《保险研究》20211204-《环境污染责任保险与企业环境信息披露》（李敏鑫、王江寒）

［摘   要］本文基于原环保部发布的投保环境污染责任保险企业名单,选取沪、深A股上市重污染行业企业为研究样本,探讨了投保环境污染责任保险对企业环境信息披露质量的影响及其内在机制。研究结果显示:投保环境污染责任保险显著提高了企业的环境信息披露质量。考虑投保模式以及产权性质的异质性检验结果表明,环境污染责任保险与企业环境信息披露之间存在的正相关关系在强制投保企业、民营企业中更加明显。进一步研究还发现,在地方政府环境监管强度较小、市场化水平较高以及社会监督氛围较好的地区企业中,环境污染责任保险制度更能发挥改善企业环境信息披露状况的积极作用。这表明在企业环境信息披露治理中,环境污染责任保险制度对地方政府环境监管更多表现为“替代效应”,而对地方市场化水平以及地方社会监督氛围主要发挥了“互补效应”。

［关键词］环境污染责任保险；环境信息披露质量；环境监管；市场化水平；社会监督氛围

［基金项目］浙江省哲学社会科学规划项目（ZINDJCO77YB）;江西省高校人文社科规划青年项目(GL20231)。

［作者简介］李敏鑫,管理学博士,嘉兴学院商学院讲师；王江寒,南昌大学经济管理学院会计硕士。

Environmental Pollution Liability Insurance and Corporate Environmental Information Disclosure

LI Min-xin,WANG Jiang-han

Abstract：Based on the list of companies participating in environmental pollution liability insurances issued by the former Ministry of Environmental Protection,this paper discussed the impacts of environmental pollution liability insurance on the quality of environmental information disclosure by A-share listed heavy polluting companies. The results show that environmental pollution liability insurance improves the quality of environmental information disclosure. Considering the heterogeneity of insurance participation mode and nature of ownership,the results show that the positive correlation between environmental pollution liability insurance and corporate environmental information disclosure is more significant in compulsory insurance –participating enterprises and private enterprises. Further study finds that the environmental pollution liability insurance system can play a more important role in improving the quality of environmental information disclosure for enterprises where local government having less environmental supervision intensity,higher level of marketization and better social supervision atmosphere. This shows that environmental pollution liability insurance system has a "substitution effect" on the local government′s environmental supervision,but mainly plays a "complementary effect" on the local marketization level and social supervision atmosphere .

Key words：environmental pollution liability insurance;the quality of environmental information disclosure;environmental supervision;marketization level；social supervision atmosphere