摘要
当前上市公司环境信息披露质量已成为社会公众、政府部门、公司股东等相关利益主体关注的热点问题。以沪深两市平均资产规模前40%的上市公司为样本,采用内容分析法分析了2013-2015年130家上市公司的公司年报,手工收集了企业社会责任报告和可持续发展报告中的环境信息数据,实证分析了公司治理结构、财务特征对企业环境信息披露的影响。研究发现,公司规模、盈利能力、股权特征、流通股比例直接影响着上市公司环境信息披露水平,呈正相关关系。企业债务规模、营运效率只是影响了上市公司环境信息的透明度,对企业环境信息质量没有显著影响。研究还发现,公司终极控制人的不同,造成了股权结构与环境信息质量关系的显著差异。国有控股企业中,股权集中度越高,环境信息质量越高;而在非国有企业中,股权集中度越高,环境信息质量却越差。
Investors, stakeholders and public in China are becoming increasingly concerned about the quality of corporate environmental disclosure. In this paper, 130 listed companies whose average assets are the top 40% from Shanghai and Shenzhen A-share in the period of 2013-2015 are chosen as our research samples. Moreover, the effect that ownership structure and financial characteristics has on the environmental disclosure selection is empirically tested with the method of content analysis based on companies social responsibility reports and initiative sustainability reports. As a result, company size, profitability, ownership structure, and share ratio in circulation directly affect the level of environmental disclosure in a positive way. However, the financial debt scale and operation efficiency have influence on the transparency of the environmental information, but not on the quality of corporate environmental disclosure. Additionally, re- sults suggest that the variety among company＇s ultimate controller results in a significant difference in ownership structure and the quality of the environment disclosure. In state-owned firms, with a higher degree of ownership concentration, the quality of environmental disclosure is higher; while in non stateowned holding enterprises, higher degree of ownership concentration leads to worse quality of environmental disclosure.
出处
《南京航空航天大学学报（社会科学版）》
2017年第2期1-9,共9页
Journal of Nanjing University of Aeronautics & Astronautics（Social Sciences）
基金
国家自然科学基金(71503039
71303042)
江苏省社会科学基金(16GLC002)
教育部人文社科基金(15YJCZH173)
关键词
环境信息披露
股权结构
财务状况
公司治理
environmental disclosure
ownership structure
financial characteristics
corporate governance
