Abstract: This paper examines the correlation of environmental information disclosure on financial performance using unbalanced panel data of heavy pollution industries in China. Environmental information disclosure of listed firms exhibits a significant causality correlation with financial performance at the 5% confidence level. Environmental information disclosure degree of listed firms exhibits a significantly negative correlation with firms’ market value at the 1% confidence level, however environmental information disclosure exhibits a significantly positive correlation with market value of intangible assets at the 1% confidence level. The effects of environmental information disclosure of listed firms on financial performance have different period deviation.

摘要： 本文运用中国重污染行业的非均衡面板数据检验环境信息披露与财务绩效的相关性。上市企业环境信息披露程度与财务绩效能在5%显著水平下有明显的因果关系。上市企业的环境信息披露程度与企业市场价值能在1%显著水平下呈现显著的负相关性，而环境信息披露程度与无形资产市场价值在1%显著水平下呈现显著的正相关性，且上市企业环境信息披露程度对财务绩效影响程度也呈现明显的周期差异。