环境信息披露与企业经营绩效--基于投资者关注的中介效应检验被引量：25

The Environmental Information Disclosure and Business Performance:Based on the Mediating Effect Test of Investors’Attention

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摘要经济高质量发展背景下,企业环境信息披露已经引起全社会的普遍重视。基于沪深A股上市公司2007—2019年样本企业面板数据,以投资者关注为中介变量,揭示环境信息披露对企业经营绩效的作用机制。结果显示,环境信息披露对企业经营绩效具有显著的正向激励作用,投资者关注发挥部分中介效用。进一步的研究表明,将机构投资者持股比例作为门槛变量时,存在显著的单一门槛效应,当企业引入机构投资者持股比例高于一定门槛值时,环境信息披露能显著提升企业经营绩效,否则激励效果不显著;同时异质性分析发现,重污染行业及2015年后环境信息披露对企业经营绩效激励效果更为显著。本文研究结论有助于企业更理性地认识环境信息披露的经济效益,为政府、企业和投资者共同构建高质量环境信息披露体系提供思路。 Under the background of high‐quality economic development,environmental information disclosure has aroused widespread attention in the whole society.Based on the panel data of Shanghai and Shenzhen A‐share listed companies from 2007 to 2019,the mechanism of environmental information disclosure on business performance of enterprises was revealed by taking investor attention as the mediating variable.The conclusions indicate that:environmental information disclosure has a significant positive incentive effect on business performance,and investor attention plays a part of the intermediary effect.The further research demonstrates a significant single threshold effect between environmental information disclosure(EDI)and enterprises’business performance(BP)when the investor attention is taken as a threshold variable.Specifically,when the shareholding ratio of institutional investors is higher than a certain threshold value,environmental information disclosure can significantly improve the business performance of enterprises.Otherwise,the incentive effect is not significant.At the same time,the heterogeneity analysis finds that the heavily polluting industries and the environmental information disclosure after 2015 have more significant effects on the incentive effect of business performance.The conclusions can help enterprises to understand the economic benefits of environmental information disclosure more rationally,and provide ideas for the government,enterprises and investors to jointly build a high‐quality environmental information disclosure system.

作者奚宾张威威 Xi Bin;Zhang Weiwei(School of Economics and Trade,Henan University of Technology,Zhengzhou 450000,China)

机构地区河南工业大学经济贸易学院

出处《技术经济》 CSSCI 北大核心 2022年第5期85-96,共12页 Journal of Technology Economics

基金河南省高等学校青年骨干教师培养计划项目“绿色金融可持续发展研究”(2019GGJS090)。

关键词环境信息披露投资者关注企业经营绩效中介效应 environmental information disclosure investor attention business performance mediation effect

分类号 F272.3 [经济管理—企业管理]

作者简介奚宾,博士,河南工业大学经济贸易学院副教授,硕士研究生导师,研究方向:金融市场和绿色金融等;张威威,河南工业大学经济贸易学院硕士研究生,研究方向:公司管理和绿色金融。