环境信息披露、绿色信贷政策迎合与企业价值

Environmental Information Disclosure,Green Credit Policy Pandering and Corporate Value

在国家大力推进生态文明建设背景下,环境信息披露是否以及如何影响企业价值仍然存疑。基于绿色信贷迎合视角研究环境信息披露对企业价值的影响机制,揭示不同融资约束程度上市公司的差异性“漂绿”路径,研究发现环境信息披露对企业价值具有正向作用,基于“漂绿”的绿色信贷政策迎合策略是上市公司披露环境信息的主要动机,融资约束程度高和融资约束程度低的上市公司分别通过预期现金流量效应和资本成本效应提升企业价值。进一步分析表明,非国有企业、披露货币性信息含量较多的企业环境信息披露的价值增值效应更大,但要防范其“漂绿”风险。上述结果为政策层面对企业环境信息披露质量的监管、金融机构对企业环境责任表现的有效甄别以及企业内部环境治理决策的优化,提供有益参考。

Under the background of vigorously promoting the construction of ecological civilization,it is still doubtful whether and how environmental information disclosure affects enterprise value.Based on the green credit catering perspective,the article studies the impact mechanism of environmental information disclosure on enterprise value,reveals the differentiated"greenwashing"paths of listed companies with different financing constraints.The study finds that environmental information disclosure has a positive effect on corporate value,the green credit policy catering strategy based on"greenwashing"is the main motivation for listed companies to disclose environmental information,and Listed companies with a high degree of financing constraints and those with a low degree of financing constraints enhance firm value through the expected cash flow effect and the cost of capital effect,respectively.Further analysis shows that the value-added effect of environmental information disclosure is greater for non-state-owned firms and firms that disclose more monetary information,but it is important to guard against the risk of"greenwashing".The above results provide useful references for policy-level regulation of corporate environmental information disclosure quality,effective screening of corporate environmental responsibility performance by financial institutions,and optimization of corporate internal environmental governance decisions.