社会信用体系建设对企业环境信息披露质量的影响研究  

Research on the Influence of Social Credit System Construction on Enterprise Environmental Information Disclosure Quality

作　　者：张欣琦 杨胜刚 王芍[4,5] ZHANG Xinqi;YANG Shenggang;WANG Shao(Hunan University,Changsha,China;Jinan University,Guangzhou,China;China Guangfa Bank,Guangzhou,China)

机构地区：[1]湖南大学金融与统计学院 [2]湖南大学工商管理学院,长沙市410006 [3]湖南大学金融发展与信用管理研究中心,长沙市410006 [4]暨南大学经济学院 [5]广发银行博士后科研工作站

出　　处：《管理学报》2025年第2期251-260,共10页Chinese Journal of Management

基　　金：中国博士后科学基金资助项目(2022M720860)。

摘　　要：基于创建社会信用体系建设示范城市的外生冲击,以2010~2020年中国A股上市公司为研究样本,从非正式制度的角度探究企业环境信息披露质量的驱动因素。研究发现:社会信用体系建设有助于提升企业环境信息披露质量,且对企业硬环境信息披露的提升作用更大;社会信用体系建设通过改善环境表现、提高融资可得性和增强供应链稳定性提升企业环境信息披露质量;在对企业环境信息披露质量的提升作用中,社会信用体系建设对重污染企业的影响更显著,与环境规制、市场化水平等正式制度形成替代效应,与分析师和媒体关注等非正式制度形成协同效应,且能进一步提高企业财务价值、降低股价崩盘风险。Based on the external impact of creating social credit system construction demonstration cities,this study takes China’s A-share listed companies from 2010 to 2020 as a sample to investigate the driving factors of enterprise environmental information disclosure quality from an informal institutions perspective.The research finds that:The social credit system construction improves enterprise environmental information disclosure quality,and has a greater effect on the enterprise hard environmental information disclosure.The mechanism is to improve environmental performance,increase the availability of financing and enhance the stability of supply chain.In the improvement of enterprise environmental information disclosure quality,the social credit system construction has a more significant impact on heavily polluting enterprises,which forms a substitution effect with formal institutions such as environmental regulation and marketization level,and a synergistic effect with informal institutions such as analyst and media attention.Furthermore,it also can increase the financial value and reduce the stock price crash risk.

关 键 词：社会信用体系建设 环境信息披露质量 环境表现 融资可得性 供应链稳定性 

分 类 号：C93[经济管理—管理学]