摘要
环境污染问题阻碍了经济的可持续发展,监管部门将环境信息披露政策作为治理手段,显著提高了公司环境信息的披露意愿。然而在信息披露质量层面,披露不规范、模糊性和选择性披露行为仍普遍存在,成为亟待解决的难题。常规的监管手段难以发挥显著作用,如何通过市场手段激励公司重视和改善环境信息披露质量值得进一步探讨。为了探索资本市场开放对公司环境信息披露质量的影响及作用机制,选择2009年至2019年沪深A股2 836家上市公司为研究样本,运用双重差分模型检验资本市场开放对上市公司环境信息披露质量的边际影响;基于不同信息环境和治理水平的公司,研究资本市场开放对其环境信息披露质量的影响差异;采用中介效应方法检验资本市场开放经过外部监督和内部激励对环境信息披露质量的作用机制;采用平行趋势检验、PSM匹配方法和安慰剂检验等进行稳健性检验。研究结果表明,以沪(深)港通制度测量资本市场开放,当市场实施沪(深)港通制度或上市公司属于沪(深)港通制度标的公司时,中国股票市场的环境信息披露质量显著改善,这一积极影响具有稳健性;以股价信息含量和盈余信息质量反映公司信息环境和治理水平,对于不同特征的公司,沪(深)港通制度对其环境信息披露质量的改善作用存在异质性影响,对于环境信息披露水平较高或治理水平较弱的公司,沪(深)港通制度对其环境信息披露质量的提升更显著;沪(深)港通制度通过提高公司分析师关注度和高管持股,对环境信息披露质量发挥外部监督和内部激励的改善作用,且外部监督效应更为显著。研究结果证实沪(深)港通制度对上市公司经济行为和信息披露质量起积极作用,有助于探索环境信息披露质量的准确度量,为非财务信息质量的研究提供借鉴参考,相关结果对资本市场开放政策和�
Environmental pollution has hindered the sustainable development of economy. The regulatory authorities take the environmental information disclosure policy as an important governance means, which significantly improves the willingness of enterprises to disclose environmental information. However, at the qualitative level of information disclosure, non-standard,fuzzy and selective disclosure are common, which has become an urgent problem to be solved, and the conventional regulatory measures can not play a significant role. How to encourage enterprises to pay attention to and improve the quality of environmental information disclosure through market means is worthy of further discussion.In order to explore the impact and mechanism of stock market liberalization on the quality of environmental information disclosure, this study measures the stock market liberalization with the Shanghai(Shenzhen)-Hong Kong Stock Connect mechanism. The study selects 2 836 companies in Shanghai and Shenzhen A-share market from 2009 to 2019 as the research sample, and uses the DID Model to test the marginal impact of stock market liberalization on the quality of listed companies′environmental information disclosure. This study then uses the stock price information and earnings information quality to represent the enterprise information environment and corporate governance to study the differences in the impact of Shanghai(Shenzhen)-Hong Kong Stock Connect mechanism on the information disclosure of heterogeneous companies, and the mediating effect method is further used to test the mechanism of the policy on the quality of environmental information disclosure. Finally, the robustness test is done by parallel trend test, PSM matching method and placebo test.The results show that when the the Shanghai(Shenzhen)-Hong Kong Stock Connect mechanism is practiced or listed companies belong to the subject of the policy, the environmental information disclosure quality in China′s A-share market will be significantly improved, and the result
作者
王婉菁
朱红兵
张兵
WANG Wanjing;ZHU Hongbing;ZHANG Bing(Business School,Nanjing University,Nanjing 210008,China;Business School,Hohai University,Nanjing 211106,China)
出处
《管理科学》
CSSCI
北大核心
2021年第6期29-42,共14页
Journal of Management Science
基金
中央高校基本科研业务费专项资金(B210201043)。
关键词
资本市场开放
沪(深)港通制度
环境信息披露质量
公司治理
机制分析
capital market liberalization
Shanghai(Shenzhen)-Hong Kong Stock Connect mechanism
quality of environmental information disclosure
corporate governance
mechanism analysis
