作　者：李青原 黄智英
关键词：强制性环境信息披露；绿色创新；低碳创新；碳披露质量
摘　要：

 在“双碳”目标深化推进与生态文明建设不断完善的背景下，环境信息披露被赋予了强化环境治理能力、提升市场透明度和引导企业绿色转型的重要制度功能。2021 年出台的《企业环境信息依法披露管理办法》推动我国环境信息披露制度由“自愿为主”向“强制披露”迈进，不仅增加了企业环境治理的外部压力，也重塑了企业应对绿色转型的激励结构。对于环境披露质量较低的重点排污上市企业而言，强制性披露要求反而显著抑制了其绿色创新与低碳技术创新活动。融资约束的加剧与长期资本、绿色资本的流失在这一抑制过程中发挥了关键作用。在政策压力加大的情境下，地方政府补助的增加、高管绿色认知的提升以及专利保护环境的改善，有助于缓解企业在创新投入中的资金压力与风险预期。随着环境治理制度的不断完善，这一强制性环境信息披露的制度变革揭示了强制性披露对企业绿色创新行为的深层影响，并为推动绿色治理体系现代化、完善环境信息披露制度提供了政策参考。

 

Mandatory Environmental Information Disclosure And Corporate Green Innovation

Evidence from Listed Key Polluting Entities

Li Qingyuan，Huang Zhiying（Wuhan University）

Abstract Against the background of further deepening "dual-carbon" agenda and the steady advancement of ecological civilization in China, environmental information disclosure has been endowed with important institutional functions to strengthen environmental governance capacity, enhance market transparency, and guide corporate green transformation. The Administration Measures for the Legal Disclosure of Enterprise Environmental Information issued in 2021 marked a structural shift from predominantly voluntary to mandatory disclosure, thereby increasing regulatory pressure on corporate environmental governance and reshaping incentive structures for green transformation. While for key polluting listed enterprises with low-quality environmental disclosure, the mandatory requirements are associated with a notable decline in green innovation and low-carbon technological innovation activities, primarily stemming from tighter financing constraints and the outflow of long-term and green-oriented capital. In the context of intensifying policy pressure, increased local government subsidies, enhanced managerial awareness of environmental and low-carbon issues, and improved patent protection environment help alleviate financial pressures and risk expectations in corporate innovation investments. As China's environmental governance system continues to improve, this institutional shift toward mandatory disclosure reveals its profound impacts on corporate green innovation behaviors, providing policy insights for modernizing green governance frameworks and refining China’s environmental disclosure regime.

Key words mandatory environmental information disclosure; green innovation; low-carbon innovation; carbon disclosure quality

■作者简介 李青原，武汉大学经济与管理学院教授，湖北 武汉 430072；黄智英（通讯作者），武汉大学经济与管理学院博士研究生。

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