上市公司环境会计信息披露的实证分析——以沪市制造业重污染行业为例

Empirical analysis of environmental accounting information disclosure by listed companies in China:A case study of heavy polluting manufacturing industries from Shanghai Securities Exchange

选取沪市制造业重污染行业202家上市公司2009—2011年报为样本,分析环境信息披露内容,确立披露指数,构建影响披露的多元回归模型。结论显示:在重污染行业,环境信息披露总体情况不佳,但在逐年好转;公司规模和流通股比例,公司行业与企业环境信息披露显著正相关;公司盈利能力、成长性、股权集中度和上市交易地点也会对环境信息披露产生影响。提出上市公司保持和提高流通股比例,增加年报环境信息量化披露,开展环境专项审计的建议。

The annual reports in 2009-2011 of 202 listed companies of heavy polluting manufacturing industries in Shanghai Securities Exchange are chosen as the samples,the content of their environmental information disclosure is analyzed so as to determine the disclosure index. A multiple regression model for the disclosure is established.The results show that the environmental disclosure is poor in ferrous metal smelting and rolling processing industries in general, although it gradually is improved. The scale of the companies, the proportion of tradable shares and the industries affect the reporting of environmental information positively. The profit-earning capacity, growth,concentration of stock ownership and bargaining location of the companies also have certain effect on their environmental information disclosure. It is suggested that the listed companies should maintain and raise the proportion of the tradable shares, improve the environmental information disclosure of annual reports and carry out environmental audit.