基于内生性的环境信息披露与财务绩效关系分析——以化工行业上市公司为例

Analysis of the Relationship Between Environmental Information Disclosure and Financial Performance based on Endogenous——Taking the Listed Companies in Chemical Industry as an Example

重点关注以往化工行业上市公司环境信息披露中的内生性问题,本文以2013-2015年中国证券市场化工行业A股上市企业作为研究样本,对该行业的环境信息披露水平与财务绩效之间的关系进行分析。结果发现,企业的环境信息披露水平与财务绩效之间存在交互影响、互为因果的可能。本文的研究结果表明,通过两者之间的交互关系,可以让企业认识到积极披露企业环境信息与提高企业的财务绩效其实是可以实现"双赢"的,也有助于鼓励更多的企业积极履行其职责,更多赢得各个利益相关者的支持,从而提高企业的声誉。

This paper focuses on the endogenous problems which are often ignored in the past studies.This paper takes the listed companies of Chinese securities market in2013-2015as the research sample,and analyzes the relationship between environmental information disclosure level and financial performance of the industry.The results show that there is an interaction between the level of environmental information disclosure and financial performance of the enterprise,and the interaction is possible.The results of this paper show that,through the interaction between the two,enterprises can realize that positive disclosure of enterprise environmental information and improve the financial performance of enterprises can achieve"win-win".It also helps to encourage more enterprises to actively fulfill their responsibilities,and more to win the support of various stakeholders,so as to improve the reputation of the enterprise.