CAJ | 학술논문

目前，企业环境信息的披露备受瞩目，而其研究与基于资本市场的自愿性信息披露研究均忽略了企业信息披露的真正决策者——管理者。文章选取2007-2013年披露的我国重污染行业上市公司环境信息为研究对象，从管理者的企业环境信息披露模仿行为的角度，以理论与实证分析了管理者在企业自愿性环境信息披露决策过程中的行为。研究发现，国有控股企业管理者的企业环境信息披露模仿是竞争性的，即国有控股企业的管理者模仿同行业中的领先者；非国有控股企业管理者的企业环境信息披露模仿行为是防御性的，即管理者更多是出于随大流的“从众”心理去模仿同行业的公司。
목전，기업배경신식적피로비수촉목，이기연구여기우자본시장적자원성신식피로연구균홀략료기업신식피로적진정결책자——관리자。문장선취2007-2013년피로적아국중오염행업상시공사배경신식위연구대상，종관리자적기업배경신식피로모방행위적각도，이이론여실증분석료관리자재기업자원성배경신식피로결책과정중적행위。연구발현，국유공고기업관리자적기업배경신식피로모방시경쟁성적，즉국유공고기업적관리자모방동행업중적령선자；비국유공고기업관리자적기업배경신식피로모방행위시방어성적，즉관리자경다시출우수대류적“종음”심리거모방동행업적공사。
At present,corporate environmental information disclosure has attracted much more attention. However,the re?searches on both environmental information disclosure and voluntary information disclosure based on capital market have ig?nored managers,who are the real decision-makers. This paper,by choosing environmental information disclosure of heavy polluting listed companies in China from 2007 to 2013 as the research object,makes theoretical and empirical analyses on the behavior of managers in the process of voluntary environmental information disclosure from the perspective of managers ’imita?tive behavior of environmental information disclosure. The results indicate that the imitation of environmental information dis?closure in the state-owned enterprises is competitive,i.e.,managers of the state-owned enterprises intend to imitate the ad?vanced in the same industry. And the imitation of environmental information disclosure in non-state-owned enterprises is de?fensive,i.e.,managers intend to imitate the same industry enterprises by following the“herd”psychology.