环境信息披露对企业全要素生产率的影响

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Abstract 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.

Key words： disclosure of environmental information total factor productivity intermediary effect model

Received: 02 November 2020

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	FAN Dan
	FU Jia-wei

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FAN Dan,FU Jia-wei. The impact of environmental information disclosure on enterprises' total factor productivity[J]. CHINA ENVIRONMENTAL SCIENCECE, 2021, 41(7): 3463-3472.

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http://www.zghjkx.com.cn/EN/ OR http://www.zghjkx.com.cn/EN/Y2021/V41/I7/3463

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