【摘要】 经济高质量发展背景下，企业环境信息披露已经引起全社会的普遍重视。基于沪深A股上市公司2007—2019年样本企业面板数据，以投资者关注为中介变量，揭示环境信息披露对企业经营绩效的作用机制。结果显示，环境信息披露对企业经营绩效具有显著的正向激励作用，投资者关注发挥部分中介效用。进一步的研究表明，将机构投资者持股比例作为门槛变量时，存在显著的单一门槛效应，当企业引入机构投资者持股比例高于一定门槛值时，环境信息披露能显著提升企业经营绩效，否则激励效果不显著；同时异质性分析发现，重污染行业及2015年后环境信息披露对企业经营绩效激励效果更为显著。本文研究结论有助于企业更理性地认识环境信息披露的经济效益，为政府、企业和投资者共同构建高质量环境信息披露体系提供思路。更多还原

【Abstract】 Under the background of high-quality economic development,environmental information disclosure has aroused widespread attention in the whole society. Based on the panel data of Shanghai and Shenzhen A-share listed companies from 2007 to 2019,the mechanism of environmental information disclosure on business performance of enterprises was revealed by taking investor attention as the mediating variable. The conclusions indicate that:environmental information disclosure has a significant positive incentive effect on business performance,and investor attention plays a part of the intermediary effect. The further research demonstrates a significant single threshold effect between environmental information disclosure(EDI) and enterprises’ business performance(BP) when the investor attention is taken as a threshold variable. Specifically,when the shareholding ratio of institutional investors is higher than a certain threshold value,environmental information disclosure can significantly improve the business performance of enterprises.Otherwise,the incentive effect is not significant. At the same time,the heterogeneity analysis finds that the heavily polluting industries and the environmental information disclosure after 2015 have more significant effects on the incentive effect of business performance.The conclusions can help enterprises to understand the economic benefits of environmental information disclosure more rationally,and provide ideas for the government,enterprises and investors to jointly build a high-quality environmental information disclosure system.更多还原