企业代理成本与环境信息披露——基于管理层家乡情怀与市场化进程的调节效应  

Corporate Agency Cost and Environmental Information Disclosure:From the Perspective of the Management’s Hometown Sentiment and Marketization Process Moderating Effect

作　　者：李虹[1] 原潇倩 LI Hong;YUAN Xiaoqian(School of Management,Tianjin University of Technology,Tianjin 300384,China)

机构地区：[1]天津理工大学管理学院

出　　处：《南京审计大学学报》2019年第6期72-80,共9页Journal of Nanjing Audit University

基　　金：国家社会科学基金重点项目(17AGL027);天津市教委重大项目(2016JWZD23)

摘　　要：选取2012—2017年重污染行业上市公司的数据,基于企业内部管理层家乡情怀和外部市场化进程的调节作用,研究企业代理成本对环境信息披露质量的影响。研究结果表明:企业代理成本与环境信息披露质量负相关,环境信息披露质量会随着企业代理成本的提高而降低,而且这一效应在国有企业中更加显著;引入调节变量后,企业管理层家乡情怀与市场化进程均会对代理成本与环境信息披露之间的关系起到反向调节作用,有助于抑制企业代理成本提高所带来的不利影响。所得研究结论可以为如何降低企业代理成本、提高环境信息披露质量提供一些有益的借鉴和参考。Selecting the data of listed companies in heavy pollution industry from 2012 to 2017, the paper studies the impact of agency cost on the quality of environmental information disclosure,based on the hometown sentiment of internal management and the regulatory role of external marketization process.The results show that agency cost is negatively related to the quality of environmental information disclosure, and when the agency cost is lower, the level of corporate environmental information disclosure is higher, and this effect is more significant in state-owned enterprises. After the introduction of regulatory variables, the hometown feelings of enterprise management and the process of marketization will play a reverse regulatory role in the relationship between agency costs and environmental information disclosure, which will help to curb the adverse impact resulting from the increase of agency costs. The conclusion can provide some useful reference for enterprises to reduce the agency cost and improve the quality of environmental information disclosure.

关 键 词：代理成本 环境信息披露质量 家乡情怀 市场化进程 产权性质 股权分置改革 公司治理 绿色可持续发展 

分 类 号：F275.5[经济管理—企业管理]