摘要公司股权结构影响并决定企业行为，是企业环境信息披露的微观基础。而政治关联是中国上市公司普遍的重要特征之一。本文借助自行构建的企业环境信息披露指标评价体系，基于信号传递理论、合法性理论等动因理论，以沪深两市重污染行业上市公司为样本，实证检验了股权结构与政治关联及其交互效应与企业环境信息披露水平的相关性。研究结果表明：（1）股权集中与企业环境信息披露水平显著正相关；股权制衡度与环境信息披露水平显著正相关；高管持股比例与环境信息披露水平显著负相关；与民营上市公司相比，国有上市公司的环境信息披露水平更高；机构投资者持股比例与环境信息披露水平正相关但不显著。（2）整体水平上，重污染行业上市公司高管政治关联程度与环境信息披露水平正相关。其中，国有上市公司政治关联与环境信息披露水平正相关。与国有上市公司相比，政治关联对民营上市公司环境信息披露水平的影响更大，政治关联度与环境信息披露水平的正相关关系更强。（3）重污染行业企业环境信息披露水平与股权结构与政治关联的交互效应相关。本文突破了单一视角的研究，在数据和理论等方面丰富了环境信息披露的文献，为政府制定、完善企业环境信息披露制度提供了经验证据。83002

毕业论文关键词  股权结构  政治关联  环境信息披露  重污染行业

毕 业 论 文 外 文 摘 要

Title  Ownership Structure, Political Connection, and Environmental Information Disclosure: Evidence from Listing Firms of Heavy Polluting Industry in China

Abstract Corporate ownership structure is the most important factor that influences the corporate behavior, being the micro-basis of environmental information disclosure (EDI)。 While political connection enjoys a universal appearance among China’s listing companies。 Basing on the environmental information disclosure score rating criteria developed by author, and Signaling Theory, and legitimacy theory, this paper investigates whether the environmental information disclosure of firms of heavy polluting industry is related to corporate ownership structure, firms’ political connections and their interactions。 To this end, Chinese firms of heavy polluting industry listed on either the Shenzhen or Shanghai stock exchange between 2013 and 2015 are examined, where government interference in the business sector is prevalent, state ownership structure is dominant, and corporate political connections prevail。 Our empirical analyses show that (1) ownership concentration is positively and significantly related to EDI, corporate ownership dispersion is positively and significantly associated to EDI, managerial ownership is negatively and significantly associated to EDI, state-owned firms, whose controlling shareholder is the state, keep a stronger track record of EDI than private firms, while institutional ownership is positively related to EDI。 (2) Politically connected firms are more likely to enjoy a high level of environmental disclosure, and the impact of political connection on EDI differs in private and state-owned enterprises。 Political connection has positively significant impact on CEID in state-owned enterprises, while the positive relationship between firms’ political connections and EDI is stronger for non-state-owned firms than state-owned firms。 (3) The interaction between corporate ownership structure and political connection is positively associated to EDI。 This study is the first to directly examine the relationship between different kinds of ownership structure, political connection and EDI in emerging markets, and our results depict that it is important to consider ownership structure and political connection in assessing EDI in emerging market where state ownership and political connection are still prevalent such as China。