分类号F275密级公开
收藏编号学号190727036
学校代码10386编号
(专题研究)
我国化工行业上市公司环境信息披露问题
研究
研究方向：财务管理
研究生姓名：陈佳音
指导教师、职称：邓晓岚教授
协助导师、职称：
所在学院：经济与管理学院
答辩委员会主席签名：张梅教授
二〇二二年六月
我国化工行业上市公司环境信息披露问题研究
摘要
随着经济增长与生态环境之间的矛盾日益凸显，可持续发展问题逐渐成为社
会各界的热议话题。化工行业在国民经济中占有重要地位，同时也具有高污染、
高耗能的行业特性，其环境信息披露问题备受关注。为提高环境信息披露质量，
生态环境部、中国证券监督管理委员会、上海证券交易所和深圳证券交易所等机
构出台一系列法规文件，对化工行业上市公司环境信息披露进行规范。然而，目
前依然存在上市公司公司环境信息披露不真实、不充分等不合规情况，对利益相
关者的合法权益造成损害。
本文对我国化工行业上市公司环境信息披露现状、存在问题进行分析，研究
内容主要包括：（1）梳理我国环境信息披露相关法律法规政策文件，归纳环境信
息披露须达到的要求；（2）通过对化工行业上市公司环境信息披露的内容和形式
进行分析，发现问题所在；（3）采用定性比较分析法（Qualitative Comparative
Analysis，QCA），探索引致高质量环境信息披露的前因条件组合及影响机制；（4）
选取环境处罚信息选择性披露的云南云天化股份有限公司作为案例，对其环境信
息披露情况进行分析，结合QCA 方法研究其环境信息披露质量的影响机制，探
析该公司环境信息披露存在的问题及其成因；（5）基于前文的研究，对化工行业
上市公司环境信息披露问题的治理和披露质量的提高提出建议。
本文通过研究得到如下结论：（1）化工行业整体披露情况不佳，存在披露渠
道少、披露缺乏主动性、选择性披露情况严重等问题；（2）环境表现好的国有控
股上市公司、公司规模小的国有控股上市公司、股权集中度高的国有控股上市公
司以及股权集中度高且环境表现好的上市公司均有较大可能形成高质量的环境
信息披露；（3）云天化股份环境信息披露质量良好，但是存在隐瞒环境行政处罚
信息的现象，其原因包括避免公司声誉受到损害、环境信息披露法规不完善、地
方政府环境监管不严格；（4）为提高环境信息披露水平，政府需完善法规、加强
监管、畅通披露渠道，公司应加强披露意识，切实改善环境表现。
本文研究意义在于，基于组态视角，采用QCA 方法探究影响化工行业上市
公司环境信息披露质量的路径及其因果机制；同时，通过案例研究方法分析环境
信息披露存在问题及其成因，丰富了化工行业环境信息披露领域的研究。
关键词：化工行业；环境信息披露；定性比较分析
I
Research on Environmental Information
Disclosure of Listed Companies in Chemical
Industry in China
Abstract
With the increasingly prominent contradiction between economic growth and
ecological environment,the issue of sustainable development has gradually become a
hot topic in all sectors of society.Chemical industry plays an important role in the
national economy,but it also has the characteristics of high pollution and high energy
consumption,and its environmental information disclosure has attracted much attention.
In order to improve the quality of environmental information disclosure,the Ministry
of Ecology and Environment,China Securities Regulatory Commission,Shanghai
Stock Exchange and Shenzhen Stock Exchange have issued a series of laws and
regulations to regulate the environmental information disclosure of listed companies in
the chemical industry.However,at present,there are still some non-compliance
situations such as untrue and inadequate disclosure of company environmental
information,which damages the legitimate rights and interests of stakeholders.
This paper analyzes the present situation and existing problems of environmental
information disclosure of listed companies in China's chemical industry.The research
contents mainly include:(1)Sorting out the relevant laws,regulations and policy
documents of environmental information disclosure in China,and summarizing the
requirements of information disclosure;(2)By analyzing the contents and forms of
environmental information disclosure of listed companies in the chemical industry,find
out the problems;(3)Qualitative Comparative Analysis (QCA)is adopted to explore
the combination of antecedent variables and influencing mechanisms that lead to high-
quality environmental information disclosure;(4)Yunnan Yuntianhua Co.,Ltd.,which
selectively disclosed environmental punishment information,was selected as a case to
analyze its environmental information disclosurebined with QCA method,the
influencing mechanism of its environmental information disclosure quality was studied,
and the existing problems and their causes were analyzed.(5)Based on the previous
research,some suggestions are put forward on the governance of environmental
information disclosure and the improvement of disclosure quality of listed companies
in chemical industry.
The conclusions of this paper are as follows:(1)The overall disclosure of chemical
II
industry is not good,and there are some problems such as few disclosure channels,lack
of initiative and serious selective disclosure;(2)State-controlled listed companies with
good environmental performance,small-scale state-controlled listed companies,state-
controlled listed companies with high ownership concentration and listed companies
with highownership concentration and good environmental performance are all likely
to form high-quality environmental information disclosure;(3)The environmental
information disclosure quality of Yunnan Yuntianhua Co.,Ltd.is good,but there is a
phenomenon of concealing the information of environmental administrative penalty.
The reasons include avoiding the damage of the company's reputation,imperfect
environmental information disclosure laws and regulations,and lax environmental
supervision by local governments.(4)In order to improve the level of environmental
information disclosure,the government should improve laws and regulations,
strengthen supervision and open up disclosure channels;Companies should strengthen
their awareness of disclosure and improve their environmental performance.
The significance of this research lies in that,based on the configuration perspective,
QCA method is used to explore the path and causal mechanism that affect the
environmental information disclosure quality of listed companies in chemical industry;
At the same time,the problems and causes of environmental information disclosure are
analyzed by case study method,which enriches the research in the field of
environmental information disclosure in chemical industry.
Key words:Chemical Industry;Environmental Information
Disclosure;Qualitative Comparative Analysis
III
目录
第一章绪论...............................................................................................1
1.1研究背景...........................................................................................1
1.2研究意义...........................................................................................2
1.2.1理论意义.....................................................................................2
1.2.2实践意义.....................................................................................2
1.3国内外研究现状述评.......................................................................3
1.3.1国外研究现状.............................................................................3
1.3.2国内研究现状.............................................................................5
1.3.3文献述评.....................................................................................7
1.4研究内容及方法...............................................................................8
1.4.1研究内容.....................................................................................8
1.4.2研究方法.....................................................................................9
1.4.3研究框架...................................................................................10
1.5可能的创新点.................................................................................11
第二章信息披露相关概念及理论........................................................12
2.1相关概念.........................................................................................12
2.1.1环境会计...................................................................................12
2.1.2环境信息披露...........................................................................12
2.2理论基础.........................................................................................12
2.2.1利益相关者理论.......................................................................12
2.2.2信息不对称理论.......................................................................13
2.2.3可持续发展理论.......................................................................14
2.2.4企业社会责任理论...................................................................14
2.2.5合法性理论...............................................................................15
第三章化工行业上市公司环境信息披露现状概述............................16
3.1化工行业上市公司环境信息披露相关政策................................16
3.1.1环境信息披露相关政策文件...................................................16
3.1.2环境信息披露内容...................................................................18
3.1.3环境信息披露形式...................................................................19
3.2化工行业上市公司环境信息披露现状分析................................20
3.2.1行业整体披露情况分析...........................................................20
3.2.2披露内容分析...........................................................................23
3.2.3披露形式分析...........................................................................28
3.3环境信息披露存在问题.................................................................29