环境信用评价与企业环境信息披露

Environmental Credit Evaluation and Corporate Environmental Information Disclosure

环境信用评价制度是我国社会信用体系中的重要内容。以2014年《企业环境信用评价办法(试行)》实施为契机,并以2008—2019年A股上市公司为样本,运用双重差分模型考察了环境信用评价制度对企业环境信息披露质量的影响及其影响机制。研究发现,环境信用评价制度显著提高了企业的环境信息披露质量。机制分析发现,环境信用评价制度对企业环境信息披露质量的提高作用是通过提高多元治理主体的合规性压力和激励引导作用而实现的。进一步研究发现,地区环境监管力度强、地区金融发展水平高和媒体环境监督力度强可强化环境信用评价制度对企业环境信息披露质量的提高作用。

The environmental credit evaluation system is an important part of China’s social credit system.Taking the implementation of Measures for Enterprise Environmental Credit Evaluation(Trial) in 2014 as an opportunity,this paper takes A-share listed companies from 2008 to 2019 as samples to explore the impact of environmental credit evaluation system on the quality of corporate environmental information disclosure and its influencing mechanism by using the difference-in-differences model.The findings show that the environmental credit evaluation system can significantly improve the quality of corporate environmental information disclosure.The result of the mechanism analysis shows that the improving effect of the environmental credit evaluation system on the quality of corporate environmental information disclosure is achieved throughincreasing the compliance pressure and stimulating the guiding role of the diverse governing subjects.The result of further research shows that stronger regional environmental supervision efforts,higher regional financial development level and stronger media environmental supervision can strengthen the role of the environmental credit evaluation system in improving the quality of corporate environmental information disclosure.