制度约束视域下绿色基金持股提升了企业环境信息披露质量吗?——以A股上市制造业企业为样本  

Can Green Fund Holdings Improve the Quality of Environmental Information Disclosure of Enterprises under the Perspective of Institutional Constraints?——Take A-Share Listed Manufacturing Enterprises as Samples

作　　者：杨林[1] 崔玉虎 孙溪遥 YANG Lin;CUI Yuhu;SUN Xiyao(School of Business,Shandong University,264209)

机构地区：[1]山东大学商学院,264209

出　　处：《制度经济学研究》2024年第3期156-180,共25页Research on Institutional Economics

基　　金：山东大学商学院研究生科学研究基金项目:海岸带生态修复政策效果评估与提升路径研究

摘　　要：提升上市企业环境信息披露质量是我国实现“双碳”目标的制度安排,而绿色基金持股情况是衡量企业环境信息披露质量的重要指标。本文以2009~2022年A股制造业上市企业为研究对象,运用双向固定效应模型,实证检验绿色基金持股对企业环境信息披露质量的影响效果。研究发现:(1)绿色基金持股能够显著提升企业环境信息披露质量,并通过系列内生性与稳健性检验;(2)媒体关注度与审计质量能够提升企业社会责任和财务信息的透明度,在绿色基金持股和企业环境信息披露质量之间存在显著的正向调节作用;(3)绿色基金持股对大规模、非国有控股企业环境信息披露质量的促进作用更加突出,存在显著的企业异质性。鉴于此,优化绿色基金顶层设计、发挥社会监督重要作用、提升环境信息服务水平与加强企业环境责任意识等措施将助力制造业上市企业绿色高质量发展。Improving the quality of environmental information disclosure of listed enterprises is an institutional arrangement for China to realize the goal of“double carbon”,while the shareholding of green funds is an important factor to measure the quality of corporate environmental information disclosure.This paper takes A-share listed manufacturing enterprises from 2009 to 2022 as the research object,and empirically examines the effect of green fund shareholding on the quality of corporate environmental information disclosure by using a two-way fixed effect model.The study finds that:(1)The green fund shareholding can significantly enhance the quality of corporate environmental information disclosure and passes a series of endogeneity and robustness tests.(2)Media attention and audit quality enhance the transparency of corporate social responsibility and financial information,and there is a significant positive moderating effect between green fund shareholding and corporate environmental information disclosure quality.(3)The green fund shareholding promotes the quality of environmental information disclosure of largescale,non-state-controlled enterprises more prominently,and there is significant enterprise heterogeneity.Therefore,optimizing the top-level design of the green fund,playing an important role in social supervision,upgrading the level of environmental information services,and strengthening the awareness of corporate environmental responsibility will help the green and high-quality development of listed enterprises in the manufacturing industry.

关 键 词：绿色基金持股 企业环境信息披露质量 社会责任 

分 类 号：F830.59[经济管理—金融学]