绿色金融政策、公司治理与企业环境信息披露——以502家重污染行业上市公司为例

Green Financial Policies,Corporate Governance and Environmental Disclosure:A Case Study of 502 Listed Firms in Heavy Pollution Industry

以502家重污染行业上市公司为研究对象,选取2006-2008年度上市公司披露的环境信息,构建环境信息披露指数,系统考察绿色金融政策下公司治理因素对企业环境信息披露水平的影响。研究结果发现,国有股权、第一大股东持股比例、审计委员会以及设立环保部等公司治理因素对环境信息披露水平的提高影响非常显著,而绿色金融政策则强化了这些因素的环保作用。

This paper focuses on the environmental disclosure in 2006-2008 of 502 listed firms in the heavy pollution industries under the background of green financial policies.An Environmental Disclosure Index has been constructed to analyze corporate governance effect on the quality of environmental disclosure after green financial policies.The results reveal that characteristics of corporate governance,such as state holding shares,percentages of the first stockholder,and the settings of the audit committees and environmental departments,have been found to be positive for the environmental disclosure.More importantly,the financial policies will strengthen this effect.