论文总字数：25083字

摘 要

伴随着经济的发展，其所带来的环境问题也日益突出，企业作为经济发展主要的主体和受益者，其环境信息的披露也越来越被人们所关注。因此为了从根源上提高环境信息披露质量水平，学术界对于环境信息披露质量的影响因素的研究也日益深入、全面。江苏省作为经济发达但受资源存量限制的省份，环境与经济的协调发展面临着一定的挑战。因此本文以江苏省重污染上市公司作为研究对象，分析其环境信息披露的现状与影响其环境信息披露的因素，根据研究结果提出局限性及展望。

本文以组织合法性理论、信号传递理论等理论为基础，同时结合国内外文献中列明的已有的研究成果，结合江苏省实际情况分别从公司规模、财务杠杆、股权性质、股权集中度、盈利能力5个方面提出研究假设，通过对江苏省重污染行业114家A股上市公司2011-2016年数据的描述性分析、相关性分析和OLS回归分析来评价其环境信息披露现状和检验其假设。主要的研究结论有：样本企业在2011-2016年间环境信息披露水平偏低但是逐年升高，于此同时差距逐年扩大；公司规模和股权性质对样本企业的EID水平有显著影响，公司规模越大，EID水平越高；国有企业的EID水平相比非国有企业的EID水平更高；财务杠杆、股权集中度和净资产收益率对于其环境信息披露水平无显著影响，且不同的重污染行业所对应的影响因素会因其行业特性而存在差异。

关键词：环境信息，信息披露，影响因素，重污染行业

Abstract

With the development of economy, the environmental problems brought about by economic development have become increasingly prominent. As the main subject and beneficiary of economic development, the disclosure of environmental information by enterprises has been increasingly concerned by people. Therefore, in order to improve the level of environmental information disclosure quality from the root, the research on the influencing reasons of the quality of EID in the academic community is increasingly in-depth and comprehensive. As a province with a developed economy but limited by the stock of resources, the coordinated development of the environment and economy has experienced certain challenges. Therefore, this article takes the heavily polluting listed companies in Jiangsu Province as the research object, analyzes the status of EID and the factors influencing of it, and puts forward the limitations and prospects based on the research results.

Based on the theory of organizational legitimacy and signal transmission theory, this paper combines the existing research results listed in domestic and foreign literatures, and combines the company's scale, financial leverage, equity ownership, ownership concentration, and the actual situation in Jiangsu Province. The research hypothesis was put forward in five aspects of profitability, and the descriptive analysis, correlation analysis, and regression analysis of the 2011-2016 data of 114 A-share listed companies in heavy polluting industries in Jiangsu Province were used to evaluate the status of environmental information disclosure and test its hypotheses. The main research conclusions are as follows: From 2011 to 2016, the disclosure level of environmental information of listed heavy polluting industries companies in Jiangsu Province was relatively low but increased year by year, while the gap was widening year by year. The size of the company and the nature of equity have a significant impact on the level of disclosure of environmental information by listed companies in heavily polluting industries in Jiangsu Province. The larger the scale of the company, the higher the level of EID, the disclosure level of environmental information of state-owned enterprises compared with that of non-state-owned companies. The level is higher. Financial leverage, equity concentration, and ROE have no significant impact on the level of environmental information disclosure. And the different heavy pollution industry influencing factors will be different due to their industry characteristics.

KEY WORDS: Environmental information, information disclosure, influencing factors, heavy pollution industry

目 录

摘要 I

Abstract II

第一章 引言 1

1.1 研究背景与意义 1

1.1.1 研究背景 1

1.1.2 研究意义 1

1.2 研究框架设计 2

1.2.1 研究内容框架 2

1.2.2 研究思路框架 2

1.3 本文的创新点 3

第二章 文献回顾 4

2.1 国外研究现状 4

2.1.1 披露的内容和方式 4

2.1.2 披露的动因 4

2.1.3 披露的影响因素 4

2.2 国内研究现状 4

2.2.1 披露的内容和方式 4

2.2.2 披露的动因 5

2.2.3 环境信息披露现状的研究 5

2.2.4 披露的影响因素 5

2.3 文献述评 6

第三章 理论基础和研究假设 7

3.1 合法性理论 7

3.2 信号传递理论 7

3.3 假设提出 7

第四章 研究设计 9

4.1 样本选取 9

4.2 数据说明 9

4.2.1 数据内容及获取方式 9

4.2.2 数据定义 10

4.3 模型构建 10

4.3.1 环境信息披露指数模型构建 10

4.3.2 线性回归模型构建 10

第五章 实证结果与分析 11

5.1 描述性统计 11

5.1.1 2011-2016年整体的描述性分析 11

5.1.2 2011-2016年各年的描述性分析 11

5.2 相关性分析 12

5.3 OLS实证研究 12

5.3.1 2011-2016年影响因素研究 12

5.3.2 各行业影响因素研究 13

第六章 实证结果与分析 16

6.1 研究结论 16

6.2 局限性 16

6.3 展望 16

致谢 18

参考文献 19

引言

研究背景与意义

研究背景

近年来，云南阳宗海砷污染事件、河北白洋淀死鱼事件等重污染环境事件逐渐出现在人们的视野当中，重污染行业上市公司在环境保护方面是否履行责任成为大众关注的焦点。江苏作为同时拥有经济领先和重污染行业较为发达这两个特征的省份，环境污染问题也尤为突出，如2007年无锡太湖蓝藻事件、2017年镇钛化工倾倒固体污染物事件等等。

同时在政策方面，近年来政府对于环境污染的监管也越来越严格，包括发布一系列的环境保护和污染治理条例法规，这也说明环境问题也成为政府关心的问题。因此为了满足大众和政府对于企业环境信息的需求，加快提高企业的环境信息披露质量的速度成为一个必然趋势。

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