产品市场竞争对企业水信息披露的影响研究——基于2010—2016年中国高水敏感性行业的经验证据

Impact of Product Market Competition on Corporate Water Information Disclosure——Based on the Empirical Evidence of China’s High Water Sensitivity Industry of 2010-2016

面对日益严格的水监控,企业应如何调整竞争战略以适应竞争与政策呢?基于2010-2016年中国高水敏感性行业300家上市企业的面板数据,文章采用Tobit模型实证检验了产品市场竞争(行业竞争强度与企业市场势力)对企业水信息披露的影响机理。结果表明:行业竞争强度与企业水信息披露呈倒U型相关;温和竞争行业内最高市场势力的企业能够起到行业标杆作用,更愿意主动披露水信息;在进一步分析中,发现国有制身份强化了产品市场竞争(行业竞争强度与企业市场势力)对企业水信息披露的影响。文章丰富了产品市场竞争与环境信息披露的研究文献,为市场竞争能否促进环保责任的履行提供了经验证据,并对相关政府部门引导企业正视水问题具有重要指导意义。

In the face of increasingly strict water monitoring, how should enterprises adjust their strategies to adapt to competition and policies? Our research takes 300 Chinese listed companies from highly water sensitive industries from 2010 to 2016 to empirically examine how product market competition(industry competition intensity and enterprise market power) influences enterprise water information disclosure. The results show that there exists an inverted U-shaped relationship between industry competition and water enterprise disclosure;enterprises with the highest market power in a mildly competitive industry are more willing to voluntarily disclose water information and play an industry benchmarking role. Further tests find that having a state-owned identity has strengthened the impact of industry competition on corporate water information disclosure. These findings are of great significance for the government to guide enterprises in dealing with water issues.