Biodiv Sci ›› 2025, Vol. 33 ›› Issue (1): 24264. DOI: 10.17520/biods.2024264 cstr: 32101.14.biods.2024264
• Original Papers: Biosafety and Nature Conservation • Previous Articles Next Articles
Received:
2024-06-28
Accepted:
2024-08-28
Online:
2025-01-20
Published:
2024-11-04
Contact:
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CLC Number:
Xinmeng Tang, Tao Qin. Chinese enterprises’ biodiversity disclosure index construction and financing effects[J]. Biodiv Sci, 2025, 33(1): 24264.
行业 Industries | 报告数 No. of reports | 行业 Industries | 报告数 No. of reports |
---|---|---|---|
A 农、林、牧、渔业 Agriculture, forestry, animal husbandry, and fisheries industry | 153 | K 房地产业 Real estate industry | 359 |
B 采矿业 Mining industry | 311 | L 租赁和商务服务业 Leasing and business services industry | 69 |
C 制造业 Manufacturing industry | 6,525 | M 科学研究、技术服务和地质勘查业 Scientific research, technical services, and geological exploration industry | 65 |
D 电力、燃气及水的生产和供应业 Electricity, gas, and water production and supply industry | 1,215 | N 水利、环境和公共设施管理业 Water conservancy, environmental protection, and public facilities management industry | 96 |
E 建筑业 Construction industry | 324 | O 居民服务和其他服务业 Residential services and other service industries | 33 |
F 交通运输、仓储和邮政业 Transportation, warehousing, and postal industry | 416 | P 教育业 Education industries | 2 |
G 信息传输、计算机服务和软件业 Information transmission, computer services, and software industry | 557 | Q 卫生、社会保障和社会福利业 Health, social security, and social welfare services industries | 18 |
H 批发和零售业 Wholesale and retail industry | 20 | R 文化、体育和娱乐业 Culture, sports, and entertainment industries | 137 |
I 住宿和餐饮业 Accommodation and catering industry | 576 | S 公共管理和社会组织 Public administration and social organizations industries | 285 |
J 金融业 Financial industry | 706 | 总计 Total | 11,867 |
Table 1 Sample pool of observed enterprise report
行业 Industries | 报告数 No. of reports | 行业 Industries | 报告数 No. of reports |
---|---|---|---|
A 农、林、牧、渔业 Agriculture, forestry, animal husbandry, and fisheries industry | 153 | K 房地产业 Real estate industry | 359 |
B 采矿业 Mining industry | 311 | L 租赁和商务服务业 Leasing and business services industry | 69 |
C 制造业 Manufacturing industry | 6,525 | M 科学研究、技术服务和地质勘查业 Scientific research, technical services, and geological exploration industry | 65 |
D 电力、燃气及水的生产和供应业 Electricity, gas, and water production and supply industry | 1,215 | N 水利、环境和公共设施管理业 Water conservancy, environmental protection, and public facilities management industry | 96 |
E 建筑业 Construction industry | 324 | O 居民服务和其他服务业 Residential services and other service industries | 33 |
F 交通运输、仓储和邮政业 Transportation, warehousing, and postal industry | 416 | P 教育业 Education industries | 2 |
G 信息传输、计算机服务和软件业 Information transmission, computer services, and software industry | 557 | Q 卫生、社会保障和社会福利业 Health, social security, and social welfare services industries | 18 |
H 批发和零售业 Wholesale and retail industry | 20 | R 文化、体育和娱乐业 Culture, sports, and entertainment industries | 137 |
I 住宿和餐饮业 Accommodation and catering industry | 576 | S 公共管理和社会组织 Public administration and social organizations industries | 285 |
J 金融业 Financial industry | 706 | 总计 Total | 11,867 |
面板A: 生物多样性概念体系 Panel A: Conceptual framework of biodiversity | ||
---|---|---|
一级维度 Primary dimension | 二级维度 Secondary dimension | 三级维度 Tertiary dimension |
生物多样性保护概念 Biodiversity conservation concept | 生物多样性 Biodiversity | |
生态系统多样性 Ecosystem diversity | ||
物种多样性 Species diversity | ||
基因多样性 Genetic diversity | ||
生物多样性影响因素 Factors influencing biodiversity | 土地和海洋利用改变 Changes in land and ocean use | 土地利用改变 Land use changes |
海洋利用改变 Ocean use changes | ||
生物资源过度利用 Biological resources overexploitation | ||
外来入侵物种 Invasive alien species | ||
生物遗传资源与惠益分享 Genetic resources and benefit sharing | 生物遗传资源 Genetic resources | |
惠益分享 Benefit sharing | ||
面板B: 生物多样性词典 Panel B: Biodiversity dictionary | ||
概念维度 Conceptual dimension | 关键词 Keywords | |
生物多样性概念 Concept of biodiversity | 生物、生物多样性 Biology and biodiversity | |
生态系统、生态系统多样性 Ecosystem and ecosystem diversity | ||
物种、物种多样性 Species and species diversity | ||
基因、基因多样性 Genes and genetic diversity | ||
土地和海洋利用改变 Changes in land and ocean use | 土地、栖息地、湿地、森林、野生动物廊道 Land, habitat, wetlands, forests, and wildlife corridors | |
海洋、海洋生态 Ocean and marine ecology | ||
生物资源过度利用 Biological resources overexploitation | 生物资源、生物体、生物资源过度利用、直接利用生物体 Biological resources, organisms, overexploitation of biological resources, and direct utilization of organisms | |
外来入侵物种 Invasive alien species | 入侵物种、外来入侵物种 Invasive species and invasive alien species | |
生物遗传资源与惠益分享 Genetic resources and benefit sharing | 生物遗传资源、基因信息、基因资源 Genetic resources, genetic information, and genetic material |
Table 2 Enterprise biodiversity dictionary from the perspective of information disclosure in this study
面板A: 生物多样性概念体系 Panel A: Conceptual framework of biodiversity | ||
---|---|---|
一级维度 Primary dimension | 二级维度 Secondary dimension | 三级维度 Tertiary dimension |
生物多样性保护概念 Biodiversity conservation concept | 生物多样性 Biodiversity | |
生态系统多样性 Ecosystem diversity | ||
物种多样性 Species diversity | ||
基因多样性 Genetic diversity | ||
生物多样性影响因素 Factors influencing biodiversity | 土地和海洋利用改变 Changes in land and ocean use | 土地利用改变 Land use changes |
海洋利用改变 Ocean use changes | ||
生物资源过度利用 Biological resources overexploitation | ||
外来入侵物种 Invasive alien species | ||
生物遗传资源与惠益分享 Genetic resources and benefit sharing | 生物遗传资源 Genetic resources | |
惠益分享 Benefit sharing | ||
面板B: 生物多样性词典 Panel B: Biodiversity dictionary | ||
概念维度 Conceptual dimension | 关键词 Keywords | |
生物多样性概念 Concept of biodiversity | 生物、生物多样性 Biology and biodiversity | |
生态系统、生态系统多样性 Ecosystem and ecosystem diversity | ||
物种、物种多样性 Species and species diversity | ||
基因、基因多样性 Genes and genetic diversity | ||
土地和海洋利用改变 Changes in land and ocean use | 土地、栖息地、湿地、森林、野生动物廊道 Land, habitat, wetlands, forests, and wildlife corridors | |
海洋、海洋生态 Ocean and marine ecology | ||
生物资源过度利用 Biological resources overexploitation | 生物资源、生物体、生物资源过度利用、直接利用生物体 Biological resources, organisms, overexploitation of biological resources, and direct utilization of organisms | |
外来入侵物种 Invasive alien species | 入侵物种、外来入侵物种 Invasive species and invasive alien species | |
生物遗传资源与惠益分享 Genetic resources and benefit sharing | 生物遗传资源、基因信息、基因资源 Genetic resources, genetic information, and genetic material |
变量名称 Variable names | 符号 Symbols | 数据来源 Data sources |
---|---|---|
企业生物多样性信息披露指数 Enterprise biodiversity information disclosure index | Information disclosure | 上市企业年报、上市企业社会责任报告、上市企业ESG报告 Annual reports of listed enterprises, enterprise social responsibility reports of listed enterprises, ESG reports of listed enterprises |
融资约束KZ指数 KZ index of financing constraints | Financing constraints_KZ | Wind数据库 Wind database ( |
融资约束WW指数 WW index of financing constraints | Financing constraints_WW | Wind数据库 Wind database ( |
债权融资成本 Cost of debt financing | Financing cost_debt | Wind数据库 Wind database ( |
股权融资成本 Cost of equity financing | Financing cost_equity | Wind数据库 Wind database ( |
债权融资占比 Proportion of debt financing | Financing structure_debt | Wind数据库 Wind database ( |
股权融资占比 Proportion of equity financing | Financing structure_ equity | Wind数据库 Wind database ( |
企业规模 Enterprise size | Size | Wind数据库 Wind database ( |
企业经理是否具有金融背景 Whether the enterprise manager has a financial background | Finback | Wind数据库 Wind database ( |
企业资产流动性 Enterprise asset liquidity | Liquid | Wind数据库 Wind database ( |
企业托宾Q Enterprise Tobin’s Q | TobinQ | Wind数据库 Wind database ( |
企业账面市值比 Enterprise book to market ratio | Bm | Wind数据库 Wind database ( |
企业董事会持股比例 Enterprise board ownership proportion | Chairholdr | Wind数据库 Wind database ( |
Table 3 Summary of empirical variables
变量名称 Variable names | 符号 Symbols | 数据来源 Data sources |
---|---|---|
企业生物多样性信息披露指数 Enterprise biodiversity information disclosure index | Information disclosure | 上市企业年报、上市企业社会责任报告、上市企业ESG报告 Annual reports of listed enterprises, enterprise social responsibility reports of listed enterprises, ESG reports of listed enterprises |
融资约束KZ指数 KZ index of financing constraints | Financing constraints_KZ | Wind数据库 Wind database ( |
融资约束WW指数 WW index of financing constraints | Financing constraints_WW | Wind数据库 Wind database ( |
债权融资成本 Cost of debt financing | Financing cost_debt | Wind数据库 Wind database ( |
股权融资成本 Cost of equity financing | Financing cost_equity | Wind数据库 Wind database ( |
债权融资占比 Proportion of debt financing | Financing structure_debt | Wind数据库 Wind database ( |
股权融资占比 Proportion of equity financing | Financing structure_ equity | Wind数据库 Wind database ( |
企业规模 Enterprise size | Size | Wind数据库 Wind database ( |
企业经理是否具有金融背景 Whether the enterprise manager has a financial background | Finback | Wind数据库 Wind database ( |
企业资产流动性 Enterprise asset liquidity | Liquid | Wind数据库 Wind database ( |
企业托宾Q Enterprise Tobin’s Q | TobinQ | Wind数据库 Wind database ( |
企业账面市值比 Enterprise book to market ratio | Bm | Wind数据库 Wind database ( |
企业董事会持股比例 Enterprise board ownership proportion | Chairholdr | Wind数据库 Wind database ( |
Fig. 3 Temporal development of the enterprise biodiversity information disclosure index. (a) Enterprise biodiversity disclosure index; (b) Enterprise biodiversity concept disclosure index; (c) Enterprise land and ocean use change disclosure index; (d) Enterprise invasive alien species disclosure index; (e) Enterprise overexploitation of biological resources disclosure index; (f) Enterprise genetic resources and benefit sharing disclosure index.
Fig. 4 Industry distribution of enterprise biodiversity information disclosure. (a) Enterprise average of the enterprise biodiversity information disclosure index; (b) Kernel density distribution of the enterprise biodiversity information disclosure index. The letters A to Z represent enterprise codes, which are detailed in Table 1.
Fig. 5 Differences in biodiversity information disclosure index by enterprise ownership type. (a) State-owned enterprises and Non-state-owned enterprises biodiversity information disclosure index; (b) High-pollution enterprises and Non-high-pollution enterprises biodiversity information disclosure index; (c) High-tech enterprises and Non-high-tech enterprises biodiversity information disclosure index.
模型1 Model 1 Financing constraints_KZ | 模型2 Model 2 Financing constraints_KZ | 模型3 Model 3 Financing constraints_WW | 模型4 Model 4 Financing constraints_WW | |
---|---|---|---|---|
Information disclosure | -0.0248 (-2.78)*** | -0.02217 (-2.64)*** | -0.0507 (-6.21)*** | -0.0202 (-2.61)*** |
TobinQ | 0.1406 (10.89)*** | -2.61 (1.60) | ||
Bm | 0.1599 (9.93)*** | 0.0085 (0.66) | ||
Chairholdr | -0.0955 (-10.51)*** | -0.0034 (-0.41) | ||
Size | 0.0046 (0.40) | -0.3271 (-30.50)*** | ||
Finback | -0.0009 (-0.10) | 0.0056 (0.62) | ||
Liquid | -0.3073 (-34.31)*** | 0.0554 (6.72)*** | ||
常数 Constant | 1.2378 (5.07)*** | 1.1321 (4.99)*** | 0.7020 (3.15)*** | 0.1839 (0.88) |
行业固定效应 Industry fixed effects | Yes | Yes | Yes | Yes |
时间固定效应 Time fixed effects | Yes | Yes | Yes | Yes |
F-stata. | 30.14 | 49.96 | 15.84 | 31.66 |
Prob > F | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
Adj R-squared | 0.2156 | 0.3297 | 0.1216 | 0.2336 |
Table 4 Empirical results on the effect of enterprise biodiversity information disclosure on alleviating financing constraints
模型1 Model 1 Financing constraints_KZ | 模型2 Model 2 Financing constraints_KZ | 模型3 Model 3 Financing constraints_WW | 模型4 Model 4 Financing constraints_WW | |
---|---|---|---|---|
Information disclosure | -0.0248 (-2.78)*** | -0.02217 (-2.64)*** | -0.0507 (-6.21)*** | -0.0202 (-2.61)*** |
TobinQ | 0.1406 (10.89)*** | -2.61 (1.60) | ||
Bm | 0.1599 (9.93)*** | 0.0085 (0.66) | ||
Chairholdr | -0.0955 (-10.51)*** | -0.0034 (-0.41) | ||
Size | 0.0046 (0.40) | -0.3271 (-30.50)*** | ||
Finback | -0.0009 (-0.10) | 0.0056 (0.62) | ||
Liquid | -0.3073 (-34.31)*** | 0.0554 (6.72)*** | ||
常数 Constant | 1.2378 (5.07)*** | 1.1321 (4.99)*** | 0.7020 (3.15)*** | 0.1839 (0.88) |
行业固定效应 Industry fixed effects | Yes | Yes | Yes | Yes |
时间固定效应 Time fixed effects | Yes | Yes | Yes | Yes |
F-stata. | 30.14 | 49.96 | 15.84 | 31.66 |
Prob > F | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
Adj R-squared | 0.2156 | 0.3297 | 0.1216 | 0.2336 |
模型5 Model 5 Financing cost_debt | 模型6 Model 6 Financing cost_debt | 模型7 Model 7 Financing cost_equity | 模型8 Model 8 Financing cost_equity | |
---|---|---|---|---|
Information disclosure | -0.0251 (-2.50)** | -0.0278 (-2.75)*** | -0.0183 (-2.51)** | -0.0155 (-2.16)** |
TobinQ | 0.0400 (2.84)*** | -0.0255 (-2.53)** | ||
Bm | -0.0273 (-1.61) | 0.1411 (10.81)*** | ||
Chairholdr | -0.0113 (-1.03) | 0.0416 (5.12)*** | ||
Size | 0.0156 (1.11) | 0.0266 (2.40)** | ||
Finback | -0.0126 (-1.06) | -0.0086 (-0.96) | ||
Liquid | -0.0640 (-5.91)*** | -0.0340 (-4.19)*** | ||
常数 Constant | -0.0149 (-0.05) | -0.0658 (-0.24) | -0.2602 (-1.17) | -0.1235 (-0.57) |
行业固定效应 Industry fixed effects | Yes | Yes | Yes | Yes |
时间固定效应 Time fixed effects | Yes | Yes | Yes | Yes |
F-stata. | 3.46 | 3.84 | 26.65 | 30.13 |
Prob > F | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
Adj R-squared | 0.0225 | 0.0277 | 0.2442 | 0.2810 |
Table 5 Empirical results on the effect of corporate biodiversity information disclosure on reducing financing costs
模型5 Model 5 Financing cost_debt | 模型6 Model 6 Financing cost_debt | 模型7 Model 7 Financing cost_equity | 模型8 Model 8 Financing cost_equity | |
---|---|---|---|---|
Information disclosure | -0.0251 (-2.50)** | -0.0278 (-2.75)*** | -0.0183 (-2.51)** | -0.0155 (-2.16)** |
TobinQ | 0.0400 (2.84)*** | -0.0255 (-2.53)** | ||
Bm | -0.0273 (-1.61) | 0.1411 (10.81)*** | ||
Chairholdr | -0.0113 (-1.03) | 0.0416 (5.12)*** | ||
Size | 0.0156 (1.11) | 0.0266 (2.40)** | ||
Finback | -0.0126 (-1.06) | -0.0086 (-0.96) | ||
Liquid | -0.0640 (-5.91)*** | -0.0340 (-4.19)*** | ||
常数 Constant | -0.0149 (-0.05) | -0.0658 (-0.24) | -0.2602 (-1.17) | -0.1235 (-0.57) |
行业固定效应 Industry fixed effects | Yes | Yes | Yes | Yes |
时间固定效应 Time fixed effects | Yes | Yes | Yes | Yes |
F-stata. | 3.46 | 3.84 | 26.65 | 30.13 |
Prob > F | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
Adj R-squared | 0.0225 | 0.0277 | 0.2442 | 0.2810 |
模型9 Model 9 Financing structure_debt | 模型10 Model 10 Financing structure_debt | 模型11 Model 11 Financing structure_equity | 模型12 Model 12 Financing structure_equity | |
---|---|---|---|---|
Information disclosure | 0.0009 (0.13)*** | -0.0219 (-3.53)*** | 0.1028 (0.46) | 0.0219 (3.52)*** |
TobinQ | -0.0263 (-3.03)*** | 0.0262 (3.01)*** | ||
Bm | 0.0837 (7.95)*** | -0.0837 (-7.93)*** | ||
Chairholdr | -0.0387 (-5.65)*** | 0.0386 (5.62)*** | ||
Size | 0.2947 (33.67)*** | -0.2950 (-33.63)*** | ||
Finback | -0.0114 (-1.57) | 0.0116 (1.59) | ||
Liquid | -0.2955 (-44.58)*** | 0.2954 (44.47)*** | ||
常数 Constant | -0.5027 (-2.35)** | -0.0684 (-0.40) | 0.5022 (2.34)** | 0.0675 (0.39) |
行业固定效应 Industry fixed effects | Yes | Yes | Yes | Yes |
时间固定效应 Time fixed effects | Yes | Yes | Yes | Yes |
F-stata. | 46.49 | 126.70 | 46.83 | 126.07 |
Prob > F | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
Adj R-squared | 0.3021 | 0.5603 | 0.3014 | 0.5591 |
Table 6 Empirical results on the effect of enterprise biodiversity information disclosure on improving financing structure
模型9 Model 9 Financing structure_debt | 模型10 Model 10 Financing structure_debt | 模型11 Model 11 Financing structure_equity | 模型12 Model 12 Financing structure_equity | |
---|---|---|---|---|
Information disclosure | 0.0009 (0.13)*** | -0.0219 (-3.53)*** | 0.1028 (0.46) | 0.0219 (3.52)*** |
TobinQ | -0.0263 (-3.03)*** | 0.0262 (3.01)*** | ||
Bm | 0.0837 (7.95)*** | -0.0837 (-7.93)*** | ||
Chairholdr | -0.0387 (-5.65)*** | 0.0386 (5.62)*** | ||
Size | 0.2947 (33.67)*** | -0.2950 (-33.63)*** | ||
Finback | -0.0114 (-1.57) | 0.0116 (1.59) | ||
Liquid | -0.2955 (-44.58)*** | 0.2954 (44.47)*** | ||
常数 Constant | -0.5027 (-2.35)** | -0.0684 (-0.40) | 0.5022 (2.34)** | 0.0675 (0.39) |
行业固定效应 Industry fixed effects | Yes | Yes | Yes | Yes |
时间固定效应 Time fixed effects | Yes | Yes | Yes | Yes |
F-stata. | 46.49 | 126.70 | 46.83 | 126.07 |
Prob > F | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
Adj R-squared | 0.3021 | 0.5603 | 0.3014 | 0.5591 |
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