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摘 要
改革开放以来，我国经济实现三十几年的高速增长，但在“高投入、高排放、
高消耗、低效率”的经济增长模式下，出现资源锐减和环境污染等破坏生态平衡、
威胁人类生存的环境问题。企业作为经济活动的微观主体，在创造社会财富的同
时消耗自然资源、污染环境，有义务承担自身的环境责任。随着社会各界对环境
问题的日益重视，强烈要求企业将其环境管理行为及成果对外公布，即环境信息
披露。公司高管决定公司的环境政策和环境行为，在环境信息披露中发挥重要作
用，高管更替势必对环境信息披露水平产生影响。本文从高管更替的视角，研究
不同类型的高管变更、不同性质企业的高管变更、不同模式的高管继任对环境信
息披露水平的影响

本文采用倾向得分匹配法和双重差分模型，以我国沪深两市 2006 年至 2010
年的 1750 家上市公司为研究样本，实证分析高管更替对环境信息披露水平的影
响。研究发现：不同类型的高管变更对环境信息披露水平的影响不同，强制性高
管变更与环境信息披露水平正相关，非强制性高管变更与环境信息披露水平不相
关，强制性高管变更对环境信息披露水平的影响大；不同性质企业的高管变更对
环境信息披露水平的影响不同，国有控股上市公司的高管变更与环境信息披露水
平正相关，私营上市公司的高管变更与环境信息披露水平不相关，国有控股上市
公司的高管变更对环境信息披露水平的影响大；不同模式的高管继任对环境信息
披露水平的影响不同，外部继任与环境信息披露水平正相关，内部继任与环境信
息披露水平不相关，外部继任对环境信息披露水平的影响大；外部继任对环境信
息披露水平的长期影响大于短期影响，内部继任对环境信息披露水平的长短期影
响无显著差异。最后针对环境信息披露水平、高管更替透明度提出政策性建议

关键词：高管更替；高管变更；高管继任；环境信息披露水平；倾向得分匹配法；
双重差分模型Abstract
Since the reform and opening up, China's economy has achieved high growth for
thirty years. But under the economic growth model of high input, high emissions,
high consumption and low efficiency, environmental problems like resource reduction
and environmental pollution is appear which may damage ecological balance and
human survival. Enterprise is the principal part of economic activity, it consumes
natural resources and pollutes environment when creating social wealth, so it is his
obligation to undertake environment responsibility. With increasing emphasis on
environmental issues, society require enterprise to announce environmental
management practices and outcomes, it is called environmental information disclosure.
Executive decides environmental policy and environmental practice, playing an
important role in the process of environmental information disclosure, so executive
turnover will impact environmental information disclosure level. Based on view of
executive turnover, this paper research the influence of different executive change
types, executive change in different nature enterprise and different executive
succession types to environmental information disclosure level.
In this paper, we use the methods of Propensity Score Matching( PSM) and
Difference In Difference Model(DID)to analyze 1750 samples during 2006 to 2010
year which received from listed companies in Shanghai Stock Exchange and Shenzhen
Stock Exchange. We founded: different executive change types have different effect on
environmental information disclosure level, mandatory executive change is positively
correlated with environmental information disclosure level, but non-mandatory
executives change is uncorrelated, mandatory executive change has a greater effect.
Executive change in different nature enterprise have different effect on environmental
information disclosure level, executive change in state-controlled listed company is
positively correlated with environmental information disclosure level, but executive
change in private listed company is uncorrelated, executive change in state-controlled