环境信息披露对企业全要素生产率的影响

本文以中国2007~2016年沪深两市上市企业面板数据为样本，基于固定效应模型和中介效应模型探讨环境信息披露对企业全要素生产率的影响路径和传导机制.研究发现，环境信息披露有助于企业全要素生产率的提升，其影响系数平均值为0.173，且在通过PSM检验、缓解内生性、解决样本自选择问题等多种稳健性检验后，该结论仍然成立.机制分析表明，其主要传导路径来源于缓解企业融资约束和促进企业绿色技术创新，而企业综合竞争力并未表现出明显的中介效应.异质性分析显示，其促进作用仅表现在东部地区、非国有企业、高污染行业和高竞争行业.本研究为量化环境信息披露对企业影响机制提供经验证据，为扩大企业环境信息披露实施范围提供启示.

The impact of environmental information disclosure on enterprises' total factor productivity

Taking the panel data of listed companies in Shanghai and Shenzhen from 2007 to 2016 as samples, this paper systematically discussed the influence path and transmission mechanism of environmental information disclosure on total factor productivity of enterprises by adopting the fixed effect model and the mediating effect model. On the basis of the aforementioned analysis, this research indicated that environmental information disclosure was conducive to the improvement of total factor productivity of enterprises, with an average impact coefficient of 0.173. Furthermore, after passing various robustness test including PSM test and alleviation of the endogenous problems as well as solution of sample self-selection problems, this conclusion was still valid. At the same time, in combination with mechanism analysis, it showed that its main transmission path originated from the mitigation of enterprise financing constraint and the promotion of enterprise green technology innovation. In contrast, the comprehensive competitiveness of enterprises did not show obvious mediating effect. On the other hand, the heterogeneity analysis indicated that its promotion was simply manifested in the eastern region and non-state-owned enterprises as well as high pollution and highly competitive industries. In a word, the research provided direct empirical evidence for quantifying the impact mechanism of environmental information disclosure on enterprises, thereby bringing valuable enlightenment for expanding the implementation scope of environmental information disclosure of enterprises.