企业环境信息披露影响因素实证分析：2010-2011年A股重污染行业上市公司观察

Empirical Analysis on Influencing Factors of Corporate Environmental Information Disclosure： 2010-2011 A-Share Observation of Listed Companies in Heavy Polluting Industries

以2010～2011年A股重污染行业上市公司作为研究对象，从产品市场竞争、公司治理角度考察了企业环境信息披露的影响因素。结果显示：公司治理结构的合理安排能够对提升企业环境信息披露质量产生一定的积极作用，但是产品市场竞争与公司治理机制之间的关系尚不明确。本文的研究结论意味着，在我国当前的制度背景下，要提高企业环境信息披露水平，保护利益相关者利益，有必要继续完善上市公司治理结构；同时，本研究也说明产品市场竞争并不能解释重污染行业企业环境信息披露的动机。

This paper makes an empirical analysis based on the samples of Chinese listed companies in heavy polluting industries from 2010 to 2011. This paper empirically explored the relationship between the market competition, the corporate governance, and the environmental information disclosure. The results of this study show that the reasonable arrangements for the structure of corporate governance can promote the environmental information disclosure, but the relation between the market competition in products and corporate governance mechanism is not clear. This empirical evidence indicates that in order to upgrade the quality of environmental information disclosure and protect stakeholder＇s interest, it is necessary to continue the perfection of the governance structure of listed companies. At the same time, this study also shows that product market compe- tition cannot explain the motivation of environmental information disclosure in heavy polluting industries.