民营企业政治关联的信息披露效应——基于碳信息披露的经验证据

Information Disclosure Effect of Political Connections of Private Firms:Empirical Evidence Based on Carbon Disclosure

基于社会交换理论和资源依赖理论,从融资来源视角,以2014—2018年中国资本市场A股民营上市公司为研究样本,探讨政治关联与碳信息披露的关系,检验政府补助和银行信贷两种融资来源在两者关系中的作用.实证结果表明:民营企业政治关联与碳信息披露显著正相关,有政治关联的民营企业比无政治关联民营企业的碳信息披露水平更高.民营企业政治关联与融资来源显著正相关,有政治关联的民营企业比无政治关联的民营企业更具有获取融资来源的优势.政府补助和银行信贷两种融资来源在民营企业政治关联与碳信息披露的关系中有显著中介效应.进一步分析发现,在法律制度环境良好的地区,公司高管有政府相关部门工作经历的民营企业更愿意积极响应低碳发展,进行高水平的碳信息披露.

Based on the social exchange theory and resource dependence theory and from the perspective of fund sources,this paper uses A-share private firms in Chinese capital market from 2014 to 2018 as a research sample,discusses the relationship between political connections and carbon disclosure,and tests the effects of the two fund sources of government subsidies and bank credits in their relationship.The empirical results show that there is a significant positive correlation between the political connections and carbon disclosure of private firms,and the level of carbon disclosure of private firms with political connections is higher than that of non-political connections.The private firms with political connections have more advantages in obtaining financing sources than those without political connections.Government subsidy and bank credit have significant mediating effect on the relationship between political connections and carbon disclosure of private firms.Further analysis found that in areas with good legal environment,private firms with senior managers working in relevant government departments are more willing to respond positively to low-carbon development and make high-level carbon disclosure.