企业水信息披露影响因素实证研究——基于中国化工行业上市企业的数据

doi:10.13776/j.cnki.resourcesindustries.20210601.003

资源与产业 ›› 2021, Vol. 23 ›› Issue (4): 53-62.DOI: 10.13776/j.cnki.resourcesindustries.20210601.003

企业水信息披露影响因素实证研究——基于中国化工行业上市企业的数据

张倩¹，沈菊琴 ²，孙付华²，张丹丹¹

(1河海大学商学院，江苏南京211100；2河海大学农业科学与工程学院，江苏南京211100)

收稿日期:2020-12-18 修回日期:2021-03-10 出版日期:2021-08-20 发布日期:2021-11-22
通讯作者: 沈菊琴，博士、教授，主要从事水资源价值核算、环境会计与资产管理研究。E-mail： jqshen@hhu.edu.cn
作者简介:张倩，博士生，主要从事水资源价值核算、水资源信息披露研究。E-mail：qzhang@hhu.edu.cn
基金资助:
国家社会科学基金重点项目（14AGL011）；江苏省社会科学项目（19GLD002)

FACTORS OF ENTERPRISE WATER INFORMATION DISCLOSURE:
BASED ON DATA OF CHINAS LISTED CHEMICAL COMPANIES

ZHANG Qian¹, SHEN Jüqin², SUN Fuhua², ZHANG Dandan¹

(1Business School, Hohai University, Nanjing 211100, China;
2College of Agricultural Science and Engineering, Hohai University, Nanjing 211100, China)

Received:2020-12-18 Revised:2021-03-10 Online:2021-08-20 Published:2021-11-22
About author:E-mail：qzhang@hhu.edu.cn

摘要/Abstract

摘要：

水信息披露正在成为高水敏感企业向资本市场传递信号并获得投资回报的重要因素，企业是否以及如何披露水信息开始成为政府、社会及利益相关者关注的焦点。以2016—2018年沪市A股化工行业上市企业为样本，通过建立多元回归模型，从企业特征、内部治理、财务状况以及外部影响因素4个视角探究了其对水信息披露水平的影响。实证结果表明：企业规模、上市年限、资本密集度、总资产收益率、社会监督压力与水信息披露水平正相关；董事会比例、托宾Q值与水信息披露水平负相关；而股权集中度、资产负债率、设备更新率及企业所处区域经济水平对水信息披露影响不显著，未通过模型检验。为了提高化工企业的水信息披露质量，提出了建立水信息披露制度、完善企业内部治理和财务状况、强化外部监督机制等相关建议。

关键词: 化工行业上市企业, 水信息披露, 多元面板回归模型

Abstract:

Water information disclosure is an important factor for water-sensitive companies to send information to capital market and gain returns. Whether or how the companies disclose water information becomes a focus for government and stakeholders. This paper, based on Shanghai\|listed chemical companies data from 2016 to 2018, establishes a multiple regression model to study the impacts of enterprise features, internal management, financial status and external factors on water information disclosure. Results show that enterprise size, listed periods, capital intensity, gross capital returns, public supervision pressure are positively related to water information disclosure level, but board proportion and Tobin Q value are negatively related to it. Equity concentration, asset debt rate, equipment renewal rate and local economic level have no significant impact on it. This paper, aiming at increasing water information disclosure quality, presents suggestions on establishing water information disclosure system, optimizing internal management and financial status and intensifying external supervision.

Key words: listed chemical enterprises, water information disclosure, multiple panel regression model

中图分类号:

F205

张倩, 沈菊琴, 孙付华, 等. 企业水信息披露影响因素实证研究——基于中国化工行业上市企业的数据[J]. 资源与产业, 2021, 23(4): 53-62.

ZHANG Qian, SHEN Jüqin, SUN Fuhua, et al. FACTORS OF ENTERPRISE WATER INFORMATION DISCLOSURE:

BASED ON DATA OF CHINAS LISTED CHEMICAL COMPANIES

[J]. Resources & Industries, 2021, 23(4): 53-62.

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企业水信息披露影响因素实证研究——基于中国化工行业上市企业的数据

FACTORS OF ENTERPRISE WATER INFORMATION DISCLOSURE:
BASED ON DATA OF CHINAS LISTED CHEMICAL COMPANIES

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