吴蝶 朱淑珍

摘 要：本文以2014～2018年A股重污染行业上市公司为研究样本，实证检验我国上市公司的环境信息披露行为是否存在同群效應，并考察企业信息披露同群效应产生的三种机制及其影响因素。研究发现，同群企业间的环境信息披露决策会被相互影响，即企业环境信息披露存在同群效应;且在剔除地区行业同群效应的干扰后，这一效应依旧显著存在;环境披露同群效应产生的潜在机制包括频率模仿和特征模仿两种形式;环保压力对企业环境披露的同群效应具有负向调节作用，即在环保压力较小的地区，企业信息披露表现出更明显的同群效应;企业环境披露的同群差异越小，带来的企业价值越高。本文丰富了基于新制度主义理论的企业信息披露研究的相关成果。

关键词：环境责任;同群效应;信息披露;模仿

中图分类号：F275文献标识码：A文章编号：1003-5192（2021）01-0009-08doi：10.11847/fj.40.1.9

Abstract：Using listed A-share companies in heavily polluting industries from 2014～2018 as a research sample， this paper empirically examines whether listed companies react to peers’ environmental disclosure policy to adjust their own environmental disclosure decisions. Three mechanisms and the respecting influencing factor of peer effect in environmental information release are examined in this paper. The study finds that the environmental disclosure behavior of the peer enterprises can be affected by each other， which means that the peer effect exists in the corporate environmental disclosure. Meanwhile， the peer effect remains significant in the corporate environmental disclosure without the interference of the peer effect in the same region and industry. The mechanisms of peer effect for environmental disclosure include frequency imitation and characteristic imitation. Environmental pressure has a negative moderating effect on the peer effect of corporate environmental disclosure， that is， the peer influence of environmental disclosure becomes stronger within the fields that takes on less environmental pressure. The paper finds under the circumstance of narrowing information disclosure gap among peers， it would intend to bring positive incremental enterprise value. In the end， based on new institutional theory， this paper adds more colors to the corresponding results of research on company information disclosure.

Key words：environmental responsibility; peer effect; information disclosure; imitation

1 引言

人们越来越清醒地认识到环境问题已经威胁到人类的生存。在众多的环境问题中，尤为突出的是因环境污染而引发的严重生态危机，而企业在引发环境污染问题中扮演着重要的角色。如何助推企业自觉地承担环境信息披露责任已成为环境治理的一个重要突破口，因而成为研究者关注的热点问题。然而，以往研究主要从外部法规制度、公司内部治理等层面出发，研究影响企业环境信息披露的内外因素，以及通过企业环境信息的披露质量和披露方式来研究企业环境信息披露的责任行为等，忽视了公司之间可能存在的环境信息披露行为的相互、交叉影响。……