企业会“低调”披露环境信息吗?——竞争压力下企业环保投资与环境信息披露质量关系研究  

Do Companies Quietly Disclose Environmental Information?A Study of the Relationship between Environmental Investment and Environmental Information Disclosure Quality under the Pressure of Competition

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：《中南财经政法大学学报》2015年第4期141-148,160,共8页Journal of Zhongnan University of Economics and Law

基　　金：国家自然科学基金项目"考虑环境因素的煤炭产业生产率测度及提升机制研究"(71103181);国家社会科学基金项目"环境规制推动高耗能产业升级的机制;绩效与政策研究"(14CJY079);教育部人文社会科学项目"环境规制背景下产业结构变动对区域碳排放的影响及减排政策研究"(13YJC790151);江苏省社会科学基金"江苏省实体经济发展与碳排放脱钩研究"(12EYB007);江苏省社会科学基金"苏北承接产业转移的生态环境效应及协调政策研究"(13EYC021)

摘　　要：本文以Z008~2012年沪深两市A股重污染行业上市公司为样本，实证检验环保投资与环境信息披露质量的相关性，并进一步分析竞争压力是否会影响企业的环境信息披露行为，研究结果表明：环保投资与环境信息披露质量正相关，企业环保投资越大，越能够传递高质量的环境信息；激烈的产品市场竞争会削弱环保投资与环境信息披露质量之间的正相关性，竞争带来的成本压力导致企业倾向于“低调”披露环境信息，以避免可能存在的“鞭打快牛”负面效应，而且这种“低调”披露行为在环境规制严格的地区更为显著。Based on the study samples of A-share listed companies in heavy polluting industries from2008 to 2012,this paper empirically investigates the relationship of environmental investment and the quality of environmental information disclosure,and further examines the moderating effects of product market competition.The results show that environmental investment is positively related to the quality of environmental information disclosure,the more investment in environmental protection is,and the more possibility to deliver high quality environmental information is.Intense competition in product markets will weaken the positive correlation between environmental investment and the quality of environmental information disclosure.The cost pressure from competition results in'low-profile'disclosure in order to avoid the possible'ratchet effect'.Furthermore,the'low-profile'disclosure is significant where environmental regulation is stricter.

关 键 词：产品市场竞争 环保投资 环境信息披露 环境规制 

分 类 号：F275.5[经济管理—企业管理]