地理位置、环境规制空间异质性与环境信息选择性披露

›› 2016, Vol. 28 ›› Issue (6): 192-204.

地理位置、环境规制空间异质性与环境信息选择性披露

姚圣, 杨洁, 梁昊天

中国矿业大学管理学院, 徐州 221116

收稿日期:2014-05-04 出版日期:2016-06-28 发布日期:2016-07-07
作者简介:姚圣,中国矿业大学管理学院教授,硕士生导师,博士;杨洁,中国矿业大学管理学院硕士研究生;梁昊天,中国矿业大学管理学院硕士研究生。
基金资助:
国家自然科学基金项目(71572189;71102163);中国博士后特别资助基金项目(2012T50529);中国博士后科学基金面上项目(2011M500977)。

Firm Location, Spatial Heterogeneity of Environmental Regulation and Selective Disclosure of Environmental Information

Yao Sheng, Yang Jie, Liang Haotian

School of Management, China University of Mining and Technology, Xuzhou 221116

Received:2014-05-04 Online:2016-06-28 Published:2016-07-07

摘要/Abstract

摘要：

本文基于中央政府到地方政府、地方政府到企业双重博弈的角度分析了企业环境信息选择性披露的影响因素,并使用经验数据验证了地理位置、环境规制空间异质性对企业环境信息选择性披露的具体影响。研究结果表明,总体情况而言,地理位置与环境信息选择性披露显著负相关,即企业距离政府监管者越远,环境信息总体披露较少,披露的显著性、数量性与时间性越弱。对非国有控股上市公司而言,这种负向影响关系更加明显,但对国有控股上市公司来讲则不存在显著的负向影响关系。另外,环境规制空间异质性对企业环境信息披露总体、显著性与数量性均具有显著负向影响关系,但对环境信息时间性方面则不存在显著性影响关系。进一步研究发现,国有控股上市公司具有与总体样本一致的结果,但对非国有控股企业而言,环境规制空间异质性对企业环境信息披露总体、显著性、数量性与时间性上不具有显著性影响。已有文献由于未考虑到环境披露政策在执行过程中的主体博弈影响因素,因此并未取得一致的研究结论。本文研究结论表明,决定博弈结果的地理与制度性因素是影响企业环境信息披露内容与程度的主要因素。

关键词: 地理位置, 空间异质性, 环境信息披露, 选择性披露, 行政隶属

Abstract:

This paper analyzes the factors that influence the selective disclosure of environmental information based on double game from the center government to the local government and from the local government to the firm, and studies the influence on the selective disclosure of environmental information made by the firm location, spatial heterogeneity of environmental regulation. Results show that there is a negative link between the firm location and the selective disclosure of environmental information. In other words, the distance between the firm and the regulator is longer, and the total environmental information is disclosed less. The same result is for its significance, amount and time. Especially the negative link is obvious to the non-state-owned companies, but it is not significant to the state-owned companies. Moreover, the spatial heterogeneity of environmental regulation has the negative relation with the total environmental information, its significance and amount. But its time is the exception. Further studies show that the state-owned companies have the same results with the overall samples. However, the non-state-owned companies have no the significant relation for the spatial heterogeneity of environmental regulation. Current literatures can't reach the agreement because of ignoring the influence of the different bodies' game in process of the environmental information regulation policy being implemented. Our results show that, the geography and institutional features that determine the game results in China are the main factors that determine the content and degree of the environmental information disclosure.

Key words: firm location, spatial heterogeneity, environmental information disclosure, selective disclosure, administrative relation

姚圣, 杨洁, 梁昊天. 地理位置、环境规制空间异质性与环境信息选择性披露[J]. , 2016, 28(6): 192-204.

Yao Sheng, Yang Jie, Liang Haotian. Firm Location, Spatial Heterogeneity of Environmental Regulation and Selective Disclosure of Environmental Information[J]. , 2016, 28(6): 192-204.

参考文献

[1] Tietenberg T. Disclosure Strategies for Pollution Control[J]. Environmental and Resource Economics, 1998,11(3-4):587-602
[2] 胡静,傅学良.环境信息公开立法的理论与实践[M]. 北京:中国法制出版社, 2011
[3] Lei Z., Mol P. J., He G. Z., Lu Y.L. An implementation Assessment of China's Environmental Information Disclosure Decree[J]. Journal of Environmental Science, 2010,22(10):1649-1656
[4] 毕茜,彭珏,左永彦.环境信息披露制度、公司治理和环境信息披露[J]. 会计研究, 2012,(7):39-47
[5] 沈洪涛,冯杰.舆论监督、政府监管与企业环境信息披露[J]. 会计研究, 2012,(2):72-79
[6] 王霞,徐晓东,王宸.公共压力、社会声誉、内部治理与企业环境信息披露——来自中国制造业上市公司的证据[J]. 南开管理评论, 2013,16(2):82-91
[7] 陈璇,Lindkvist K. B.环境绩效与环境信息披露:基于高新技术企业与传统企业的比较[J]. 管理评论, 2013,25(9):117-130
[8] John K., Knyazeva A., Knyazeva D. Does Geography Matter? Firm Location and Corporate Payout Policy[J]. Journal of Financial Economics, 2011,101(3):533-551
[9] Lerner J. Venture Capitalists and the Oversight of Private Firms[J]. Journal of Finance, 1995,50(1):301-318
[10] 沈能.环境效率、行业异质性和最优规制强度——中国工业行业面板数据的非线性检验[J]. 中国工业经济, 2013,(3):56-68
[11] 周黎安,陶婧.官员晋升竞争与边界效应:以省区交接地界的经济发展为例[J]. 金融研究, 2011,(3):15-26
[12] 曾建光,伍丽娜,王立彦.中国式拆迁、投资者保护诉求与应计盈余质量——基于制度经济学与Internet治理的证据[J]. 经济研究, 2013,(7):90-103
[13] Yusoff H., Lehman G. Corporate Environmental Reporting through the Lens of Semiotics[J]. Asian Review of Accounting, 2009,17(3):226-246
[14] Healy P. M., Palepu K. G. The Effect of Firms' Financial Disclosure Strategies on Stock Prices[J]. Accounting Horizons, 1993,7(1):1-11
[15] Darrell W., Schwartz B. N. Environmental Disclosures and Public Policy Pressure[J]. Journal of Accounting and Public Policy, 1997,16(2):125-154
[16] Freedman M. Stagliano A. J. European Unification, Accounting Harmonization, and Social Disclosure[J]. International Journal of Accounting, 1992,27(2):112-122
[17] Patten D. M. Intra-industry Environmental Disclosures in Response to the Alaskan Oil Spill:A Note on Legitimacy Theory[J]. Accounting, Organizations and Society, 1992,17(5):471-475
[18] 张光.中国式分权的代价[EB/OL]. http://www.zaobao.com/wencui/politic/story20131226-292550,2013-12-26
[19] Morgan O. A., Condliffe S. Spatial Heterogeneity in Environmental Regulation Enforcement and the Firm Location Decision among U.S. Counties[J]. The Review of Regional Studies, 2009,39(3):239-252
[20] 潘雄锋,李良玉,杨越.我国能源效率区域差异的时空格局动态演化研究[J]. 管理评论, 2014,24(11):13-19
[21] Arena M. P., Dewally M. Firm Location and Corporate Debt[J]. Journal of Banking and Finance, 2012,36(4):1079-1092
[22] Brickley J. A., Linck J. S., Smith C. W. Boundaries of the Firm:Evidence from the Banning Industry[J]. Journal of Financial Economics, 2003,70(3):351-383
[23] Dass N., Massa M. The Impact of a Strong Bank-firm Relationship on the Borrowing Firm[J]. Review of Financial Studies, 2011,24(4):1204-1260
[24] Gropper D., Jahera J., Park J. Does It Help to Have Friends in High Places? Bank Stock Performance and Congressional Committee Chairmanship[J]. Journal of Banking and Finance, 2013,37(6):1986-1999
[25] 宋玉,沈吉,范敏虹.上市公司的地理特征影响机构投资者的持股决策吗?——来自中国证券市场的经验证据[J]. 会计研究, 2012,(7):72-79
[26] Loughran T. The Impact of Firm Location on Equity Issuance[J]. Financial Management, 2008,37(1):1-21
[27] Yu C., Freedman M. Corporate Governance and Environmental Performance and Disclosures[J]. Advances in Accounting, 2011,27(2):223-232
[28] Milne M., Patten D. Securing Organizational Legitimacy:an Experimental Decision Case Examining the Impact of Environmental Disclosures[J]. Accounting, Auditing and Accountability Journal, 2002,15(3):372-405
[29] Loughran T., Schultz P. Liquidity:Urban versus Rural Firms[J]. Journal of Financial Economics, 2005,78(2):341-374
[30] Coval J., T. Moskowitz. Home Bias at Home:Local Equity Preference in Domestic Portfolios[J]. Journal of Finance, 1999,54(6):2045-2073
[31] Ivkovic Z., Weisbenner S. Local does as Local is:Information Content of the Geography of Individual Investors' Common Stock Investments[J]. Journal of Finance, 2005,60(1):267-306
[32] Kheder S. B., Zugravn N. The Pollution Haven Hypothesis:A Geographic Economy Model in a Comparative Study[R]. Working Papers, 2008
[33] 綦好东,王斌,王金磊.非上市国有企业信息公开披露:逻辑与事实[J]. 会计研究, 2013,(7):20-27