环境会计信息与资源配置效率——基于沪市a股的经验证据

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1、环境会计信息与资源配置效率沪市A股的经验证据基于X*李金强陕西师范大学国际商学院海军香山干休所摘要：环境会计信息披露在传统的财务会计信息棊础上，进一步向信息使用者揭示企业在环境保护方而的支出、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丫积极的促进作用。文章结

2、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而的积极作用，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。关键词：环境会计佶息;公司特质佶息;股价同步性;资源配置效率;TheEnvironmentAccountingInformationandEfficiencyofResourceAllocation:BasedontheEmpiricalEvidenceoftheShanghaiA-

3、SharesZhangShuhuiWenLeiLiJinqiangInternationalBusinessSchooLShaarndNormalUniversity;Abstract：Environmentalaccountinginformationdisclosurefurtherrevealsbehaviorssuchascorporatespending,efficiencyandenvironmentalprotectionmeasuresforinformationusersonthebasis

4、ofthetraditionalfinancialaccountinginformation.ThispapertakesShanghai八-shareslistedcompaniesassamplestotesttherelationshipbetweentheenvironmentalaccountinginformationandstockpricesynchronicity,andtheindustryandcorporategovernancefactorsthataffecttheirrelati

5、onships.Theempiricalresultsshowthatenvironmentalaccountinginformationdisclosureoptimizestheefficiencyofresourceallocationofsecuritiesmarket,especiallyinheavypollutionindustry.Inaddition,managementcontrolofcorporategovernancehasplayedapositiveroleinimproving

6、theefficiencyofenvironmentalaccountinginformationdisclosureandmaximizingtheefficiencyofresourceallocation.Thepolicyimplicationsofthisconclusionisthatinordertogivefullplaytotheroleofenvironmentalaccountinginformationintermsofenvironmentalgovernanceandcapital

7、marketallocationofresources,environmentalregulators,thesecuritiesregulatorycommissionandotherrelevantdepartmentsshouldimprovetheenvironmentalaccountinginformationdisclosuresystemandguidelines.Fromtheperspectiveofenterprises,theyshouldconstantlyimprovethecor

8、porategovernancemechanismtoperformtheresponsibilitytocreatefavorableinternalinstitutionsforenterprises.Keyword：EnvironmentalAccountingInformation;CompanyQualityTnformation;StockPriceSynchronicity;Effic