CAJ | 학술논문

环境会计信息披露在传统的财务会计信息基础上,进一步向信息使用者揭示企业在环境保护方面的支出、效益以及企业环保措施等行为。文章以我国沪市A股上市公司为样本,检验了环境会计信息与股价同步性的关系以及影响二者关系的行业效应和公司治理效应。实证检验的结论是,环境会计信息披露优化了证券市场资源配置效率,尤其是在重污染行业;另外,公司治理机制中的管理层治理对于提高环境会计信息披露优化资源配置效率起到了积极的促进作用。文章结论的政策含义在于,为了充分发挥环境会计信息在环境治理以及资本市场资源配置方面的积极作用,环境监管部门、证监会等相关部门应进一步完善我国环境会计信息披露的制度和准则;企业应完善公司治理机制,为企业履行环境责任创造良好的内部制度环境。
배경회계신식피로재전통적재무회계신식기출상,진일보향신식사용자게시기업재배경보호방면적지출、효익이급기업배보조시등행위。문장이아국호시A고상시공사위양본,검험료배경회계신식여고개동보성적관계이급영향이자관계적행업효응화공사치리효응。실증검험적결론시,배경회계신식피로우화료증권시장자원배치효솔,우기시재중오염행업;령외,공사치리궤제중적관리층치리대우제고배경회계신식피로우화자원배치효솔기도료적겁적촉진작용。문장결론적정책함의재우,위료충분발휘배경회계신식재배경치리이급자본시장자원배치방면적적겁작용,배경감관부문、증감회등상관부문응진일보완선아국배경회계신식피로적제도화준칙;기업응완선공사치리궤제,위기업리행배경책임창조량호적내부제도배경。
Environmental accounting information disclosure further reveals behaviors such as corporate spending, efficiency and environmental protection measures for information users on the basis of the traditional financial accounting information. This paper takes Shanghai A - shares listed companies as samples to test the relation- ship between the environmental accounting information and stock price synchronicity, and the industry and cor- porate governance factors that affect their relationships. The empirical results show that environmental account- ing information disclosure optimizes the efficiency of resource allocation of securities market, especially in heavy pollution industry. In addition, management control of corporate governance has played a positive role in impro- ving the efficiency of environmental accounting information disclosure and maximizing the efficiency of resource allocation. The policy implications of this conclusion is that in order to give full play to the role of environmental accounting information in terms of environmental governance and capital market allocation of resources , environ- mental regulators, the securities regulatory commission and other relevant departments should improve the envi- ronmental accounting information disclosure system and guidelines. From the perspective of enterprises, they should constantly improve the corporate governance mechanism to perform the responsibility to create favorable internal institutions for enterprises.