中国企业生物多样性信息披露指数构建及融资效应  

Chinese enterprises’biodiversity disclosure index construction and financing effects

作　　者：汤心萌 秦涛[1] Xinmeng Tang;Tao Qin(School of Economics and Management,Beijing Forestry University,Beijing 100083,China)

机构地区：[1]北京林业大学经济管理学院,北京100083

出　　处：《生物多样性》2025年第1期103-118,共16页Biodiversity Science

基　　金：国家博士后创新人才支持计划(GZC20230251);国家博士后面上项目(2024M750194);中央高校基本科研业务费专项资金(200-GK122401318,YT6000052)。

摘　　要：当前遏制生物多样性丧失的资金缺口巨大,迫切需要调动企业和金融机构参与生物多样性保护的积极性,为生物多样性风险控制提供资金支持。然而,我国上市企业报告中包含生物多样性相关的信息有限,且其内容缺乏实质性与可信度。对于企业而言,亟需通过建立生物多样性信息披露机制,向金融和资本市场传达低生物多样性风险信号,进而提高企业融资水平和融资能力。在此背景下,本文基于2006–2022年间1,714家上市企业的11,867份企业社会责任报告和企业环境、社会和公司治理(environmental,social and governance,ESG)报告,计算我国企业生物多样性信息披露指数,并分析我国企业生物多样性信息披露现状和主要问题,最后构建计量模型探究我国企业生物多样性信息披露的融资效应。本文发现,生物多样性信息披露的企业数量和企业占比均呈现逐年小幅稳定增长的趋势,但仍存在披露质量不高、行业两极化现象加剧以及企业性质异质性差距大等问题。此外,生物多样性信息披露对企业融资有显著的正向效应,生物多样性信息披露指数每提高1个单位,企业融资约束降低2.02%–5.07%,债权融资成本降低2.51%–2.78%,股权融资成本降低1.55%–1.83%,同时融资结构也得以优化,债权融资占比下降(股权融资占比上升)2.19%。本文提出发挥融资激励机制、建立信息披露标准、实现生物多样性价值变现、关注非重点行业披露倾向的政策建议。本研究有助于企业和资本市场更深入理解生物多样性保护的重要性,激发企业参与生物多样性保护的积极性,调动企业资源,推动生物多样性友好产业发展。Backgrounds&Motivations:The financial gap in addressing biodiversity loss is considerable,highlighting the need for the involvement of enterprises and financial institutions in biodiversity protection to provide necessary funding for biodiversity risk management.However,the information regarding to biodiversity in reports from Chinese listed enterprises remains limited,often lacking substance and credibility.It is imperative for enterprises to establish a biodiversity information disclosure mechanism that signals low biodiversity risk to financial and capital markets,thereby enhancing their financing capabilities and levels.Methods:This study calculates the biodiversity information disclosure index for Chinese enterprises based on an analysis of 11,867 enterprise social responsibility and environmental,social and governance(ESG)reports from 1,714 listed enterprises between 2006 and 2022,utilizing internet crawling technology for data collection.Employing quantitative analysis methods,the research examines the current status and primary issues related to biodiversity disclosure,ultimately constructing an econometric model to explore the financing effects of biodiversity information disclosure from the perspectives of financing constraints,costs,and outcomes.Results:The findings indicate a continuous increase in both the number and proportion of enterprises disclosing biodiversity information in China,demonstrating a stable growth trend with modest annual increases.However,challenges persist,including low disclosure quality,heightened industry polarization,and significant heterogeneity among enterprise types.Furthermore,biodiversity information disclosure exhibits significant effects on financing.Specifically,each increasing unit in enterprise biodiversity information disclosure can effectively reduce enterprise financing constraints by 2.02%to 5.07%,lower the cost of enterprise debt financing by 2.51%to 2.78%,lower the cost of enterprise equity financing by 1.55%to 1.83%,and facilitate adjustments to the enterpris

关 键 词：生物多样性 企业信息披露 披露指数构建 披露现状分析 融资效应 

分 类 号：F275[经济管理—企业管理]