企业环境信息披露及其地区差异:2010～2011年A股上市公司观察  

Corporate Environmental Information Disclosure and Regional Differences:2010～2011 A-Share Observation of Listed Corporation

作　　者：祁怀锦[1] 刘儒昞[1] 

机构地区：[1]中央财经大学会计学院,北京100081

出　　处：《改革》2013年第8期108-115,共8页Reform

摘　　要：以2010～2011年A股上市公司为研究对象,从证券分析师盈利预测视角,考察上市公司披露的环境信息是否可以为投资者提供有用的信息。结果显示,企业环境信息披露质量越高,分析师盈利预测误差越低。在国有企业以及东部地区企业,环境信息披露质量与分析师盈利预测准确性之间的正相关关系更加明显。这些证据表明,企业披露的环境信息对投资者而言是"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权性质等因素的影响。With the A-share companies listed in Chinese Stock Exchange between 2010 and 2011 as samples, and from the perspective of analysts＇ earnings forecasts, this paper empirically explors if the environmental information disclosure of listed companies can provide investors with useful information. The results show that the higher quality of environmental information disclosure, the lower analyst earnings forecast errors. Furthermore, using packet regression method we investigated the influence of regional differences and ownership properties. The results also show that the quality of corporate environmental information disclosure and accuracy of analyst earnings forecasts are associated more apparent in companies located in the eastern region and state-owned. The evidences above show that the environmental information is ＂useful＂ to investors through reducing the degree of information asymmetry. However, its effect will be affected by the factors such as area and property rights.

关 键 词：上市公司环境信息 分析师盈利预测 上市公司地区差异 

分 类 号：F832.5[经济管理—金融学]