环境信息披露提升了企业新质生产力吗?——来自我国上市公司的经验证据

Does Disclosure of Environmental Information Enhance Firms' New Quality Productivity?: Empirical Evidence from Listed Companies in China

作为推动企业进行环境治理的关键环节,环境信息披露有助于企业新质生产力的提升。本文基于我国A股上市公司2015—2022年的数据,实证检验了环境信息披露对企业新质生产力的影响及其路径。研究发现,企业环境信息披露水平越高,其新质生产力水平越高。通过一系列稳健性检验后,结论依然成立。机制检验表明,环境信息披露能够减少信息不对称水平和企业风险,进而促进企业新质生产力水平的提升。进一步研究发现,环境信息披露提升企业新质生产力水平的作用在大规模企业和第二、三产业更加显著。研究体现了环境信息披露的积极效应,为完善环境信息披露政策以提升企业新质生产力提供了一定的经验证据。

As a key link to promote enterprises' environmental governance, environmental information disclosure contributes to the improvement of enterprises' new quality productivity. Based on the data of China's A-share listed companies from 2015 to 2022, this paper makes an empirical study on the influence of environmental information disclosure on enterprises' new quality productivity and its path. The results show that the higher the level of information disclosure, the greater the new quality productivity. After a series of robustness tests, the conclusion is still valid. The mechanism test indicates that the disclosure of environmental information can decrease the degree of asymmetric information and enterprise risk, and then promote the improvement of enterprises' new quality productivity. Further research shows that the impact of environmental information disclosure on the improvement of new quality productivity of enterprises is more significant in large-scale enterprises and the secondary and tertiary industries. The research shows that the environment information disclosure has a positive impact, and provides some positive evidence for improving environmental information disclosure policies to enhance enterprises' new quality productivity.