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本文以纺织服装皮毛、食品饮料及造纸纸制品行业的上市公司作为研究对象,对企业的环境信息披露水平与盈利能力之间的关系进行了实证分析。面板数据回归的结果发现,存在无法衡量的遗漏变量影响企业环境信息披露水平。以工具变量法进行回归的结果显示,企业盈利能力是环境信息披露的内生变量,企业采取保护环境、披露环境信息的方式本质上与企业获取更多经济利益的经营目标是一致的。相应的政策建议是:进一步完善企业环境信息披露的政策法规,企业治理结构应“绿色”转型,其中应增加环境治理机制,并且需要建立完善企业环境保护与环境信息披露的激励机制等。
In this paper, the listed companies in the textile and garment fur, food and beverage and paper products industry as the research object, the empirical analysis of the relationship between corporate environmental information disclosure and profitability. As a result of panel data regression, it is found that there are some variables that can not be measured to affect the disclosure level of corporate environmental information. The results of regression with the instrumental variable method show that corporate profitability is an endogenous variable of environmental information disclosure. The way enterprises take environmental protection and disclosure of environmental information is essentially consistent with the business objective of obtaining more economic benefits from enterprises. The corresponding policy suggestions are as follows: To further improve the policies and regulations on corporate environmental information disclosure, corporate governance should be transformed into “green” ones, among which environmental governance mechanisms should be added and incentive mechanisms for enterprise environmental protection and environmental information disclosure need to be established and improved.