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本文采用双重差分法探讨中国环境信息规制政策对企业绩效的影响,研究发现环境信息规制能有效提高企业绩效。具体来说,在全样本下环境信息规制会倒逼企业增加创新投入,改善生产技术水平;同时也提高了企业信息透明度,降低企业与投资者之间的信息不对称,进而提高企业绩效。但是,基于不同产权性质下环境信息规制影响企业绩效的异质性分析发现,相较于国有企业,其促进作用在非国有企业中表现更强。这一结果产生的原因可能是国有企业面临着较为严厉的监管约束,更注重加强环保设施投入,自身环境表现良好,且信息不对称对其约束作用较弱。通过变更指标衡量方式、安慰剂检验和样本量敏感性等稳健性检验,以上结论依然成立。在中国环境治理的实践中,较完善的环境信息披露规制制度对企业发展和环境改善有着积极作用。
Abstract：This paper discusses the influence of environmental information regulation on enterprise performance by using the difference-in-differences method, and finds that environmental information regulation can effectively improve enterprise performance. In detail, environmental information regulation will force enterprises to increase investment in innovation and improve the level of production technology. At the same time, it also improves enterprise information transparency, reduces information asymmetry between enterprises and investors, and thus improves enterprise performance. However, based on the heterogeneity analysis of the influence of environmental information regulation on enterprise performance under different property rights, it is found that, compared with state-owned enterprises, its promoting effect is stronger in non-stateowned enterprises. The reason for this result may be that state-owned enterprises are faced with severe regulatory constraints, pay more attention to strengthening investment in environmental protection facilities, perform well in their own environment, and the information asymmetry has a weak constraint effect on them, so the reverse mechanism and information increment effect of environmental information regulation on state-owned enterprises are not obvious. The above conclusions were still valid through the robustness tests. In the practice of China's environmental governance, a more perfect regulatory system of environmental information disclosure plays a positive role in the development of enterprises and environmental improvement.
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基本信息:
DOI：10.14167/j.zjss.2020.05.001
中图分类号:X322;F275;F832.51
引用信息:
[1]许东彦,佟孟华,林婷.环境信息规制与企业绩效——来自重点排污单位的准自然实验[J].浙江社会科学,2020,No.285(05):4-14+156.DOI:10.14167/j.zjss.2020.05.001.
2020-05-15
2020-05-15