环境会计信息与资源配置效率基于沪市a股的经验证据.doc

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 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; The Environment Accounting Information and Efficiency of Resource Allocation:Based on the Empirical Evidence of the Shanghai A-Shares Zhang Shuhui Wen Lei Li Jinqiang International BusinessSchooL ShaarndNormal University; Abstract： 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 八-shares listed companies as samples to test the relationship between the environmental accounting information and stock price synchronicity, and the industry and corporate governance factors that affect their relationships. The empirical results show that environmental accounting 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 improving 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, environmental regulators, the securities regulatory commission and other relevant departments should improve the environmental accounting information disclosure system and guidelines. From the perspective of enterprises, they should constantl