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| 文章编号：1672-3104(2021)03-0088-12 |
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“水十条”与企业水信息披露水平——基于高水敏感性行业的准自然实验 |
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李世辉1，刘一洁1，雷新途2 |
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（1. 中南大学商学院，湖南长沙，410083；
2. 浙江工业大学管理学院，浙江杭州，310014） |
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| 摘 要： 以2012—2018年中国高水敏感性行业的313家上市公司为样本，对2015年国务院颁布的“水十条”政策是否有助于加强上市公司水信息披露水平进行了理论探讨和实证研究。结果表明：“水十条”有助于加强高水敏感性企业的水信息披露水平；在市场化水平较高的地区、监管距离较近的企业中，“水十条”的出台对企业水信息披露水平的正向影响更为显著；对上述正向影响的内在机理进行探讨发现，“水十条”可以通过影响地方环境执法力度促进企业水信息披露水平的提升。 |
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| 关键词： “水十条”；水信息披露；双重差分法；高水敏感性行业 |
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"Ten-point Water Plan" and the water information disclosure level of enterprises: A quasi-natural experiment based on high water sensitivity industry |
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LI Shihui1, LIU Yijie1, LEI Xintu2 |
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（1. School of Business, Central South University, Changsha 410083, China;
2. School of Management, Zhejiang University of Technology, Hangzhou 310014, China） |
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| Abstract: Taking the 313 listed companies in China's high water-sensitive industries from 2012 to 2018 as a sample, a theoretical discussion and empirical study were conducted on whether the "Ten-point Water Plan" policy promulgated by the State Council in 2015 would help to strengthen the level of water information disclosure by listed companies. The results show that the "Ten-point Water Plan" helps to strengthen the level of water information disclosure for the companies with high water sensitivity, and that in areas with a higher level of marketization and companies with closer supervision distances, the introduction of the "Ten-point Water Plan" will exert more significant positive impact on corporate water information disclosure. And exploration into the internal mechanism of the above-mentioned positive impact finds that the "Ten-point Water Plan" by influencing local environmental law enforcement, can promote the improvement of the level of corporate water information disclosure. |
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Key words: "Ten-point Water Plan"; water information disclosure; DID; high water sensitivity industry |
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