环境信息粉饰行为的潜在影响  

Potential Consequences of Environmental Information Embellishment Behaviour

作　　者：张德涛 张景静 董帅 Zhang Detao;Zhang Jingjing;Dong Shuai

机构地区：[1]山东大学经济学院,250100

出　　处：《世界经济》2024年第4期99-128,共30页The Journal of World Economy

基　　金：国家重点研发计划项目(2023YFA1009200);国家自然科学基金(12271305);山东省自然科学基金(ZR2019ZD42、ZR2020ZD24)的资助。

摘　　要：本文研究了中国上市公司的环境信息粉饰行为。通过构建涵盖1597个关键词的中国特色环境词库,本文基于2008-2022年发布社会责任报告的沪深A股非金融企业数据,借助文本分析方法捕捉“一义多词”文化背景下企业披露的环境文本信息,运用门槛及分位数模型检验环境信息粉饰行为的存在性,并采用面板固定效应模型从收益风险层面考察环境信息粉饰行为的影响。研究发现,中国上市公司存在环境信息粉饰行为,该行为导致企业收益损失和长期风险加剧。原因在于,粉饰行为降低了信息披露质量,影响了市场参与者对企业的偏好。此外,表述的语气也是一种粉饰的手段。会计信息质量下滑、投资者环境信息识别能力提升和企业关注度增加放大了粉饰行为的负效应。本文为分析环境信息披露策略行为提供了新的视角,为完善绿色治理体系提供了启示。This paper examines the environmental information embellishment behaviour of Chinese listed companies.By constructing a China-specific environmental thesaurus covering 1597 keywords,this paper utilizes data from non-financial enterprises listed on the Shanghai and Shenzhen stock exchanges that have published social responsibility reports between 2008 and 2022 to capture environmental text information disclosed by enterprises within the cultural context of "one meaning,multiple words" by leveraging text analysis methods,and employs threshold and quantile models to examine the existence of environmental information embellishment behaviour.Furthermore,we employ a panel fixed effects model to investigate the impact of environmental information embellishment behaviour from a benefit-risk perspective.Research reveals that Chinese listed companies engage in environmental information embellishment behaviour,which leads to earnings losses and exacerbated long-term risks for the firms.The reason is that embellishment behaviour diminishes the quality of information disclosure and impairs market participants'preference for firms.Additionally,the tone of expression serves as a means of embellishment.The deterioration in the accounting information quality,the enhancement of investors'environmental information recognition capabilities,and the increased corporate visibility amplify the economic consequences of embellishment behaviour.This study offers a new perspective on the strategic behaviour of environmental information disclosure,thus offering insights to improve the green governance system.

关 键 词：环境关键词词库 信息披露 粉饰行为 信息操纵 信息不对称 

分 类 号：F275[经济管理—企业管理]