环境信息披露质量与财务绩效耦合、脱钩的实证研究--基于重污染行业上市公司的数据

Research on the Coupling and Decoupling Between Environmental Information Disclosure Quality and Financial Performance:Based on the Empirical Data of Listed Companies of Heavily Polluting Enterprises

以2015—2019年重污染行业上市公司(478家)为研究对象,运用耦合度模型、核密度函数、Dagum基尼系数、脱钩模型分析EDI与FPI的脱钩类型、耦合度及其分布状态、空间异质性等。研究结果表明:2015—2019年我国重污染企业EDI与FPI耦合度存在行业差异,静态耦合度主要处于磨合阶段和高水平耦合阶段;动态耦合度经历了中度失调到中级协调六个阶段;就动态耦合度差异来源而言,行业间差异始终大于行业内差异;脱钩类型主要以扩张性负脱钩和强负脱钩为主,两种脱钩类型占比83.89%。

By taking the heavily polluting industry(478)from 2015 to 2019 as the research object,the decoupling type,the coupling degree,distribution dynamics,and spatial heterogeneity of EDI and FPI are analyzed based on the coupling degree model,kernel density function,dadgum Gini coefficient,and decoupling model.The results show that:there are industry differences in the coupling degree between EDI and FPI of China's heavily polluting enterprises,and the static coupling degree is mainly in the running in stage and high-level coupling stage from 2015 to 2019;dynamic coupling has experienced six stages from intermediate imbalance to intermediate coordination;as far as the source of dynamic coupling difference is concerned,the inter-industry difference is always greater than interindustry difference;the decoupling types are mainly expansionary negative decoupling and strong negative decoupling,accounting for 83.89%.