企业环境信息披露影响因素分析

An Empirical Study on the Determinants of Environmental Information Disclosure by Listed Chinese Companies

面临目益增长的环境信息披露外部压力和环境信息需求,上市公司是否有动机披露更多的环境信息?是什么因素制约着中国上市公司的环境信息披露水平?本文在对上市公司环境信息披露的动因进行了理论分析之后,以沪市制造业为样本,实证检验了公司特征和所有权结构对环境信息披露水平的影响。结果表明,代表公司特征的四个变量中,公司规模、公司盈利能力和公司营运能力与环境信息披露水平显著正相关。代表公司所有权结构的三个变量中,股权集中度与流通股比例与环境信息披露水平显著正相关。

Facing with growing external pressure of the environmental information disclosure and environmental infor- mation needs, if listed companies have the motivation to disclose more environmental information？ What are the factors re- stricting Chinese listed companies to disclose environmental information？ In this paper, after conducting a theoretical anal- ysis to the motivation of listed companies to disclosure environmental information, the author selects 368 manufacturing firms listing on the Shanghai Stock Exchange as the samples, empirically examines the relationships between the lever of environmental information disclosure and the factors in two aspects of corporate character and ownership structure. The re- suits showed that： in the variables about corporate character, company size, company profitability and corporate compe- tence are significantly positively related to environmental information disclosure. In the variables about the ownership structure, the stock concentration and the proportion of outstanding shares are significantly positively related to environmental information disclosure.