环境信息披露的微观经济效应:机制讨论与经验证据——基于《企业事业单位环境信息公开办法》的准自然实验  

Analysis of microeconomic effect of environmental information disclosure:a quasi-natural experiment based on“Measures for the Disclosure of Environmental Information by Enterprises and Public Institutions”

作　　者：何文剑 程煜 汪峰 韦烨 HE Wenjian;CHENG Yu;WANG Feng;WEI Ye(School of Business,Nanjing University of Information Science&Technology,Nanjing 210044,China;Institute of Climate Economy and Low-Carbon Industry,Nanjing University of Information Science&Technology,Nanjing 210044,China)

机构地区：[1]南京信息工程大学商学院,江苏南京210044 [2]南京信息工程大学气候经济与低碳产业研究院,江苏南京210044

出　　处：《产业经济研究》2022年第3期72-85,共14页Industrial Economics Research

基　　金：国家自然科学基金青年项目(72003097);教育部人文社会科学研究青年基金项目(18YJC790041);江苏省自然科学基金青年项目(BK20190775)。

摘　　要：以2015年中国实施的《企业事业单位环境信息公开办法》为外生冲击,利用2011—2018年沪深A股制造业上市公司及其所在地市级层面数据,构建双重差分(DID)模型,证实了企业环境信息披露质量的提高可显著增加微观企业经济绩效,且此种影响具有持续性。在进行平行趋势检验、安慰剂检验、排除其他政策干扰等一系列检验后,该结果依旧具有稳健性。机制检验结果表明,环境信息披露质量的提高有助于企业获得外部投资、激励企业进行技术改进、优化企业管理模式、提高消费者对企业产品的接受度,最终实现企业经济绩效的增长。进一步构建三重差分模型进行异质性分析发现,非国有企业以及位于环境执法力度更强地区的企业,其环境信息披露质量的提高会更大程度地改善企业经济绩效。研究结论有助于理解环境信息披露质量与企业经济绩效之间的内在机制,可为完善环境信息披露制度、加强环境规制执行力度提供政策启示。This article uses the implementation of“Measures for the Disclosure of Environmental Information by Enterprises and Public Institutions”in 2015 as an example to test the impact of improving environmental information disclosure quality on corporate financial performance.And the financial data of all A-share listed manufacturing companies in Shanghai and Shenzhen from 2011 to 2018 as well as municipal-level data is used to construct the difference-in-differences model to alleviate endogenous problems.It is found that improvement in environmental information disclosure quality significantly increases enterprises’financial performance and that this impact is persistent.The results remain robust after a parallel trend test,a placebo test,and exclusion of other policy interferences.Mechanism identification results show that improvements in the quality of environmental information disclosure help enterprises obtain external investments,encourage enterprises to improve technology and optimize management modes,improve consumers’acceptance of enterprise products,and ultimately lead to improved enterprise financial performance.A further heterogeneity analysis reveals that improvements in the quality of environmental information disclosure by non-state-owned enterprises and enterprises in regions with stronger environmental enforcement improve financial performance to a greater extent.The findings of this paper clarify the internal mechanism between environmental information disclosure quality and corporate financial performance and provide policy implications for improving the environmental information disclosure system and strengthening the enforcement of environmental regulations.

关 键 词：企业环境信息披露 企业经济绩效 影响机制 双重差分模型 动态效应分析 异质性分析 

分 类 号：F062.9[经济管理—政治经济学]