企业社会责任与经济环境效益均衡发展研究——基于企业环境信息披露与现金股利分配决策关系的分析

Research on the Balanced Development of Corporate Social Responsibility & Economic and Environmental Benefits——Based on the analysis of the relationship between corporate environmental information disclosure and cash dividend distribution decision-making

环境信息披露是企业履行环境责任的重要渠道,有利于实现企业经济效益和环境效益的均衡发展,推动企业经济和社会经济的平稳运行。本文借助2008-2020年在中国沪深两市上市的工业企业数据为研究样本,基于信息不对称理论和声誉理论,从中介视角出发,研究环境信息披露与企业现金股利分配决策之间的关系。研究表明:企业披露的环境信息水平越高,企业的分红意愿越强,现金股利分配水平越高;在企业环境信息披露与现金股利分配之间,企业绩效发挥中介效应。在考虑内生性问题、改变中介检验方法、删除部分异常样本进行稳健性检验后,以上结论仍然成立。进一步研究发现:相较于货币性环境信息披露,非货币环境信息披露对促进企业进行现金股利分配更显著;相较于成长期的企业,成熟期的企业环境信息披露对现金股利分配的促进作用更明显。

Environmental information disclosure is an important channel for enterprises to fulfill their environmental responsibilities,which is conducive to realizing the balanced development of enterprise economic and environmental benefits, and promoting the smooth operation of enterprise economy and social economy. This paper uses the data of industrial enterprises listed in China’s Shanghai and Shenzhen stock markets from 2008 to 2020 as research samples, based on information asymmetry theory and reputation theory, from the perspective of intermediary, to study the relationship between environmental information disclosure and corporate cash dividend distribution decisions. The research shows that the higher the level of environmental information disclosed by the enterprise, the stronger the willingness to pay dividends,and the higher the level of cash dividend distribution;between the disclosure of corporate environmental information and the distribution of cash dividends, corporate performance plays an intermediary effect. After considering the endogeneity problem, changing the mediation test method, and deleting some abnormal samples for the robustness test, the above conclusion still holds. Further research finds that: Compared with monetary environmental information disclosure, non-monetary environmental information disclosure is more significant in promoting the distribution of cash dividends;compared with companies in the growth stage, the environmental information disclosure of companies in the mature stage has a more obvious role in promoting the distribution of cash dividends.