公司内部治理对企业环境信息披露的影响——基于媒体关注的调节作用  

Impact of Internal Corporate Governance on Environmental Information Disclosure:The Moderating Effect Based on Media Attention

作　　者：冯帅 洪燕 FENG Shuai;HONG Yan(School of Business,Fuyang Normal University,Fuyang 236037,China)

机构地区：[1]阜阳师范大学商学院,安徽阜阳236037

出　　处：《商业观察》2024年第18期106-114,共9页BUSINESS OBSERVATION

基　　金：安徽省哲学社会科学规划青年项目(AHSKQ2021D28)。

摘　　要：环境问题日益严峻,企业环境信息披露也成为政府和社会关注的焦点。制造业作为高污染行业,提高环境信息披露水平是其必须承担的社会责任。以2008—2021年中国沪深A股上市的制造型企业为样本,建立固定效应模型分析公司内部治理特征对企业环境信息披露的影响,以及媒体关注发挥的调节作用。研究发现:对于国内制造型企业而言,董事会规模的扩大不利于企业环境信息披露的提高;企业高管持股和机构投资者持股与企业环境信息披露之间显著正相关;媒体关注这一外部治理因素在公司内部治理与企业环境信息披露之间发挥了调节作用。这一结果在稳健性检验后依旧成立。基于实证结果,从增加企业内部激励机制、完善外界媒体监督和建立健全法律政策三个角度提出相关建议。Environmental problems have become serious,and corporate environmental information disclosure has become a focus of attention for the government and society.As a highly polluting industry,the manufacturing industry has a social responsibility to improve its level of environmental disclosure.A fixed effect model is developed to analyze the impact of internal corporate governance characteristics on corporate environmental information disclosure and the moderating role played by media attention,using a sample of A-share listed manufacturing firms in Shanghai and Shenzhen in China from 2008 to 2021.The study has found that the increase in board size is detrimental to corporate environmental information disclosure in domestic manufacturing firms.There is a significant positive correlation between corporate executives'shareholding,institutional investors’shareholding and corporate environmental information disclosure,and media attention,an external governance factor,plays a moderating role in the relationship between internal corporate governance and corporate environmental information disclosure.This result still holds after the robustness test.Based on the empirical results,relevant recommendations are made from three perspectives:increasing internal incentives of enterprises,improving external media monitoring and establishing sound legal policies.

关 键 词：公司治理 环境信息披露 媒体关注 制造业 

分 类 号：F205[经济管理—国民经济]