管理层持股、产权性质与农业上市公司环境信息披露

Management Stock Ownership, Nature of Property Right and Environmental Information Disclosure of Listed Agricultural Companies

环境信息披露作为企业环境管理活动过程的一种反馈形式,满足了信息使用者掌握企业环境责任履行情况的需求,完善的公司治理机制是提高企业环境信息披露水平的重要保证。文章基于公司治理视角探究了农业上市公司环境信息披露的影响因素,从管理层持股和产权性质两个角度实证检验了其对农业上市公司环境信息披露的影响。结果表明,管理层持股比例对农业企业环境信息披露水平有着显著的正向作用;产权性质对农业企业环境信息披露无显著影响。相对于国有控股农业上市公司,非国有控股农业上市公司管理层持股对农业企业环境信息披露的影响更为显著。研究丰富了农业企业环境信息披露影响因素的理论框架,为从管理层持股、产权性质等公司治理角度提升农业企业环境信息披露水平提供了经验证据。

Environmental information disclosure, as a form of feedback in the process of corporateenvironmental management activities, satisfies the needs of information users to grasp the performance of corporate environmental responsibilities. A sound corporate governance mechanism is an important guarantee for improving the level of corporate environmental information disclsure.Based on the perspective of corporate governance, this paper explores the influencing factors of environmental information disclosure of agricultural listed companies, and empirically tests its impact on environmentalinformation disclosure of agricultural listed companies from the perspective of managerial ownership and the property rights. The research results show that the management shareholding ratio has a significant positive effect on the level of environmental information disclosure of agricultural enterprises;the nature of property rights has no significant effect on the environmental information disclosure of agricultural enterprises. Copared with state controlled agricultural listed companies, management shares held by non-state controlled agricultural listed companies have a more significant impact on environmental information disclosure of agricultural enterprises. The research in this paper enriches the theoretical framework of influencing factors of environmental information disclosure of agricultural enterprises, and provides empirical evidence for improving the level of environmental information disclosure of agricultural enterpries from the perspective of corporate overnance such as management shareholding and the nature of property rights.