企业环境信息表内确认和表外披露的价值相关性研究  

The Value Relevance of Corporate Environmental Information Measurement and Disclosure

作　　者：吉利[1,2,3,4] 魏静 Ji Li;Wei Jing

机构地区：[1]西南财经大学会计学院 [2]西南财经大学中国管理会计研究中心 [3]财政部 [4]中国会计学会会计基础理论专业委员会

出　　处：《投资研究》2022年第1期32-56,共25页Review of Investment Studies

基　　金：教育部人文社会科学研究项目“精准扶贫与企业慈善行为研究”(18YJA630041);云南省哲学社会科学基金项目“云南企业环境资源价值计量与报告研究”(QN2018056)。

摘　　要：环境退化已经成为中国日益关注的问题,近年来大多数公司显著提高了环境信息的披露程度。利益相关者是否关注企业的环境信息以及会做出怎样的反应?文章以中国2009-2016年重污染行业上市公司为样本,不仅探讨了是否确认或披露环境信息、确认或披露环境信息的程度对企业股价的影响,更进一步地,通过识别表内确认与表外披露两种不同的环境信息披露形式,探讨其对企业股价影响的差异,研究发现:(1)相比未确认或披露环境信息的企业,确认或披露环境信息具有价值相关性;(2)确认或披露环境信息的程度与企业股价负相关;(3)对于不同披露形式的环境信息,其价值相关性存在差异。具体地,表外披露的环境信息具有负价值相关性,但表内确认的环境信息具有正价值相关性。Environmental degradation has become a growing concern in China.In recent years,most companies have significantly improved the disclosure of environmental information.Do the stakeholders pay attention to the environmental information of the firms and what kind of response will they make?Taking the listed firms of heavy pollution industries in China for 2009-2016 years as a sample,the paper not only explored influence of whether measurement or disclosure and the degree of measurement or disclosure on the stock price of firms,but also exploring environmental information measurement and disclosure on them by distinguishing two different forms of environmental information disclosure.The results show that:(1)the measurement or disclosure of environmental information is of value relevance;(2)the degree of environmental information measurement or disclosure is negatively correlated with the stock price;(3)there are differences in the value relevance of environmental information in different disclosure forms.Specifically,the environmental information disclosed in the special report has a negative value relevance;however,the environmental information measured in the annual financial statements has a positive value relevance.

关 键 词：环境信息 价值相关性 表内确认 表外披露 

分 类 号：X322[环境科学与工程—环境工程] F275[经济管理—企业管理] F832.51[经济管理—国民经济]