法定环境信息披露的有效性：监管监督与气候风险意识的作用

摘要

Mandatory environmental disclosure has become an increasingly important policy instrument in global environmental governance, yet evidence on its real effects remains limited. Using China's 2021 statutory environmental disclosure (SED) reform as a quasi-natural experiment, this study examines the impact of the SED policy on corporate environmental governance investment. We use panel data from Chinese A-share-listed firms from 2017 to 2023 and apply a staggered difference-in-differences approach. The results show that the SED policy significantly increases corporate environmental governance investment. The effect is stronger when formal government regulation and informal media oversight operate synergistically and for firms with greater chronic physical risk awareness. It is also more pronounced in cities with weaker local environmental law enforcement or higher local economic growth pressure and among firms with lower financing constraints. The SED policy further improves substantive environmental disclosure and promotes firms' attainment of environmental certification and official recognition. These findings provide new evidence on the governance effects of SED and inform the design of mandatory environmental disclosure as an instrument of information-based environmental regulation.