作　　者： ;

机构地区： 暨南大学

出　　处： 《统计研究》 2019年第7期104-118,共15页

摘　　要： 基于信息不对称理论,本文以2013-2016年深交所重污染行业上市公司为研究样本,分析了机构投资者实地调研对企业环境治理的影响及其作用机制。研究发现,机构投资者实地调研对企业环境治理具有积极的推动作用;在环境信息披露较差以及本地子公司较多的企业中,机构投资者实地调研的环境治理作用更为明显。进一步考察实地调研对企业环境治理的影响路径发现,机构投资者实地调研推动了企业环境治理的资本市场监督和媒体监督。本文的研究验证了信息不对称理论在环境治理中的作用,拓宽了实地调研经济后果的研究领域,对于深入理解并推动我国企业环境治理具有重要的现实意义。 Based on the information asymmetry theory, this paper analyzes the influence of institutional investors' corporate site visits on corporate environmental governance using the Shenzhen Stock Exchange listed companies in heavily polluting industries during 2013-2016 as the sample. It is found that institutional investors' corporate site visits have a positive influence to promote corporate environmental governance. The environmental governance influence of institutional investors' corporate site visits is even more pronounced in the companies with poor environmental information disclosure and more local subsidiaries. Further investigation of the impact of institutional investors' corporate site visits on corporate environmental governance shows that institutional investors’corporate site visits have promoted capital market supervision and media supervision of corporate environmental governance. This paper verifies the role of information asymmetry theory in environmental governance and expands the research field of corporate site visits on economic consequences. It has important practical implications in understanding and promoting corporate environmental governance in China.

关 键 词： 环境信息不对称 实地调研 企业环境治理

分 类 号： [C812]

领　　域： []