推动环境信息披露能改善投资效率吗?
Can promoting environmental information disclosure improve investment efficiency?
DOI:
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
基金项目:国家社会科学基金一般项目(16BJL051)。
作者单位E-mail
张平淡 北京师范大学 经济与工商管理学院 pingdanzhang@bnu.edu.cn 
王纯 北京师范大学 经济与工商管理学院  
张惠琳 北京师范大学 经济与工商管理学院  
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中文摘要:
      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。
英文摘要:
      According to the Environmental Information Disclosure Measures (Trial),the paper describes the environmental information disclosure of listed companies which 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 underinvestment to a certain extent, but the impact on overinvestment is not significant. And the mitigation effect of environmental information disclosure on underinvestment is more significant in enterprises with higher agent costs, like state-owned enterprises and enterprises with high separation of powers.
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