环境信息披露对资源型企业创新的影响——基于外部压力视角  

IMPACTS OF ENVIRONMENTAL INFORMATION DISCLOSURE ON RESOURCE COMPANIES’ INNOVATION VIEWING FROM EXTERNAL PRESSURE

作　　者：聂志萍[1] 汪艺文 NIE Zhiping;WANG Yiwen(Business School,Hohai University,Nanjing 211100,China)

机构地区：[1]河海大学商学院,江苏南京211100

出　　处：《资源与产业》2023年第1期79-96,共18页Resources & Industries

基　　金：国家自然科学基金重大项目(71790602);国家社会科学基金项目(20BGL196);江苏高校哲学社会科学研究一般项目(2021SJA0037);中央高校基本科研业务费(B210207111)。

摘　　要：深入探索环境信息披露与企业创新之间存在“倒逼效应”还是“挤出效应”,对实现环境保护与经济发展“双赢”目标具有重要意义。本文聚焦资源型企业,基于合法性理论、声誉理论、信号传递理论和利益相关者理论,研究外部压力视角下环境信息披露对资源型企业创新水平的影响。研究结果表明:1)环境信息披露可以显著提高资源型企业创新水平,且相比软披露,硬披露对创新水平的促进作用更强;2)负面媒体监督会在一定程度上抵消环境信息披露带来的企业声誉和融资优势,抑制资源型企业创新水平的提高,但其他类型媒体监督均不能对环境信息披露提高资源型企业创新水平的过程产生显著促进作用;3)政府监管和分析师关注均对环境信息披露与资源型企业创新水平之间的关系产生正向调节作用,同时分析师关注的资源型企业披露硬环境信息对其创新水平的提升作用更大。资源型企业应选择性地多披露货币性硬环境信息,将环境信息披露作为绿色创新转型的重要一环;政府需进一步完善环境信息披露制度,引导企业采用统一的环境信息披露标准,充分发挥新闻媒体的舆论监督作用以及分析师关注的社会监督作用。Study of either retroaction effect or crowding out effect between environmental information disclosure and companies’ innovation is key to reaching a win-win between environmental protection and economic development. This paper uses legality, reputation, signal transmission and stakeholder theories to study the impacts of environmental information disclosure on resource companies’ innovation. Results show environmental information disclosure can notably increases resource companies’ innovative level, hard disclosure works more compared with soft disclosure. Negative media supervision will offset companies’ reputation and financing advantage brought from environmental information disclosure to some extent, then constraining resource companies’ innovative capacity, but other media will not promote their innovative levels upon environmental information disclosure. Governmental supervision and analysts’ attention will not positively adjust the relation between environmental information disclosure and innovative level of resource companies, but analyst’s attention will work if resource companies discloses hard environmental information, which is a good practice for green innovative transformation. Governments need to further optimize environmental information disclosure system in a unified standard, and to fulfill media supervision and analysts’ social supervision.

关 键 词：环境信息披露 外部压力 资源型企业 利益相关者 信号传递 

分 类 号：F270[经济管理—企业管理]