“双碳”背景下环境信息披露对企业创新持续性影响研究

The Impact of Environmental Information Disclosure on Corporate Innovation Sustainability within the"Dual Carbon"Context

基于环境信息披露所产生的“信息效应”和“声誉效应”,以2011—2020年沪深A股上市公司为研究样本,探究了环境信息披露对企业创新持续性的影响,并进一步探讨了产权异质性和管理层激励的情境效应。研究结果表明,环境信息披露对提高企业创新持续性水平有积极作用,这意味着环境信息披露的“信息效应”发挥了主导作用。进一步研究表明,产权异质性效应的存在使得环境信息披露对企业创新持续性的影响在非国有企业中更为显著,同时管理层激励能够显著增强环境信息披露与企业创新持续性之间的正相关关系。稳健性检验结果同样支持了环境信息披露与企业创新持续性正相关的结论,而且环境信息披露质量越高,企业创新持续性水平也越高。

Under the current development of China's carbon information disclosure system,enhancing corporate innovation sustainability not only facilitates the transformation and upgrade from high carbon growth to green development for enterprises but also plays a significant role in promoting China's high-quality economic growth and Chinese-style modern development.Based on this background,this study takes listed companies from the Shanghai and Shenzhen Ashares from 2011 to 2020 as the research subjects.It considers the"information effect"and"reputation effect"produced by environmental information disclosure,profoundly exploring the relationship between environmental information disclosure and corporate innovation sustainability and further analyzing the situational effects of management incentives and property rights heterogeneity in this relationship.The empirical results indicate that environmental information disclosure can enhance corporate innovation sustainability by alleviating the two kinds of agency problems and improving financing constraints,implying the dominant role of the"information effect".The results of robustness examination further demonstrate that as the quality of environmental information disclosure continually improves,corporate innovation sustainability also continuously elevates,in addition,some differences in property rights heterogeneity show variations in the impact on environmental information disclosure and corporate innovation sustainability.This positive effect is more pronounced in non-state-owned enterprises.The reason is that non-state-owned enterprises face political disadvantages and financial constraints,making them more willing to undertake innovative risk investment projects and enhance risk tolerance in order to improve their market competitiveness.For state-owned enterprises,their operational management and system are relatively mature,so their innovative drives is lacking.Concurrently,management incentives show a positive correlation with environmental information disclosure and innovativeness level.Hence,management incentives can significantly positively regulate the relationship between environmental information disclosure and innovation sustainability.As an effective corporate governance tool,management incentives contribute to reducing corporate agency costs,elevating corporate environment information disclosure,and thus enhancing corporate innovation sustainability.Based on the conclusions above,relevant government departments should establish and improve the environmental information disclosure system,refine the information disclosure regulatory system for listed companies,strengthen incentives for companies to disclose social responsibility performance information,and encourage enterprises to elevate the quality and level of environmental information disclosure.In addition,companies should actively undertake more social responsibilities and timely disclose corporate social responsibility performance information,so as to enable enterprises to gain more innovative financial support and subsequently achieve continuous improvement in innovation sustainability levels.