【作者】 彭颖；

【导师】 钱雪松；

【作者基本信息】 华中科技大学 ， 西方经济学， 2019， 硕士

【摘要】 近年来,中国环境保护相关问题逐渐成为关注焦点,企业经营活动中涉及到的环境污染问题日益被人们重视,与其相关的环境信息披露情况更是政府加强环保监管的着力点。然而,现有的文献研究大多忽略了对环境制度改进如何影响企业公开环境信息行为的探讨,因而,目前的研究没有识别出环境相关政策与企业公开环境信息行为之间的因果关系及其作用机制。基于此,本文以2006年中国深圳证券交易所出台社会责任指引这一政策冲击为准自然实验,运用双重差分方法考察其对上市公司环境信息披露的影响。研究发现,深交所出台的社会责任指引不仅推高了上市公司披露环境信息的概率,而且提升了环境信息披露质量。进一步地,基于地区和分析师关注度视角的三重差分检验结果表明,社会责任指引对上市公司环境信息披露的改善作用表现出丰富差异:其一,与法律制度环境较差地区的上市公司相比,对法律制度环境较好地区的上市公司而言,其对社会责任指引这一政策冲击的反应更加灵敏;其二,与分析师关注度较低企业相比,对分析师关注度较高企业而言,社会责任指引对上市公司环境信息披露的促进作用力度相对更大。这些结果清晰识别出了深交所出台的社会责任指引与上市公司环境信息披露改善之间的因果关系,厘清了环境相关制度影响企业信息披露行为的作用机理。本文的政策含义十分清晰,为了提升上市公司环境信息披露质量,我们需要进一步完善法律制度环境,规范环境信息披露行为,同时加强资本市场对信息披露的监督,强化上市公司披露优质环境信息的意识。更多还原

【Abstract】 In recent years,environmental protection has gradually attracted a lot of attention in China.In order to strengthen the supervision and control on environmental pollution,the government has emphasized the environmental information disclosure of companies.However,the existing researches do not include the study of how environmental institutional factors affect corporate environmental information disclosure,nor identify the causal relationship or mechanism of action between environmental policy and corporate information disclosure.In 2006,the Shenzhen Stock Exchange(SZSE)enacted the Guidelines on Social Responsibility of Companies listed on the SZSE.Using the Guidelines as a natural experiment,we construct a sample of listed companies and study the impact of the Guidelines on corporate environmental information disclosure with a difference-in-differences method.We find that the enactment of the Guidelines not only pushed up the probability of listed companies disclosing environmental information,but also improved the quality of that.Moreover,the triple-differences test based on the perspective of legal environment and analyst attention shows that the better the legal system environment in the region where the listed company is located and the higher the degree of analysts attention,the greater the effect of the Guidelines on improving the disclosure of environmental information.These results clearly identify the causal relationship between the enactment of the Guidelines by the SZSE and the improvement of environmental information disclosed by listed companies.In order to improve the quality of environmental information disclosure,it’s necessary to perfect the legal environment further and instance the supervisory system of the asset market’s information disclosure,regularize the behavior of environmental information disclosure.In addition,both the supervision of the asset market on information disclosure and the awareness of disclosing quality environmental information by companies should be strengthen.更多还原