近年来，一系列环境事件的爆发，严重影响着我国乃至全球经济的发展。这 对于全球经济发展来说，这一刻不容缓的问题将环境信息的披露一步步推 向前沿。 政府部门和社会公众广泛关注企业环境保护行为。国内监管部门在环保方面的政 策法规不断完善，要求企业披露环境相关信息，企业面临的环境风险也越来越大。 现在 ，更多的企业开始通过一系列措施，最主要的方式是通过企业的年报或者社 会责任报告，向其利益相关者披露其在环境负债以及其他为维护或者改善环境而 发生的费用等相关环 境信息。企业作为盈利主体，改善其投资效率是经营管理的 主要目标，同时投资效率也是考察企业运营状况的一个重要标准，与企业的未来 发展和价值表现直接相关。对于企业 的投资现状，许多学者关注并研究企业的投 资效率问题，国内外公司治理的研究热点也聚焦于如何提高企业的投资效率。而 如何提高企业的投资效率，达到价值最大化的投资水 平，也成为企业目前急需解 决的问题。现在的资本市场，并不是完全资本市场，委托代理问题和信息不对称 问题依然存在，这会导致我国上市公司在融资时面临限制，存在融资 约束问题， 而融资约束问题则会对企业的投资决策行为和投资效率造成严重的影响。 本文的研究重点是，企业能否通过积极主动地披露环境信息，履行社会责任， 在市场上给自 己树立良好形象的同时在一定程度上缓解信息不对称和委托代理 问题，缓解融资约束难题，并通过改善企业的环境信息，提高企业的投资效率。 因此，本文基于利益相关者理论 、信号传递理论以及委托代理理论，以2015年 至2018年中国重污染行业A股上市企业为样本，使用内容分析法来衡量企业的 环境信息披露水平，运用Richardson模型的残差绝对值 来测量企业的投资效率， 将样本进一步区分为投资不足和投资过度，并借鉴前人的研究衡量融资约束变量 和信息环境变量，采用多元回归分析研究环境信息披露对企业投资效率 的影响， 及其传导路径。 研究结果表明，非效率投资现象普遍存在于我国重污染行业企业中，企业环 II 境信息披露对企业的投资效率有显著的促进作用，特别是当存在投资不 足问题时， 缓解作用更加明显。对于企业在融资时面临的约束问题，披露环境信息对此能有 一定的缓解，且对于环境信息披露影响企业的投资效率来说，融资约束是一个重 要的 影响路径，起到了中介作用。此外，披露企业的环境信息，还能在一定程度 上改善企业与投资者之间的信息环境，进一步地提高其投资效率。 本文实证研究了企业披露环境信息 对投资效率影响的传导机制，发现融资约 束的缓解和企业信息环境的改善是环境信息披露影响企业投资效率的路径，丰富 和拓展了重污染行业企业投融资活动的影响因素的理论 研究。 关键词：环境信息披露，企业投资效率，融资约束，信息环境，影响机制 III RESEARCH ON THE IMPACT OF ENVIRONMENTAL INFORMATION DISCLOSURE ON ENTERPRISE INVESTMENT EFFICIENCY Abstract In recent years, the outbreak of a series of environmental events has seriously affected the development of China and even the global economy. For the development of the global economy, this urgent issue will step forward the disclosure of environmental information step by step. Government departments and the general public pay close attention to environmental protection behaviors of enterprises. The environmental protection policies and regulations of domestic regulatory authorities are constantly improving, requiring companies to disclose environmentally relevant information, and the environmental risks facing companies are also increasing. Now, more companies are beginning to adopt a series of measures. The most important way is to disclose their environmental liabilities and other expenses incurred to maintain or improve the environment through their annual reports or social responsibility reports. information. As a profitable entity, improving investment efficiency is the main goal of business management. At the same time, investment efficiency is also an important criterion for examining the operation status of an enterprise, which is directly related to the future development and value performance of the enterprise. Regarding the investment status of enterprises, many scholars pay attention to and study the investment efficiency of enterprises. The research hotspots of corporate governance at home and abroad also focus on how to improve the investment efficiency of enterprises. And how to improve the investment efficiency of enterprises and achieve the investment level of maximizing value has also become a problem that enterprises need to solve urgently. The current capital market is not a complete capital market. The problem of entrusted agency and information asymmetry still exists, which will cause the listed companies of our country to face restrictions when financing, and there are financing constraints. The financing constraints will affect the investment IV decisions of enterprises. Behavior and investment efficiency have a serious impact. The research focus of this article is whether companies can proactively disclose environmental information, fulfill their social responsibilities, establish a good image in the market, and at the same time alleviate information asymmetry and entrusted agency problems to a certain extent, and alleviate financing constraints, and Improve the company's investment efficiency by improving the company's environmental information. Therefore, based on the information asymmetry theory, signal transmission theory and principal-agent theory, this paper uses the content analysis method to measure the environmental disclosure level of enterprises by using the A- share listed companies in China's heavy pollution industry from 2015 to 2018 as samples, and uses the Richardson model The absolute value of the residual is used to measure the investment efficiency of the enterprise, and the sample is further divided into underinvestment and overinvestment, and reference is made to the previous research to measure the financing constraint variables and information environment variables, and multiple regression analysis is used to study the environmental information disclosure on the investment efficiency of the enterprise Influence and its conduction path. The results of the study show that the phenomenon of non-efficient investment generally exists in enterprises in China's heavily polluting industries. The disclosure of corporate environmental information has a significant promotion effect on the investment efficiency of enterprises, especially when there is insufficient investment, the mitigation effect is more obvious. Regarding the constraints faced by enterprises in financing, the disclosure of environmental information can alleviate this. To the extent that environmental information disclosure affects the investment efficiency of enterprises, financing constraints are an important influence path and play an intermediary role. In addition, the disclosure of corporate environmental information can also improve the information environment between companies and investors to a certain extent, and further improve their investment efficiency. This paper empirically studies the transmission mechanism of the impact of corporate disclosure of environmental information on investment efficiency, and finds that the mitigation of financing constraints and the improvement of corporate information environment are the ways in which environmental information disclosure affects corporate investment efficiency, enriching and expanding the factors V influencing corporate investment and financing activities theoretical research. Keywords: Environmental Information Disclosure, Enterprise Investment, Financing Constraints, Information Environment, Impact Mechanism VI 目 录 中文摘要 ..... I Abstract .... III 目 录 ....... VI 第一章 绪论 ............................. 1 1.1 研究背景 ........ 1 1.2 相关概念界定 2 1.2.1 环境信息披露 ...................... 2 1.2.2 融资约束 ............................. 3 1.2.3 企业投资效率 ...................... 3 1.3 研究意义 ........ 3 1.3.1 理论意义 ............................. 3 1.3.2 现实 意义 ............................. 4 1.4 研究内容及框架 ........................... 4 1.5 本文的创新点 6 第二章 文献综述 ..................... 7 2.1 环境信息 披露的相关文献回顾 .... 7 2.1.1 环境信息披露动因及影响因素 .......................... 7 2.1.2 环境