CAJ | 학술논문

本文采用环保部公布的《上市公司环境信息披露指南》（简称“《指南》”）所设定的环境信息披露指标，以煤炭采选与金属冶炼行业上市公司为样本，应用内容分析法对样本公司2010年、2011年公开披露的环境信息内容加以分析，以此评价我国重污染行业企业的环境信息披露水平与信息披露要求之间的差距，比较《指南》发布前后企业环境信息的变化以评价环境政策的有效性。同时，基于企业特征和利益相关方视角，实证分析和检验影响企业环境信息披露的各种因素。结果表明：总体上，我国重污染行业企业环境信息披露水平与环保部的要求相差甚远；《指南》发布对提高企业环境信息披露水平产生一定效果，但改善不明显；规模越大的企业，环境信息披露水平越高；发布社会责任报告或环境报告对企业环境信息披露水平有显著提升作用；盈利能力好的企业披露更多的环境信息，《指南》的发布能较好地促进盈利能力差的企业提高环境信息披露水平。而股东、债权人、国有股权比例、董事会、独立董事、监事会均与企业环境信息披露水平没有显著关系。
본문채용배보부공포적《상시공사배경신식피로지남》（간칭“《지남》”）소설정적배경신식피로지표，이매탄채선여금속야련행업상시공사위양본，응용내용분석법대양본공사2010년、2011년공개피로적배경신식내용가이분석，이차평개아국중오염행업기업적배경신식피로수평여신식피로요구지간적차거，비교《지남》발포전후기업배경신식적변화이평개배경정책적유효성。동시，기우기업특정화이익상관방시각，실증분석화검험영향기업배경신식피로적각충인소。결과표명：총체상，아국중오염행업기업배경신식피로수평여배보부적요구상차심원；《지남》발포대제고기업배경신식피로수평산생일정효과，단개선불명현；규모월대적기업，배경신식피로수평월고；발포사회책임보고혹배경보고대기업배경신식피로수평유현저제승작용；영리능력호적기업피로경다적배경신식，《지남》적발포능교호지촉진영리능력차적기업제고배경신식피로수평。이고동、채권인、국유고권비례、동사회、독립동사、감사회균여기업배경신식피로수평몰유현저관계。
In the past three decades, China has been experiencing rapid economic growth while suffering from great environmental deterioration. Therefore, how to balance the relationship between economic growth and environ- ment protection has become a critical issue for the sustainable development of China. As a key market actor, compa- nies deplete a large amount of resources and exert great impacts on society and environment. Environmental informa- tion disclosure （EID）-which reflects the companies＇ environmental awareness, action, process and performance-is an important tool of environment management for company, and a critical mediator for communication between firms and stakeholders. In order to improve the companies＇ environment performance and the quality of EID, China＇s Min- istry of Environmental Protection （MEP） issued the ＂Guidelines for Environmental Information Disclosure for Listed Company＂（Guideline） in 2010. This guideline mandatorily regulates the content of environmental information that the listed companies of sixteen heavily polluted industries should disclose and encourages voluntarily disclosure of environment information for all Chinese companies. This paper aims to evaluate and analyze the status of environment information disclosure in China＇s companies, the effectiveness of the MEP＇s Guidelines, and the determinants of firm＇s environment information disclosure. Thus instead of individual standard, it adopts MEP＇s Guideline as the benchmark for designing 12 evaluation indices and takes 92 listed companies in coal mining and mental smelting sectors as the sample. Through conducting the content analysis on the annual reports and independent environment or corporate social responsibility reports published in both in 2010 and 2011 by the sample companies. The subsequent empirical findings of index grading showed that the status of firm＇s EID in China＇ heavily polluted industries is rather pessimistic, as the quality of firms＇ EID lags far behind the requirements of the Guideline. It then compares the changes in the scores of each index between 2010 and 2011 ,which is the year before and after the publication of the Guideline ,consequently discovering a slight im- provement in the quality of EID of the sample companies in 2011. This indicates that the Guideline had positive effects but there are much more to be done for a solid implementation of the policy. Lastly, in order to explore the factors influencing the quality of finns＇ EID, the paper analyzes theoretically the correlation of companies＇ major characteristics （ e. g. size, profitability, and governance structure ）, critical stakeholders （ e. g. government, creditor, shareholder and auditor） and quality of EID. With ten proposed hypotheses after the theoretical analysis, a regres- sion analysis model is constructed, composing the following independent variables -ownership concentration, equity balance degree, asset-liability ratio, percentage of state-owned share, firm＇s size, profitability, the amount of board of directors and supervisors; and taking the status of third party audit and independent environment/social responsibil- ity reports as the dummy variables. This regression analysis finds that the quality of EID has a positive relationship with the size of the company, and that those companies which had published independent environment/social re- sponsibility reports are more likely to have better performance in their EID. Furthermore, companies with better prof- it disclose more and better environment information, while the Guideline has improved the EID performance of those companies with worse profit. The study also found that shareholders, creditors, percentage of state-owned share, Board of Directors, Board of Supervisors do not have any significant influences on the firms＇ performance of EID. Based on the above analysis, this paper provides some suggestions for the government as follow. MEP should re- inforce the implementation and enhance the effectiveness of the Guideline, and develop corresponding measures to warn or punish any companies failed or refused to disclose mandatory environment information. Other than those huge firms, the environment management in small-medium enterprises also needs more concerns because approxi- mately 90 percent of the companies in China are SMEs. Government should encourage company to integrate environ- ment awareness into daily operation, and establish a greater transparency in environment issue by requiring regular publication of independent environment/social responsibility reports. Meanwhile, government should also pay stron- ger attention to increase the awareness and ability of environment protection in the public, as it would exert higher stakeholder pressure on company＇s environment performance. Therefore, a shared value can be created for the envi- ronment, society and enterprises.