我国上市公司环境信息披露影响因素研究——基于沪市170家上市公司的实证研究

An Empirical Study on the Determinants of Environmental Information Disclosure in China : based on 170 Companies Listed on the Shanghai Stock Exchange

以沪市170家重度环境污染行业上市公司为样本,对上市公司近3年的环境信息披露程度及影响因素进行了实证研究。结果显示,虽然我国上市公司环保意识不断增强,但环境信息披露总体状况较差。其中,公司规模、公司负债程度和媒体关注度对上市公司环境信息披露有显著影响,而盈利能力对环境信息披露的影响不显著。因此,扩大公司规模、加大社会媒体和审计监督力度能有效促进相关公司进行环境信息披露。

This paper examines the level and determinants of environmental information disclosures based on a sample of 170 companies listed on the Shanghai Stock Exchange which come from heavy polluting industries from 2009 to 2012. The study shows that awareness of companies＇ top managements on environmental information disclosure has been enhanced constantly; However, the overall level of environmental information disclosure is not enough to meet the social satisfac- tion. Therein, the size, debt level and media visibility of the company influence disclosures of environment information sig- nificantly; The profitability shows less impact on environmental information disclosure. Therefore, we suggest that strate- gies including enlarging the size of company and strengthening supervision by public media and auditors may help promote the disclosure of environmental informatinn