外部融资需求、印象管理与企业漂绿
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摘要
漂绿是一种形式上适应而实质上对抗的社会责任响应方式。近年来,中国企业的绿色管理实践存在向漂绿行为异化的倾向。文章基于印象管理理论阐释企业漂绿的动因并构建漂绿衡量指标体系,选择2010年～2016年重污染行业A股上市公司开展的实证研究表明:相较于无融资需求企业,有外部融资需求企业的漂绿程度更高;同时,机制检验的结果表明,漂绿企业更容易获得银行的债务融资,提高了银行信贷的可得性。进一步的异质性检验发现,当年被媒体负面环境报道的企业,以及"两型"企业创建试点和循环经济试点单位的外部融资需求与企业漂绿的正相关关系不再显著。这表明通过媒体监督和绿色认证增加信息透明度对漂绿具有治理效应。
Greenwashing is a response to social responsibilities, which is compliant in form though oppositional in essence. In recent years, a trend has emerged among Chinese enterprises toward greenwashing behavior. This paper sets forth enterprises' motivation for greenwashing through the impression management theory. On this basis, the paper then constructs an evaluation index system for measuring greenwashing. An empirical study on listed companies in the pollution industry from 2010 to 2016 shows that compared with enterprises without financing needs, enterprises with financing needs have higher greenwashing inclination. The results of the mechanism test show that the greenwwashing enterprises are more likely to obtain bank debt financing and improve the availability of bank credit. In addition, further investigations based on sub sample test find: the enterprises that were negatively reported by the media for environmental protection purposes, and resources-efficient and environmentally friendly enterprises have no longer a significantly positive correlation between financing demand and greenwashing. It supports that the media supervision and green certification have a governance effect on greenwashing through increasing information transparency.
Greenwashing is a response to social responsibilities, which is compliant in form though oppositional in essence. In recent years, a trend has emerged among Chinese enterprises toward greenwashing behavior. This paper sets forth enterprises' motivation for greenwashing through the impression management theory. On this basis, the paper then constructs an evaluation index system for measuring greenwashing. An empirical study on listed companies in the pollution industry from 2010 to 2016 shows that compared with enterprises without financing needs, enterprises with financing needs have higher greenwashing inclination. The results of the mechanism test show that the greenwwashing enterprises are more likely to obtain bank debt financing and improve the availability of bank credit. In addition, further investigations based on sub sample test find: the enterprises that were negatively reported by the media for environmental protection purposes, and resources-efficient and environmentally friendly enterprises have no longer a significantly positive correlation between financing demand and greenwashing. It supports that the media supervision and green certification have a governance effect on greenwashing through increasing information transparency.
引文
缑倩雯、蔡宁,2015:“制度复杂性与企业环境战略选择:基于制度逻辑视角的解读”,《经济社会体制比较》,2015,1:125—138。
何贤杰、肖士盛、陈信元,2012:“企业社会责任信息披露与公司融资约束”,《财经研究》,2012,8:60—71。
黄溶冰、赵谦,2018:“演化视角下的企业漂绿问题研究——基于中国漂绿榜的案例分析”,《会计研究》,2018,4:11—19。
陆正飞、祝继高、樊静,2009:“银根紧缩、信贷歧视与民营上市公司投资者利益损失”,《金融研究》,2009,8:124—136。
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》,2018,5:67—74。
倪娟、孔令文,2016:“环境信息披露、银行信贷决策与债务融资成本——来自我国沪深两市A股重污染行业上市公司的经验证据”,《经济评论》,2016,1:147—156。
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》,2014,2:56—63。
沈永健、徐巍、蒋德权,2018:“信贷管制、隐性契约与贷款利率变相市场化——现象与解释”,《金融研究》,2018,7:49—68。
孙蔓莉,2004:“论上市公司信息披露中的印象管理行为”,《会计研究》,2004,3:40—45。
肖红军、张俊生、李伟阳,2013:“企业伪社会责任行为研究”,《中国工业经济》,2013,6:109—121。
杨亚林、马如飞,2017:“环境外部性与我国绿色金融发展”,《湖湘论坛》,2017,1:88—91。
Brennan,N.M.,E.Guillamon-Saorin,and A.Pierce,2009.“Methodological Insights:Impression Management:Developing and Illustrating a Scheme of Analysis for Narrative Disclosures-A Methodological Note.” Accounting,Auditing and Accountability Journal.22(5):789-832.
Clarkson,P.M.,Y.Li,G.D.Richardson,and F.P.Vasvari,2008.“Revisiting the Relation between Environmental Performance and Environmental Disclosure:An Empirical Analysis.” Accounting,Organization and Society.33(4):303-327.
Delmas,M.A.,and M.J.Montes-Sancho,2010.“Voluntary Agreements to Improve Environmental Quality:Symbolic and Substantive Cooperation.” Strategic Management Journal.31(6):575-601.
Du,X.,J.Weng,Q.Zeng,et al.,2017.“Do Lenders Applaud Corporate Environmental Performance?Evidence from Chinese Private-Owned Firms.” Journal of Business Ethics.143(1):179-207.
Durnev A.A.,and E.H.Kim,2005.“To Steal or Not to Steal:Firm Attributes,Legal Environment,and Valuation.” The Journal of Finance.60(3):1461-1493.
Graffin,S.D.,M.A.Carpenter,and S.Boivie,2011.“What's All that (Strategic) Noise?Anticipatory Impression Management in CEO Succession.” Strategic Management Journal.32(7):748-770.
Leary,M.R.,and R.M.Kowalski,1990.“Impression Management:A Literature Review and Two-Component Model.” Psychological Bulletin.107(1):34-47.
Li,W.,and X.Lu,2016.“Institutional Interest,Ownership Type,and Environmental Capital Expenditures:Evidence from the Most Polluting Chinese Listed Firms.” Journal of Business Ethics.138(3):459-476.
Lyon,T.P.,and J.W.Maxwell,2011.“Greenwash:Corporate Environmental Disclosure under Threat of Audit.” Journal of Economics & Management Strategy.20(1):3-41.
Lyon,T.P.,and A.W.Montgomery,2013.“Tweetjacked:The Impact of Social Media on Corporate Greenwash.” Journal of Business Ethics.118(4):747-757.
Marquis,C.,M.W.Toffel,and Y.Zhou,2016.“Scrutiny,Norms,and Selective Disclosure:A Global Study of Greenwashing.” Organization Science.27(2):483-504.
Mohamed,A.A.,W.L.Gardner,and J.P.Paolillo,1999.“A Taxonomy of Organizational Impression Management Tactics.” Advances in Competitiveness Research.7(1):108-130.
Neu,D.,H.Warsame,and K.Pedwell,1998.“Managing Public Impressions:Environmental Disclosure in Annual Reports.” Accounting,Organizations and Society.23(3):265-282.
Parguel,B.,F.Beno?t-Moreau,and F.Larceneux,2011.“How Sustainability Ratings Might Deter ‘Greenwashing’:Closer Look at Ethical Corporate Communication.” Journal of Business Ethics.102(1):15-28.
Testa,F.,O.Boiral,and F.Iraldo,2018.“Internalization of Environmental Practices and Institutional Complexity:Can Stakeholders Pressures Encourage Greenwashing.” Journal of Business Ethics.147(2):287-307.
Walker,K.,and F.Wan,2012.“The Harm of Symbolic Actions and Green-washing:Corporate Actions and Communications on Environmental Performance and Their Financial Implications.” Journal of Business Ethics.109(2):227-242.
(1)括号内为C statistic中SymbolcA@2检验的p值。
何贤杰、肖士盛、陈信元,2012:“企业社会责任信息披露与公司融资约束”,《财经研究》,2012,8:60—71。
黄溶冰、赵谦,2018:“演化视角下的企业漂绿问题研究——基于中国漂绿榜的案例分析”,《会计研究》,2018,4:11—19。
陆正飞、祝继高、樊静,2009:“银根紧缩、信贷歧视与民营上市公司投资者利益损失”,《金融研究》,2009,8:124—136。
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》,2018,5:67—74。
倪娟、孔令文,2016:“环境信息披露、银行信贷决策与债务融资成本——来自我国沪深两市A股重污染行业上市公司的经验证据”,《经济评论》,2016,1:147—156。
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》,2014,2:56—63。
沈永健、徐巍、蒋德权,2018:“信贷管制、隐性契约与贷款利率变相市场化——现象与解释”,《金融研究》,2018,7:49—68。
孙蔓莉,2004:“论上市公司信息披露中的印象管理行为”,《会计研究》,2004,3:40—45。
肖红军、张俊生、李伟阳,2013:“企业伪社会责任行为研究”,《中国工业经济》,2013,6:109—121。
杨亚林、马如飞,2017:“环境外部性与我国绿色金融发展”,《湖湘论坛》,2017,1:88—91。
Brennan,N.M.,E.Guillamon-Saorin,and A.Pierce,2009.“Methodological Insights:Impression Management:Developing and Illustrating a Scheme of Analysis for Narrative Disclosures-A Methodological Note.” Accounting,Auditing and Accountability Journal.22(5):789-832.
Clarkson,P.M.,Y.Li,G.D.Richardson,and F.P.Vasvari,2008.“Revisiting the Relation between Environmental Performance and Environmental Disclosure:An Empirical Analysis.” Accounting,Organization and Society.33(4):303-327.
Delmas,M.A.,and M.J.Montes-Sancho,2010.“Voluntary Agreements to Improve Environmental Quality:Symbolic and Substantive Cooperation.” Strategic Management Journal.31(6):575-601.
Du,X.,J.Weng,Q.Zeng,et al.,2017.“Do Lenders Applaud Corporate Environmental Performance?Evidence from Chinese Private-Owned Firms.” Journal of Business Ethics.143(1):179-207.
Durnev A.A.,and E.H.Kim,2005.“To Steal or Not to Steal:Firm Attributes,Legal Environment,and Valuation.” The Journal of Finance.60(3):1461-1493.
Graffin,S.D.,M.A.Carpenter,and S.Boivie,2011.“What's All that (Strategic) Noise?Anticipatory Impression Management in CEO Succession.” Strategic Management Journal.32(7):748-770.
Leary,M.R.,and R.M.Kowalski,1990.“Impression Management:A Literature Review and Two-Component Model.” Psychological Bulletin.107(1):34-47.
Li,W.,and X.Lu,2016.“Institutional Interest,Ownership Type,and Environmental Capital Expenditures:Evidence from the Most Polluting Chinese Listed Firms.” Journal of Business Ethics.138(3):459-476.
Lyon,T.P.,and J.W.Maxwell,2011.“Greenwash:Corporate Environmental Disclosure under Threat of Audit.” Journal of Economics & Management Strategy.20(1):3-41.
Lyon,T.P.,and A.W.Montgomery,2013.“Tweetjacked:The Impact of Social Media on Corporate Greenwash.” Journal of Business Ethics.118(4):747-757.
Marquis,C.,M.W.Toffel,and Y.Zhou,2016.“Scrutiny,Norms,and Selective Disclosure:A Global Study of Greenwashing.” Organization Science.27(2):483-504.
Mohamed,A.A.,W.L.Gardner,and J.P.Paolillo,1999.“A Taxonomy of Organizational Impression Management Tactics.” Advances in Competitiveness Research.7(1):108-130.
Neu,D.,H.Warsame,and K.Pedwell,1998.“Managing Public Impressions:Environmental Disclosure in Annual Reports.” Accounting,Organizations and Society.23(3):265-282.
Parguel,B.,F.Beno?t-Moreau,and F.Larceneux,2011.“How Sustainability Ratings Might Deter ‘Greenwashing’:Closer Look at Ethical Corporate Communication.” Journal of Business Ethics.102(1):15-28.
Testa,F.,O.Boiral,and F.Iraldo,2018.“Internalization of Environmental Practices and Institutional Complexity:Can Stakeholders Pressures Encourage Greenwashing.” Journal of Business Ethics.147(2):287-307.
Walker,K.,and F.Wan,2012.“The Harm of Symbolic Actions and Green-washing:Corporate Actions and Communications on Environmental Performance and Their Financial Implications.” Journal of Business Ethics.109(2):227-242.
(1)括号内为C statistic中SymbolcA@2检验的p值。