环境规制、法律背景高管与企业环境信息披露——基于新《环境保护法》实施的证据

Environmental Regulation,Legal Background Executives and Corporate Environmental Information Disclosure—Based on Evidence of the Implementation of the Latest Environmental Protection Law

生态环境的改善不仅依赖于严格的政策法规,更与企业的环保决策密切相关。以重污染行业为研究样本,采用倾向得分匹配法与双重差分法相结合的方式(PSM-DID)探究新《环境保护法》对企业环境信息披露的影响,以及在法律背景高管作用下的效应差异。研究发现:新《环境保护法》的实施对企业环境信息披露具有明显的促进作用,尤其体现在财务类环境信息披露水平的提升。企业高管的法律背景强化了新《环境保护法》对企业环境信息披露的促进作用。进一步分析发现,在法律背景高管占比低的企业中,新《环境保护法》对环境信息披露的促进作用更强。上述研究结果不仅验证了我国环保法律法规的实施效果,也为从高管专业背景视角考察环保法规实施对企业环境行为的影响提供了新的证据。

The improvement of ecological environment not only depends on strict policies and regulations,but also is closely related to the environmental protection decision-making of enterprises.Heavy pollution industry as a research sample,the propensity score matching method combined with the difference-in-difference method(PSM-DID)is used to explore the impact of the latest Environmental Protection Law on corporate environmental information disclosure and the differences in the effects under the role of executives with a legal background.The study finds that the implementation of the latest Environmental Protection Law has a significant contribution to corporate environmental information disclosure,especially in the level of financial environmental information disclosure.The legal background of corporate executives strengthens the promotion effect of the latest Environmental Protection Law on corporate environmental information disclosure;further analysis finds that the promotion effect of the latest Environmental Protection Law on environmental information disclosure is stronger in companies with a low proportion of executives with a legal background.The above findings not only validate the implementation effects of China’s environmental laws and regulations,but also provide new evidence to examine the effects of environmental regulations implementation on corporate environmental behavior from the perspective of executives’professional backgrounds.