School of Management Science and Engineering, Dongbei University of Finance and Economics

从行业异质性视角探究企业所处市场环境对环境信息披露与企业绩效关系的影响效应,揭示环境信息披露影响企业绩效的内在机理。以中国2012—2017年沪深A股上市的制造业企业为样本,根据行业环境敏感性和产品市场竞争,设计了4种行业情境组合,构建3层模型,研究环境敏感性和产品市场竞争联合调节下环境信息披露对企业绩效的差异化影响。研究发现,环境信息披露能否提升企业绩效取决于企业的行业特征,当企业环境信息披露水平与市场环境相适应时,企业将获得更高的收益。在环境敏感性较高且产品市场竞争较强的情境下,环境信息披露显著提升了企业绩效;而在环境敏感性较高且产品市场竞争较弱的情境下,环境信息披露则抑制了企业绩效。为此提出推动环境信息披露的建议,企业管理者在制定环境管理举措和环境信息披露策略时,应该将行业情境纳入企业环境管理决策过程,以提升企业绩效。

From the perspective of industry heterogeneity, this paper analyzed the impacts of market environment of enterprises on therelationship between environmental information disclosure and enterprise performance, and the internal mechanism of environmentalinformation disclosure affecting enterprise performance is discussed. Based on the data of manufacturing enterprises listed on the A-sharemarket of Shanghai and Shenzhen in China from 2012 to 2017, this paper constructed four industry scenario combinations according to thedegree of industry environmental sensitivity and product market competition intensity, and established a three-tier model to explore thedifferential impact of environmental information disclosure on corporate performance under the joint regulation of environmental sensitivityand product market competition. The results show that whether environmental information disclosure can improve corporate performancedepends on the industry characteristics of enterprises, and when the level of environmental information disclosure is compatible with marketenvironment, enterprises will obtain higher returns. Under the situation of high environmental sensitivity and strong product marketcompetition, environmental information disclosure significantly improves corporate performance; in a context of high environmentalsensitivity and weak competition in the product market, environmental information disclosure inhibits corporate performance. To this end, itis proposed that enterprise managers should incorporate industry context into the decision-making process to improve corporate performance.

辽宁省教育厅面上项目(LJKR0442);国家自然科学基金项目(71904025)