终极所有权结构对环境信息披露的影响——来自中国重污染行业上市公司的经验证据  

The Impact of Ultimate Ownership Structure on Environmental Information Disclosure:Empirical Evidence from Chinese Listed Companies of Heavy Pollution Industries

作　　者：傅鸿震[1] 

机构地区：[1]闽南师范大学管理学院,福建漳州363000

出　　处：《现代财经（天津财经大学学报）》2014年第12期81-95,共15页Modern Finance and Economics：Journal of Tianjin University of Finance and Economics

基　　金：国家自然科学基金项目(71002062);福建省社会科学规划项目(2013B055)

摘　　要：本文采用2009-2013年我国重污染行业上市公司的非平衡面板数据,实证检验终极所有权结构如何影响企业环境信息披露水平,结果发现:终极控制股东的现金流量权显著正向影响企业环境信息披露水平;终极控制股东的现金流量权和控制权的分离度显著负向影响企业环境信息披露水平;与终极控制股东为非国有的上市公司相比,终极控制股东为国有的上市公司具有更高的环境信息披露水平。研究表明终极所有权结构是影响企业环境信息披露水平的一个重要因素。This paper adopts the unbalanced panel data from 2009 to 2013 of Chinese listed companies from heavy pollution industries, and empirically examines how ultimate ownership structure affects corporate environmental information disclosure. The results show that, firstly, the cash flow rights of ultimate con- trolling shareholder significantly positively affects environmental information disclosure; secondly, the sepa- ration of ultimate controlling shareholders＇ cash flow rights and control rights significantly negatively affects environmental information disclosure; thirdly, compared with those companies whose ultimate controlling shareholders are non--state--owned firms, the companies whose ultimate controlling shareholders are state --owned firms have relatively higher environmental information disclosure. This study indicates that ultimate ownership structure is an important factor affecting corporate environmental information disclosure.

关 键 词：终极所有权结构 现金流量权 控制权 环境信息披露 

分 类 号：F276.6[经济管理—企业管理]