环境信息披露质量是否促进企业对外直接投资?——来自中国A股制造业上市公司的证据  

Does the Quality of Environmental Information Disclosure Promote OFDI?The Evidence from Listed Chinese A-Share Manufacturing Companies

作　　者：余珮[1] 李杉杉 YU Pei;LI Shanshan(Economics School,Wuhan University of Technology,Wuhan Hubei 430070,China)

机构地区：[1]武汉理工大学经济学院,湖北武汉430070

出　　处：《生态经济》2023年第5期163-172,210,共11页Ecological Economy

基　　金：国家社会科学基金一般项目“全球价值双环流下中国先进制造企业国际竞争力脆弱性的防范策略研究”(19BJY107);国家社会科学基金重大项目“构建人类命运共同体进程中国际经济规则重建的理论逻辑及中国的战略选择”(19ZDA054)。

摘　　要：在企业环境治理和高质量发展的双重背景下,环境责任的履行能力对中国企业制定“走出去”战略产生重要影响。基于所有权优势理论的拓展,从制度所有权优势视角探讨环境信息披露质量对企业对外直接投资广度、深度与规模的影响,并从资产所有权优势视角进一步剖析其影响路径。以2011—2020年中国制造业上市公司中587家OFDI企业为样本的实证结果显示,高质量的环境信息披露能够提升企业OFDI深度,促进企业OFDI规模的扩大。环境信息披露质量对OFDI的直接效应会因企业所有制、行业污染程度及地区环境规制强度的不同而存在差异性。此外,环境信息披露质量通过声誉机制、融资机制和生产率机制能够间接促进企业开展OFDI。Under the dual background of corporate environmental governance and high-quality development,the ability to fulfill environmental responsibilities has an important impact on the“going global”strategies formulated by Chinese firms.Based on the expansion of ownership advantages theory,this paper discusses the impact of environmental information disclosure quality on the breadth,depth and scale of outward foreign direct investment from the perspective of institutionbased ownership,and further analyzes its impact path from the perspective of asset-based ownership advantages.Taking 587 OFDI firms in China’s manufacturing listed companies from 2011 to 2020 as the sample,the empirical results show that high-quality environmental information disclosure can enhance the depth of OFDI and promote the expansion of OFDI scale.The direct effect of the quality of environmental information disclosure on OFDI will be varied due to the differences in firm’s ownership,industry pollution degree and regional environmental regulation intensity.In addition,the quality of environmental information disclosure can indirectly promote OFDI through reputation mechanism,financing mechanism and productivity mechanism.

关 键 词：环境信息披露质量 制度所有权优势 资产所有权优势 OFDI 

分 类 号：X196[环境科学与工程—环境科学] F062.2[经济管理—政治经济学]