企业环境信息有用性实证研究:融资约束视角的面板数据分析  

作　　者：刘儒昞[1] 

机构地区：[1]湛江师范学院商学院会计系

出　　处：《企业经济》2014年第8期10-15,共6页Enterprise Economy

基　　金：国家自然科学基金项目"基于‘两型’社会的城市规模研究"(批准号:71073135);广东实践科学发展观研究基地--城乡协调发展研究基地项目"生态建市背景下湛江市重污染企业环境信息披露研究"(批准号:2014JD01);湛江师范学院课题项目"组织合法性视角下国有企业环境责任与环境信息披露研究"(批准号:W1207)

摘　　要：基于2009-20112009 2011年A股上市公司面板数据,实证考察了上市公司披露的环境信息能否有效降低信息不对称,从而缓解企业融资约束。分析发现,企业环境信息披露质量越高,融资约束程度就越低。同时,进一步考察了地区差异和产品市场竞争程度对环境信息披露质量的影响,结果显示:在东部地区企业以及产品市场竞争程度较低的企业中,环境信息披露质量与融资约束程度之间的负相关关系更加明显。这些证据表明,企业披露的环境信息是"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品市场竞争等因素的影响。Based on panel data of the A-share companies listed in Chinese Stock Exchange between 2009 and 2011, and from the perspective of financial constraints, this paper empirically explored if the environmental information disclosure of listed companies can reduce the degree of information asymmetry. The results showed that the higher quality of environmental in- formation disclosure leads to the lower financial constraints. Furthermore, we investigated the influence of regional differences and product market competition on the quality of environmental information disclosure, which showed that the quality of corporate environmental information disclosure and financial constraints are negatively associated more apparently in compa- nies with low product market competitiveness in the eastern regions. Our findings suggest that the environmental information should be ＂ useful＂ to investors through reducing the degree of information asymmetry, which will be affected by the factors such as area and product market competition.

关 键 词：环境信息有用性 融资约束 地区差异 产品市场竞争 两型社会 

分 类 号：F205[经济管理—国民经济] X322[环境科学与工程—环境工程]