摘要
良好的生态环境是社会和国家赖以生存和发展的基础，但是在经济社会发展
的过程中，环境保护与人类日益增长的发展需求之间的矛盾越来越突出。企业是
社会发展的中坚力量，也是环境问题的主要制造者，为了推进企业履行环保责任，
积极治理生产经营过程中产生的一系列资源浪费和环境污染问题，我国政府制定
了一系列的法律法规来制约和规范企业的环境会计信息披露行为。企业环境会计
信息披露质量的提高，不仅能改善全社会的环境治理水平，加快污染治理，充分
合理地分配有限的社会资源和自然资源，更能有效地帮助企业的利益相关者了解
企业的经营管理状况，使投资者更加准确地判断企业未来的发展潜力。同时，各
行各业的竞争日益激烈，企业如何在激烈的市场竞争中占据有利的市场份额，降
低经营成本，提高生产效率已经成为学术界十分关注的话题。近 20年来，产品
市场竞争作为企业经营发展的一项重要的外部治理机制，不仅能够帮助企业抑制
懒惰行为，加强对管理层的激励和监督，对完善公司治理，提升企业价值也能起
到积极的促进作用。
为了进一步探讨环境会计信息披露质量、企业价值以及产品市场竞争三者之
间的关系，选取了293家A股上市的重污染行业上市公司作为样本企业，以他们
2016-2019年的数据作为基础，构建环境会计信息披露体系，结合利益相关者理
论、信息不对称理论、信号传递理论、产业组织理论以及可持续发展理论进行分
析并提出假设，建立回归模型发现：产品市场竞争与企业环境会计信息披露质量
呈显著正相关；企业环境会计信息披露质量与企业价值呈显著正相关；激烈的产
品市场竞争中，企业环境会计信息披露质量与企业价值的正相关关系更加明显。
根据以上研究结果，提出以下几点建议：完善有关环境会计信息披露的法律
法规，健全长期有效的惩罚机制；加强产品市场的有效竞争，激励企业自觉提高
环境会计信息披露质量；建立健全环保责任监督体系和企业利益相关者协同机制。
关键词：环境会计信息披露，企业价值，产品市场竞争

Abstract
A good ecological environment is the foundation for the survival and development
of society and the country. However, in the process of economic and social development,
the contradiction between environmental protection and the growing development
needs of mankind has become increasingly prominent. Enterprises are the backbone of
social development and the main producers of environmental problems. In order to
promote enterprises to fulfill their environmental responsibilities and actively manage
a series of waste of resources and environmental pollution during production and
operation, the Chinese government and relevant departments have formulated a series
of Laws and regulations to restrict and standardize the environmental accounting
information disclosure of enterprises. The improvement of the quality of corporate
environmental accounting information disclosure can not only improve the level of
environmental governance of the whole society, speed up pollution control, fully and
reasonably allocate limited social and natural resources, and more effectively help the
stakeholders of the enterprise to understand the operation and management status of the
enterprise, and enable investors to more accurately judge the future development
potential of the enterprise. At the same time, competition in all walks of life is becoming
increasingly fierce. How companies can occupy a favorable market share in the fierce
market competition, reduce operating costs, and improve production efficiency has
become a topic of great concern in the academic community. In the past 20 years,
product market competition has been an important external governance mechanism for
business development. It can not only help companies restrain lazy behavior, strengthen
the incentive and supervision of management, but also play a positive role in improving
corporate governance and enhancing corporate value.
In order to further explore the relationship between the quality of environmental
accounting information disclosure, corporate value, and product market competition,
293 A-share listed companies in heavy pollution industries were selected as sample
companies, and based on their 2016-2019 data. Construct an environmental accounting
information disclosure system, combine stakeholder theory, information asymmetry

theory, signal transmission theory, industrial organization theory, and sustainable
development theory to analyze and propose hypotheses, and establish regression
models to find: product market competition is significantly positively correlated with
the quality of corporate environmental accounting information disclosure; corporate
environmental accounting information disclosure quality is significantly positively
correlated with corporate value; in fierce product market competition, the positive
correlation between corporate environmental accounting information disclosure quality
and corporate value is even greater obvious.
Based on the above research results, the following suggestions are put forward:
improve laws and regulations related to environmental accounting information
disclosure, improve long-term effective punishment mechanism; strengthen effective
competition in the product market, and encourage enterprises to consciously improve
the quality of environmental accounting information disclosure; establish and improve
environmental responsibility supervision The system and the coordination mechanism
of corporate stakeholders.
Keywords: environmental accounting information disclosure, corporate value,
product market competition
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