环境信息披露质量对纺织服装企业价值的影响  

Impact of environmental information disclosure quality on the value of textile and apparel enterprises

作　　者：李一 陈祥 杨永亮 臧迎春[1] 王庆淼 LI Yi;CHEN Xiang;YANG Yongliang;ZANG Yingchun;WANG Qingmiao(Academy of Arts&Design,Tsinghua University,Beijing 100084,China;Fashion Department of Ningbo University-University of AngersJoint Institute,Ningbo University,Ningbo 315211,China;School of Business,East China University of Science and Technology,Shanghai 200237,China;School of Economics and Management,Zhejiang Sci-Tech University,Hangzhou 310018,China;Textile Material Research Institute,Youngor Group,Ningbo 315153,China)

机构地区：[1]清华大学美术学院,北京100084 [2]宁波大学宁波大学昂热大学联合学院服装系,宁波315211 [3]华东理工大学商学院,上海200237 [4]浙江理工大学经济管理学院,杭州310018 [5]雅戈尔集团纺织材料研究院,宁波315153

出　　处：《丝绸》2024年第11期105-113,共9页Journal of Silk

基　　金：浙江省教育厅一般项目(Y202456795);宁波大学教学改革重点课题项目(JYXMXZD2022010)。

摘　　要：纺织服装业是负责任的绿色低碳行业。在中国“双碳”目标导向下,纺织服装企业环境信息披露的重要性日益凸显,其对企业价值的影响也需要进一步澄清。在理论分析基础上,本文以2009—2022年中国沪深A股纺织服装业上市公司为研究样本,采用固定效应模型实证考察了环境信息披露质量对企业价值的影响及其作用机制。研究发现,环境信息披露质量的提高能够显著促增企业价值,该结论在考虑内生性问题等一系列稳健性检验后仍然成立。机制分析表明,环境信息披露质量主要通过激发企业绿色创新动力和增强分析师关注压力来提升企业价值,且政府补贴在环境信息披露质量的价值提升效应中发挥正向调节作用。异质性分析显示,环境信息披露质量对企业价值的提升效果在非国有企业、大型企业、低内控水平企业和纺织业企业表现得更为明显。本文的发现为持续推进环境信息披露,进而助力纺织服装企业高质量发展提供了一定的学理支持与决策参考。The textile and apparel industry,a traditional pillar of China’s national economy and social development,plays a crucial role in addressing livelihood concerns,improving quality of life,and promoting international collaboration.It significantly contributes to economic growth,job creation,and the development of global competitive advantages.However,the industry faces growing challenges related to resource consumption,environmental pollution,and greenhouse gas emissions.This situation demands more proactive measures to mitigate its environmental impact.Under China’s carbon peaking and carbon neutrality goals,the importance of environmental information disclosure by textile and apparel enterprises has gained increasing attention,highlighting the need to clarify its impact on enterprise value.This study draws on information asymmetry and signaling theory to examine the effect of environmental information disclosure quality on the value of textile and apparel enterprises.This study uses a sample of listed textile and apparel enterprises in Shanghai and Shenzhen A-shares from 2009 to 2022.The sample includes enterprises from the textile,apparel and accessories,and chemical fiber manufacturing industries.A two-way fixed effect model is employed in the analysis.The analysis empirically investigates how environmental ratings,as a proxy for disclosure quality,influence enterprise value and explores the underlying mechanisms.This study offers the following contributions.First,it focuses on representative textile and apparel enterprises to investigate how the quality of environmental information disclosure affects enterprise value within this sector.Second,in terms of theoretical mechanisms,the study suggests that disclosure quality enhances enterprise value by stimulating green innovation and increasing analyst attention.The analysis also highlights the moderating role of government subsidies in this process,offering empirical evidence that helps unpack the black box of how environmental information disclosure elevates

关 键 词：环境信息披露质量 纺织服装业 企业价值 绿色创新动力 分析师关注压力 政府补贴 

分 类 号：F426.81[经济管理—产业经济] X322[环境科学与工程—环境工程]