| 摘要: |
| 以2009—2013年我国重污染行业上市公司的非平衡面板数据为研究样本，对上市公司的企业社会责任报告进行内容分析，构建公司环境信息披露指数，研究公司规模、盈利能力、财务杠杆等公司特征和行业竞争属性对公司环境信息披露水平的影响，分析表明：公司规模、盈利能力与公司环境信息披露水平具有显著的正相关关系，规模越大、盈利能力越好的公司越倾向于披露环境信息；财务杠杆对公司环境信息披露水平没有显著影响；垄断性行业公司的环境信息披露水平高于竞争性行业公司。因此，环境管制应与行业竞争属性相结合，并不断完善环境立法、环境监管制度及环境信息披露指引。 |
| 关键词: 环境信息披露 环境合法性压力 行业竞争属性 垄断性行业 竞争性行业 重污染行业 公司规模 盈利能力 财务杠杆 |
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| Corporate Characteristics, Industrial Competition Attribute and Environmental Information Disclosure—Based on Empirical Evidence from Listed Companies of Heavy Pollution Industries |
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FU Hong-zhen
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School of Management, Minnan Normal University, Zhangzhou 363000, China
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| Abstract: |
| This paper selects the unbalanced panel data from 2009 to 2013 of Chinese listed companies in heavy pollution industries as a sample, and develops corporate environmental information disclosure index based on content analysis of social responsibility reports of listed companies, then empirically examines how the factors of corporate characteristics and industrial competition attribute such as corporate scale, profitability, financial leverage, etc. affect corporate environmental information disclosure. The results show that corporate scale and profitability are both positively correlated with corporate environmental information disclosure, and the companies in large scale with excellent profitability tend to disclosure more environmental information, while corporate financial leverage has no impact on corporate environmental information disclosure. Moreover, this paper finds that the companies of monopolistic industries have higher levels of environmental information disclosure than that of competitive industries. Therefore, environmental control should combine with the attribute of industrial competiveness, and environmental legislation, environmental supervision system and guide on environmental information disclosure should be improved. |
| Key words: environmental information disclosure environmental legitimacy pressure industrial competition attribute monopolistic industry competitive industry heavy pollution industries corporate scale profitability financial leverage |
