两权分离与企业漂绿:基于社会责任报告披露与环境违规的研究  

Separation of two rights and corporate greenwashing:A research on disclosure of social responsibility reports and environmental violations

作　　者：刘昱沛 孟乾坤 LIU Yupei;MENG Qiankun(Business School/China Academy of Corporate Governance,Nankai University,Tianjin 300071,China)

机构地区：[1]南开大学商学院/中国公司治理研究院,天津300071

出　　处：《未来与发展》2023年第3期72-79,56,共9页Future and Development

基　　金：国家自然科学基金(72174096)。

摘　　要：社会责任报告是企业向政府和社会公众传递环境和社会责任履行情况的重要载体,然而企业披露的信息未必等同于履行责任的真实水平,当实质性表现不能满足合法性要求时,在漂绿动机之下,社会责任信息披露会演变为一种印象管理工具。本文将2008—2018年发布社会责任报告的A股上市公司作为研究样本,以是否披露社会责任报告与遵守环境法律法规的程度为依据,构建企业漂绿变量来衡量环境表现方面的象征性与实质性行为。在此基础上,实证检验了两权分离对漂绿程度的影响,以及代理成本和政治成本在二者关系中发挥的间接作用。结果表明,两权分离与漂绿之间存在显著的正相关关系,而代理成本和政治成本在两权分离与漂绿之间发挥了遮掩作用,削弱了两权分离本身对漂绿的正向影响。Corporate Social responsibility(CSR)report is an important carrier for company to convey the fulfillment of environmental and social responsibility to the government and the public.However,CSR information disclosed may not be equal to the actual level of CSR performance.When CSR performance cannot meet legitimacy requirements,CSR disclosure may evolve into an impression management tool under greenwashing motives.This paper takes the A-share listed companies which issued CSR reports from 2008 to 2018 as samples.Based on the disclosure of CSR reports and the degree of compliance with environmental laws and regulations,we construct greenwashing variable to measure the difference between symbolic and substantive behavior in terms of environmental performance,on this basis,this paper empirically analyzes the impact of the separation of two rights on greenwashing,and the indirect role of agency cost and political cost in this relationship.The results show that,there is a significant positive correlation between the separation of two rights and greenwashing,while the agency cost and political cost play a masking role between the two,which objectively weakens this positive impact.

关 键 词：两权分离 企业社会责任 漂绿 代理成本 政治成本 

分 类 号：F272.3[经济管理—企业管理]