关键词: 环境信息不对称, 实地调研, 企业环境治理

Abstract: Based on the information asymmetry theory, this paper analyzes the influence of institutional investors’ corporate site visits on corporate environmental governance using the Shenzhen Stock Exchange listed companies in heavily polluting industries during 2013-2016 as the sample. It is found that institutional investors’ corporate site visits have a positive influence to promote corporate environmental governance. The environmental governance influence of institutional investors’ corporate site visits is even more pronounced in the companies with poor environmental information disclosure and more local subsidiaries. Further investigation of the impact of institutional investors’ corporate site visits on corporate environmental governance shows that institutional investors’ corporate site visits have promoted capital market supervision and media supervision of corporate environmental governance. This paper verifies the role of information asymmetry theory in environmental governance and expands the research field of corporate site visits on economic consequences. It has important practical implications in understanding and promoting corporate environmental governance in China.

Key words: Environmental Information Asymmetry, Corporate Site Visits, Corporate Environmental Governance