Assurance Opportunity.Journal of Accountancy,202(6):65～74
Benlemlih,M.,A.Shaukat,Y.Qiu,G.Trojanowski.2018.Environmental and Social Disclosures and Firm Risk.Journal of Business Ethics,152(3):613～626
Cho,C.H.,D.M.Patten.2007.The Role of Environmental Disclosures as to Tools of Legitimacy:a Research Note.Accounting,Organizations and Society,32(7-8):639～647
Clarkson,P.M.,Y.Li,G.D.Richardson,F.P.Vasvari.2008.Revisiting the Relation between Environmental Performance and Environmental Disclosure:An Empirical Analysis.Accounting,Organizations and Society,33(4-5):303～327
Deegan,C.,M.Rankin.1996.Do Australian Companies Report Environmental News Objectively?An Analysis of Environmental Disclosures by Firms Prosecuted Successfully by the Environmental Protection Authority.Accounting Auditing and Accountability Journal,9(2):50～67
Dhaliwal,D.S.,O.Z.Li,A.Tsang,Y.G.Yang.2011.Voluntary Nonfinancial Disclosure and the Cost of Equity Capital:the Initiation of Corporate Social Responsibility Reporting.The Accounting Review,86(1):59～100
Hassan,A.,X.Guo.2017.The Relationships between Reporting Format,Environmental Disclosure and Environmental Performance:An Empirical Study.Journal of Applied Accounting Research,18(4):425～444
Ling,Q.,M.M.Mowen.2013.Competitive Strategy and Voluntary Environmental Disclosure:Evidence from the Chemical Industry.Accounting and the Public Interest,13(1):55～84
Meng,X.H.,S.X.Zeng,J.J.Shi,G.Y.Qi,Z.B.Zhang.2014.The Relationship between Corporate Environmental Performance and Environmental Disclosure:An Empirical Study in China.Journal of Environmental Management,145:357～367
Patten,D.M..2002.The Relation between Environmental Performance and Environmental Disclosure:A Research Note.Accounting,Organizations and Society,27(8):763～773
Wiseman,J..1982.An Evaluation of Environmental Disclosures Made In Corporate Annual Reports.Accounting Organizations & Society,7(1):53～63
(1)本文所称“如实反映”,即实质性披露,是指企业对所有环境表现进行了真实的环境信息披露;“有所隐瞒”,即选择性披露,是指企业披露的环境信息只是对部分环境表现进行了披露。下文主要使用“实质性披露”和“选择性披露”的表述。
(2)本文选取的重污染行业包括采掘业、纺织服装皮毛业、金属非金属业、石化塑胶业、食品饮料业、水电煤气业、生物医药业和造纸印刷业。
(3)企业环境信用评价是指环保部门根据企业环境行为信息对企业环境行为进行的信用评价。企业环境行为是指企业在生产经营活动中遵守环保法律、法规、规章、规范性文件、环境标准和履行环保社会责任等方面的表现。
(4)自2008年起,上海证券交易所要求三类公司即“上证公司治理板块”公司、发行境外上市外资股的公司以及金融类公司须出具社会责任报告;深圳证券交易所要求“深证100指数”公司须出具社会责任报告。其中“上证公司治理板块”公司和“深证100指数”公司每年会做出调整。
陈国进,林辉,王磊.2005.公司治理、声誉机制和上市公司违法违规行为分析.南开管理评论,6:35～40
吕明晗,徐光华,沈弋,钱明.2018.异质性债务治理、契约不完全性与环境信息披露.会计研究,5:67～74
马本,张莉,郑新业.2017.收入水平、污染密度与公众环境质量需求.世界经济,9:149～173
沈洪涛,黄珍,郭肪汝.2014.告白还是辩白——企业环境表现与环境信息披露关系研究.南开管理评论,2:56～63
王书斌,徐盈之.2015.环境规制与雾霾脱钩效应——基于企业投资偏好的视角.中国工业经济,4:18～30
王霞,徐晓东,王宸.2013.公共压力、社会声誉、内部治理与企业环境信息披露——来自中国制造业上市公司的证据.南开管理评论,2:82～91
武恒光,王守海.2016.债券市场参与者关注公司环境信息吗?——来自中国重污染上市公司的经验证据.会计研究,9:68～74
翟胜宝,张胜,谢露.2014.银行关联与企业风险——基于我国上市公司的经验证据.管理世界,4:53～59
Ballou,B.,D.Heitger,C.Landes.2006.The Rise of Corporate Sustainability Reporting:a Rapidly Growing Assurance Opportunity.Journal of Accountancy,202(6):65～74
Benlemlih,M.,A.Shaukat,Y.Qiu,G.Trojanowski.2018.Environmental and Social Disclosures and Firm Risk.Journal of Business Ethics,152(3):613～626
Cho,C.H.,D.M.Patten.2007.The Role of Environmental Disclosures as to Tools of Legitimacy:a Research Note.Accounting,Organizations and Society,32(7-8):639～647
Clarkson,P.M.,Y.Li,G.D.Richardson,F.P.Vasvari.2008.Revisiting the Relation between Environmental Performance and Environmental Disclosure:An Empirical Analysis.Accounting,Organizations and Society,33(4-5):303～327
Deegan,C.,M.Rankin.1996.Do Australian Companies Report Environmental News Objectively?An Analysis of Environmental Disclosures by Firms Prosecuted Successfully by the Environmental Protection Authority.Accounting Auditing and Accountability Journal,9(2):50～67
Dhaliwal,D.S.,O.Z.Li,A.Tsang,Y.G.Yang.2011.Voluntary Nonfinancial Disclosure and the Cost of Equity Capital:the Initiation of Corporate Social Responsibility Reporting.The Accounting Review,86(1):59～100
Hassan,A.,X.Guo.2017.The Relationships between Reporting Format,Environmental Disclosure and Environmental Performance:An Empirical Study.Journal of Applied Accounting Research,18(4):425～444
Ling,Q.,M.M.Mowen.2013.Competitive Strategy and Voluntary Environmental Disclosure:Evidence from the Chemical Industry.Accounting and the Public Interest,13(1):55～84
Meng,X.H.,S.X.Zeng,J.J.Shi,G.Y.Qi,Z.B.Zhang.2014.The Relationship between Corporate Environmental Performance and Environmental Disclosure:An Empirical Study in China.Journal of Environmental Management,145:357～367
Patten,D.M..2002.The Relation between Environmental Performance and Environmental Disclosure:A Research Note.Accounting,Organizations and Society,27(8):763～773
Wiseman,J..1982.An Evaluation of Environmental Disclosures Made In Corporate Annual Reports.Accounting Organizations & Society,7(1):53～63
(1)本文所称“如实反映”,即实质性披露,是指企业对所有环境表现进行了真实的环境信息披露;“有所隐瞒”,即选择性披露,是指企业披露的环境信息只是对部分环境表现进行了披露。下文主要使用“实质性披露”和“选择性披露”的表述。
(2)本文选取的重污染行业包括采掘业、纺织服装皮毛业、金属非金属业、石化塑胶业、食品饮料业、水电煤气业、生物医药业和造纸印刷业。
(3)企业环境信用评价是指环保部门根据企业环境行为信息对企业环境行为进行的信用评价。企业环境行为是指企业在生产经营活动中遵守环保法律、法规、规章、规范性文件、环境标准和履行环保社会责任等方面的表现。
(4)自2008年起,上海证券交易所要求三类公司即“上证公司治理板块”公司、发行境外上市外资股的公司以及金融类公司须出具社会责任报告;深圳证券交易所要求“深证100指数”公司须出具社会责任报告。其中“上证公司治理板块”公司和“深证100指数”公司每年会做出调整。