环境信息披露、内部控制有效性与企业财务绩效——基于重污染行业上市公司的经验数据

Environmental Information Disclosure,Internal Control Effectiveness and Corporate Financial Performance—Based on Empirical Data of Listed Companies in Heavily Polluting Industries

基于2016—2020年重污染行业上市公司的面板数据,实证检验环境信息披露对企业财务绩效的影响。同时,进一步分析了内部控制有效性在环境信息披露对企业财务绩效影响中的调节作用以及产权性质的异质性影响。结果显示,环境信息披露与企业财务绩效显著正相关,内部控制有效性显著加强了环境信息披露对企业财务绩效的影响;与国有企业相比,非国有企业环境信息披露与企业财务绩效的正相关关系更加显著,且内部控制有效性在其中起着显著的正向调节作用。研究结论从环境信息披露和内部控制有效性视角为促进企业财务绩效提升提供了经验证据,也将为完善环境信息披露制度和加强内部控制建设提供政策启示。

Based on the panel data of listed companies in heavily polluting industries from 2016 to 2020,this paper empirically tests the impact of environmental information disclosure on corporate financial performance.At the same time,it further analyzes the moderating effect of the effectiveness of internal control on the impact of environmental information disclosure on corporate financial performance and the heterogeneity of property rights.The results show that environmental information disclosure is significantly positively correlated with corporate financial performance,and the effectiveness of internal control significantly strengthens the impact of environmental information disclosure on corporate financial performance.Compared with state-owned enterprises,non-state-owned enterprises have a more significant positive correlation between environmental information disclosure and corporate financial performance,and the effectiveness of internal control plays a significant positive moderating role.The research conclusion provides empirical evidence for promoting the improvement of corporate financial performance from the perspective of environmental information disclosure and internal control effectiveness,and will also provide policy enlightenment for improving the environmental information disclosure system and strengthening the construction of internal control.