环境信息披露与企业“脱虚向实”——来自制造业重污染上市公司的经验证据

Environmental Information Disclosure and Corporate from Deficiency to Reality:Evidence from Heavy Pollution Listed Companies in Manufacturing Industry

以2009—2020年我国制造业重污染上市公司为样本,实证检验了环境信息披露对企业投资结构的影响。回归结果显示,环境信息披露水平的提高会促使企业增加实体投资,减少虚拟投资,驱动企业“脱虚向实”。而且,披露的不管是正面信息还是负面信息均对投资结构具有显著影响。机制检验表明,减轻内部代理冲突和改善外部融资环境是环境信息披露影响企业投资结构的两条作用路径。进一步分析发现,在信息透明度较低的企业中,披露环境信息对企业实体投资的提升作用以及对虚拟投资的抑制作用会更加强烈,表明环境信息确实具有显著的信息增量效应。

Using data from the heavy pollution listed companies in the manufacturing industry from 2009 to 2020 as the sample,this paper empirically tests the impact of environmental information disclosure on corporate investment structure.The result shows that improving the environmental information disclosure level will prompt corporate to increase entity invest-ment,reduce virtual investment,and drive corporate from deficiency to reality.Moreover,whether the environmental informa-tion is positive or negative,it has a significant impact on the firm investment structure.The influence mechanism test shows that mitigating internal agency conflict and improving the external financing environment are the two paths by which environ-mental information disclosure affects the firm investment structure.Further analysis shows that when the corporate existing in-formation asymmetry degree is high,the environmental information disclosure has a stronger effect on the promotion of entity investment and the inhibition of virtual investment,indicating that environmental information does have a significant incre-mental information value.