新《环保法》实施对企业环境信息披露水平的影响研究  

Impact of New Environmental Protection Law Implementation on the Level of Corporate Environmental Information Disclosure

作　　者：程志华 张珺 CHENG Zhihua;ZHANG Jun(School of Public Administration,Xi’an University of Finance and Economics,Xi’an 710061,China)

机构地区：[1]西安财经大学公共管理学院,陕西西安710061

出　　处：《西安财经大学学报》2023年第5期69-80,共12页Journal of Xi’an University of Finance and Economics

基　　金：陕西省社会科学基金项目“基于CVM方法的农户生活垃圾处理行为研究”(2018S43)。

摘　　要：2015年颁布实施的新《环保法》开启了中国强制性企业环境信息披露的新阶段。文章使用2014-2019年沪市A股938家上市企业面板数据构建固定效应双重差分模型,实证检验新《环保法》实施对企业环境信息披露水平的影响。研究结论显示,新《环保法》实施显著提升了重污染行业上市企业环境信息披露水平,说明强制性企业环境信息披露制度的有效性;经过政策动态效应检验、安慰剂检验、PSM-DID检验之后这一结论依然成立。异质性分析显示,新《环保法》实施对企业环境信息披露水平的影响在地方国有企业、民营企业和外资企业中显著,在中央国有企业中不显著;在高、中市场化水平地区显著,在低市场化水平地区不显著,进一步解释了强制性企业环境信息披露制度的实施特点。基于上述研究结论,进一步讨论了中国环境信息披露制度演变对企业环境信息披露水平的影响,并提出完善强制性企业信息披露制度的对策建议。The new Environmental Protection Law which promulgated and implemented in 2015 opened a new stage of Chinese mandatory disclosure of corporate environmental information.This paper uses the data of 938 listed companies from Shanghai Stock Exchange from 2014 to 2019 to empirically test the impact of new Environmental Protection Law implementation on the level of corporate environmental information disclosure by constructing a double differential model.The results show that new Environmental Protection Law implementation improved the level of heavily polluted companies’environmental information disclosure,indicating the effectiveness of mandatory corporate environmental information disclosure institution.This conclusion is still valid after the policy dynamic effect test,the placebo test,and the PSM-DID test.The heterogeneity analysis shows that the impact of new Environmental Protection Law implementation on the level of corporate environmental information disclosure is significant in local state-owned enterprises,private enterprises,and foreign-funded enterprises,while the impact on central state-owned enterprises is not significant;it is significant in regions with high and medium marketization level,and it isn’t significant in areas with low level of marketization,which further explains the implementation characteristics of mandatory corporate environmental information disclosure institution.Based on the empirical test results,this paper analysis the relationship between the evolution of corporate environmental information disclosure institution and the level of corporate environmental information disclosure,and puts forward countermeasures and suggestions for improving the mandatory corporate information disclosure institution.

关 键 词：新《环保法》 环境信息披露 产权性质 市场化水平 

分 类 号：F275[经济管理—企业管理] D922.68[经济管理—国民经济]