环境信息披露对企业盈利能力的影响——基于轻工行业的实证分析

The Relation between Enterprise Profitability and Environmental Information Disclosure： An Empirical Analysis on Light Industry

本文以纺织服装皮毛、食品饮料及造纸纸制品行业的上市公司作为研究对象,对企业的环境信息披露水平与盈利能力之间的关系进行了实证分析。面板数据回归的结果发现,存在无法衡量的遗漏变量影响企业环境信息披露水平。以工具变量法进行回归的结果显示,企业盈利能力是环境信息披露的内生变量,企业采取保护环境、披露环境信息的方式本质上与企业获取更多经济利益的经营目标是一致的。相应的政策建议是：进一步完善企业环境信息披露的政策法规,企业治理结构应＂绿色＂转型,其中应增加环境治理机制,并且需要建立完善企业环境保护与环境信息披露的激励机制等。

This research aims to investigate the factors influencing the disclosure level of environmental information, based on an empirical study with relevant data from year 2012 and 2013 of 144 listed companies in the light industry. The research also discusses the relation between companies＇ profitability and the disclosure level of their environmental information.Given the results of panel data regression test, there are immeasurable omitted variables influencing the disclosure level. Further, by applying the IV 2SLS regression analysis, sup- portive results have been found showing that profitability is an endogenous variable of environmental information disclosure and addressed that disclosure coincide with the business objectives. In the end, the author raised some politic suggestions in order to encourage the environmental information disclosure of listed companies.