摘要
环境信息披露是推动资本市场支持生态文明建设的有效工具。以2003—2017年沪、深A股上市公司的微观数据为样本,采用双重差分倾向得分匹配法(PSM-DID)系统研究环境信息披露对企业创新的影响和作用渠道。研究发现,环境信息披露对企业创新具有显著正向影响,并且具有动态持续性;环境信息披露对承担强制性披露义务的企业、披露质量较高的企业和国有企业创新水平的提升作用更大。影响机制检验表明,环境信息披露能够通过融资成本和员工稳定性对企业创新产生影响。研究结论不仅为中国分步建立和完善强制性上市公司环境信息披露制度提供了经验依据,而且还为企业探寻经济效益与绿色效益兼顾的可持续发展之路提供了思路指引。
Environmental information disclosure is an effective tool to promote the construction of ecological civilization in capital market.Taking the microdate of A-share listed companies in Shanghai and Shenzhen stock exchanges from 2003 to 2017 as samples,the article systematically studies the impact and function channel of environmental information disclosure on enterprise innovation by using propensity score matching-difference in difference method(PSM-DID).The results show that environmental information disclosure has a significant positive impact on enterprise innovation,and the effect is dynamically sustainable.Environmental information disclosure plays a greater role in improving the innovation level of enterprises undertaking mandatory disclosure obligations,enterprises with higher disclosure quality and state-owned enterprises.Influencing mechanism analysis shows that environmental information disclosure affects enterprise innovation through financing costs and employee stability.The conclusion of the article not only provides empirical basis for China to establish and perfect the mandatory environmental information disclosure system of listed companies step by step,but also provides guidance for enterprises to explore the way of sustainable development with both economic benefits and green benefits.
作者
张哲
葛顺奇
ZHANG Zhe;GE Shun-qi(School of Economics,Nankai University,Tianjin 300071,China;Institute of International Economics,Nankai University,Tianjin 300071,China)
出处
《云南财经大学学报》
CSSCI
北大核心
2021年第2期69-82,共14页
Journal of Yunnan University of Finance and Economics
基金
教育部十三五社科基地重大项目“全球价值链与中国对外直接投资升级研究”(19JJD790004)。
关键词
环境信息披露
创新水平
上市公司
Environmental Information Disclosure
Level of Innovation
Listed Company
