绿色治理视域下的企业环境信息披露与企业绩效关系研究——基于中国67家重污染上市公司的证据

Research on the Relationship between Corporate Environmental Information Disclosure and Corporate Performance from the Perspective of Green Governance——Evidence from 67 Heavily Polluted Listed Companies in China

上市公司作为绿色治理的关键行动者,研究其绿色治理的现状和面临的挑战,对国家绿色治理理论创新和实践指导具有重要价值。本文使用2012-2017年67家重污染上市公司的平衡面板数据,实证检验绿色治理视域下企业环境信息披露与企业绩效的关系。研究发现,企业环境信息披露与企业绩效呈显著负相关,无益于上市公司绩效的提升;企业成本费用利润率和公众关注度可以正向调节企业环境信息披露与企业绩效之间的关系,有助于上市公司在披露环境信息后提升企业绩效;政府补贴的调节作用并不显著。企业绿色治理是一项系统工程,需要政府、企业、公众等多元治理主体的共同参与,在绿色治理理念和准则的推崇下共同解决企业环境污染问题,提振协同治理效应。

As a key actor of green governance,the research on the status and challenges of green governance of listed companies is of great value to the theoretical innovation and practical guidance of national green governance.This article uses the balanced panel data of 67 heavily polluting listed companies from 2012 to 2017 to empirically test the relationship between corporate environmental information disclosure and corporate performance in the context of green governance.The study found that corporate environmental information disclosure is significantly negatively related to corporate performance and is not conducive to the improvement of listed company performance.Corporate cost and profit margins and public attention can positively regulate the relationship between corporate environmental information disclosure and corporate performance,which helps to improve corporate performance after environmental information was disclosed by listed companies.The moderating role of government subsidies was not significant.Enterprise green governance is a systematic project that requires the joint participation of multiple governance entities such as the government,enterprises,and the public.Together with the advocacy of green governance concepts and guidelines,we will jointly address the issue of corporate environmental pollution and promote synergistic governance effects.