2026, 39(3): 141-156

生态法治与环境信息披露——来自准自然实验的证据

Impact of Environmental Rule of Law on Environmental Information Disclosure: Evidence from a Quasi-Natural Experiment

DOI：10.3969/j.issn.1672-0334.2026.03.009

中国分类号：F230

作者：

田高良 西安交通大学 管理学院，西安 710049

黄泽远 西安交通大学 管理学院，西安 710049

刘晓丰 西安交通大学 管理学院，西安 710049

司 毅 西安交通大学 管理学院，西安 710049

基金项目：

国家自然科学基金 (72572123)；教育部人文社会科学研究项目 (24YJA630078)；陕西省社会科学基金 (2024R064)；西安交通大学基本科研业务费智慧人文研究专项 (SK2026140)

中文摘要：

以生态法治为代表的环境治理为推进绿色转型和实现“双碳”战略提供了制度和法律基础，相关内容也逐渐受到学界和业界的广泛重视。当前，作为利益相关者了解企业环境绩效的重要方式，中国上市企业在环境信息披露上存在水平不足和质量低下等亟待改善之处。因此，探究生态法治建设是否能发挥微观治理效应、提升企业环境信息披露质量的重要性也愈发凸显。在此背景下，基于中级人民法院设立环保法庭的准自然实验，选取2008年至2020年中国A股非金融上市企业作为研究样本，运用渐进三重差分方法探究环境法治能力提升对上市企业环境信息披露的影响，从外部需求和自身供给两方面论证设立环保法庭对环境信息披露的影响机制，并进一步检验环境信息披露的实质内容，检验公司治理、公众环境关注、政府环境治理因素的异质性影响，以及在资本市场的经济后果。研究发现，环保法庭设立增加了重污染上市企业的环境信息披露水平，平行趋势检验未发现研究设计违背平行趋势假设的证据，且主要结论在经过稳健性检验后依然成立。机制分析表明，环保法庭设立主要通过提高利益相关者的环境信息需求和企业自身环境信息供给发挥作用。进一步分析发现，环保法庭设立显著增加重污染上市企业年报文本的环境词频，其作用在监事会规模更大和内部控制更好的企业中更强，但在公众环境关注度高和政府环境治理激励强的地区更弱。经济后果检验结果表明，环保法庭设立可以通过增加环境信息披露有效降低重污染企业的股价同步性并提升企业财务表现。研究结论丰富了地区环境司法制度对企业环境信息披露影响的经验证据，为进一步推动中国生态法治体系建设、完善高质量环境信息披露制度、促进人与自然和谐共生等提供了一定的理论依据和政策启示。

关键词：环保法庭；环境信息披露；诉讼风险；专有成本；利益相关者

英文摘要：

The environmental governance represented by environmental rule of law provides the institutional and legal basis for promoting green transformation and realizing the “Carbon Peaking and Carbon Neutrality”, and this issue has gradually attracted widespread attention from academia and industry. At present, as an important way for stakeholders to understand corporate environmental performance, environmental information disclosure of China′s listed firms is insufficient and low-quality, which urgently needs to be improved. Therefore, it is increasingly important to explore whether the construction of environmental rule of law can play a micro-governance role and improve the quality of corporate environmental information disclosure. In this context, based on the quasi-natural experiment of environmental courts set by the Intermediate People′s Court, China′s A-share non-financial listed companies from 2008 to 2020 are selected as research samples, and the staggered difference-in-difference-in-differences (DDD) method is used to explore the impact of the improvement of environmental rule of law on the environmental information disclosure of listed firms. This study demonstrates the influence mechanism of environmental courts′ establishment on environmental information disclosure from the external demand and internal supply, and further tests the substantive environmental information disclosure, the heterogeneous influence of corporate governance, public environmental concern, government environmental governance, as well as the economic consequences in the capital market. This study finds that the establishment of environmental courts increases the level of environmental information disclosure of heavily polluting listed firms. The parallel-trends test provides no evidence that the identification strategy violates the parallel-trends assumption, and the main findings remain robust after the robustness test. The mechanism analysis shows that the establishment of environmental courts plays a role mainly by enhancing the environmental information needs of stakeholders and the environmental information supply of firms themselves. Further analysis finds that the establishment of environmental courts significantly increased the frequency of environmental words in the annual reports of heavily polluting listed firms, and its effect is stronger in firms with larger supervisory boards and better internal control, but weaker in areas with high public environmental concern and strong government incentives for environmental governance. The economic consequences test shows that the establishment of environmental courts can effectively reduce the stock price synchronicity and enhance financial performance of heavily polluting firms by increasing environmental information disclosure. This study′s conclusions enrich the empirical evidence regarding the impact of the regional environmental judicial system on corporate environmental information disclosure, and also provide adequate theoretical basis and policy implications for further promoting the construction of China′s environmental legal system, improving the high-quality environmental information disclosure institution, and fostering the harmonious coexistence between humanity and nature.

Key words: environmental court|environmental information disclosure|litigation risk|proprietary cost|stakeholder