推动环境信息披露能改善投资效率吗？

Can Promoting Environmental Information Disclosure Improve Investment Efficiency?

中文关键词:  环境信息披露  投资效率  公司治理  Richardson投资期望模型

英文关键词:environmental information disclosure  investment efficiency  corporate governance  Richardson Investment Expectations Model

中文摘要:

      落实企业环境责任，推动环境信息披露，有利于推动结构调整和高质量发展。本文根据《环境信息公开办法（试行）》，对发布企业社会责任报告的上市公司环境信息披露进行刻画，基于Richardson投资期望模型对投资效率进行测度，分析环境信息披露对上市公司投资效率的影响。研究发现，环境信息披露能在一定程度上缓解投资不足，但对过度投资的影响并不显著，而且环境信息披露对投资不足的缓解作用在国有企业、两权分离度高等代理成本较高的企业中表现更为显著。本文因此提出推动环境信息披露的建议，一方面发挥政府作用，加大监管压力，确保企业环境责任的落实，健全环境治理企业责任体系；另一方面发挥市场的决定性作用，强化诱致企业披露环境信息的动力，让市场形成对环境信息披露的强需求，促使企业提升环境信息披露水平。

英文摘要:

      The implementation of corporate environmental responsibilities and the promotion of environmental information disclosure are conducive to promoting structural adjustment and high-quality development. According to the Environmental Information Disclosure Measures (Trial),the paper describes the environmental information disclosure of listed companies that issue CSR reports, measures the investment efficiency of listed companies on the basis of the Richardson model, and analyzes the impact of environmental information disclosure on the investment efficiency of listed companies. The research finds that environmental information disclosure can alleviate under investment to a certain extent, but the impact on over investment is not significant. And the mitigation effect of environmental information disclosure on under investment is more significant in enterprises with higher agent costs, like state-owned enterprises and enterprises with high separation of powers. Therefore, the paper puts forward proposals to promote environmental information disclosure. On one hand, the government plays the role of increasing the supervision pressure, ensuring the implementation of enterprise environmental responsibility and improving the enterprise responsibility system of environmental governance.On the other hand, the market plays a role. The market should strengthen the incentive to induce enterprise environmental information disclosure, so that the market forms a strong demand for environmental information disclosure, and promotes enterprises to enhance the level of environmental information disclosure.