环境信息披露对企业财务绩效的影响--基于沪深A股化工行业上市公司的经验分析

Impact of environmental information disclosure on corporate financial performance:An empirical study based on Shanghai and Shenzhen A-share chemical industry listed companies

基于2016—2020年沪深A股198家化工行业上市公司平衡面板数据,运用因子分析法测算企业财务绩效综合数值,探讨环境信息披露对化工行业上市公司财务绩效的影响路径与传导机制,实证检验环境信息披露与其财务绩效的关系。研究发现:化工行业上市公司环境信息披露与财务绩效呈正相关关系,高质量的环境信息披露有益于提升财务绩效;相较于非国有上市公司而言,国有上市公司的环境信息披露对财务绩效的正向促进作用更显著。

Based on the balanced panel data of 198 listed companies in the chemical industry in Shanghai and Shenzhen A-share from 2016 to 2020,the paper adopts factor analysis to measure the comprehensive value of the enterprise financial performance,explores the impact path and transmission mechanism of environmental information disclosure on the financial performance of listed Companies in the chemical industry and empirically examines the relationship between environmental information disclosure and the enterprises’financial performance.The study finds that the level of environmental information disclosure of listed companies in the chemical industry is significantly positively correlated with their financial performance,and the high-quality environmental information disclosure is beneficial to improving their financial performance.Compared with non-state-owned listed companies,environmental information disclosure of state-owned listed companies has a more significant positive effect on financial performance.