环境规制、政治关联与环境信息披露质量——基于重污染上市公司经验证据  

Environmental Regulation, Political Connection and the Quality of Environmental Disclosure——Empirical Evidence Based on the Heavy Pollution of Listing Corporation

作　　者：李强[1] 冯波[1] 

机构地区：[1]中国矿业大学管理学院,江苏徐州221116

出　　处：《经济与管理》2015年第4期58-66,共9页Economy and Management

基　　金：国家自然科学基金项目(71103181);国家社会科学基金项目(14CJY079);教育部人文社科基金项目(13YJC790151);江苏省社会科学基金项目(12EYB007;13EYC021);中央高校基本科研业务费专项资金资助(2013XK11)

摘　　要：以2010—2012年沪市重污染行业上市公司为样本,实证检验环境规制与环境信息披露质量的相关性,并进一步探讨政治关联对环境规制实施效果的影响。研究结果表明:上市公司环境信息披露质量总体偏低,行业、地区差异显著;环境规制对环境信息披露质量的影响存在"区间效应",且因产权性质而异,其中,环境规制与国有企业环境信息披露质量呈"U"型关系,民营企业环境信息披露质量呈倒"U"型关系;政治关联会对环境规制与环境信息披露质量的关系产生调节作用,相比于一般民营企业,高政治关联民营企业环境信息披露质量对环境规制的敏感性更强(倒"U"型曲线更陡峭)、容忍度更弱(倒"U"型曲线更早出现拐点)。The paper studies the relationship of environmental regulation and the quality of environmental disclosure, and to further explore the influence of political connections based on the data of Chinese heavy pollution industry companies listed in Shanghai from 2010 to 2012.The result shows： the overall quality of environmental disclosure is relatively low and reveals significant regional and industrial differences. Environmental regulation has ＂interval effect＂ on the quality of environmental disclosure and the effects vary to the nature of property rights. Specifically, there exists a U-shaped relationship between environmental regulation and the quality of environmental disclosure of state-owned enterprises,and inverted U-shaped relationship of private enterprises. Political connections have adjustment effect on the relationship between environmental regulation and the quality of environmental disclosure. Compared to the general private enterprises, enterprises of high political connections have stronger sensitivity to environmental regulation （inverted U-relationship curve is steeper） and weaker tolerance （inflection point of inverted U-relationship curve exists earlier）.

关 键 词：政治关联 环境规制 环境信息披露 

分 类 号：F276.6[经济管理—企业管理]