高危企业安全投入与绩效的非线性关系:信息披露的调节效应

doi:10.16265/j.cnki.issn1003-3033.2025.07.1250

摘要/Abstract

摘要： 为降低高危企业事故发生率,提升企业价值,基于2010—2022年1 016家高危行业上市公司的面板数据,将文本分析量化后的安全信息披露作为调节变量,实证检验安全投入对企业绩效的非线性影响,以及安全信息披露的调节效应。结果表明:安全投入和企业绩效呈倒“U”型关系,当安全投入低于临界点12.203 8时,二者正相关;安全信息披露对安全投入和企业绩效的关系具有正向调节作用,非国有企业的安全投入、信息披露对企业绩效的影响更为显著。短期内通过“安全投入—安全生产信息披露—企业绩效提升”形成的正向拉动,能够满足高危企业安全生产治理需要,实现企业安全管理与经济效益双赢。

关键词: 高危企业, 安全投入, 企业绩效, 非线性关系, 安全信息披露, 调节效应

Abstract:

To reduce the incidence of accidents in high-risk enterprises and enhance enterprise value, based on the panel data of 1 016 listed companies in high-risk sectors from 2010 to 2022, this paper empirically examined the nonlinear mechanism of safety investment on corporate performance with the safety information disclosure after text analysis as the moderating variable. The results reveal that there is an inverted U-shaped relationship between safety investment and corporate performance. When safety investment is lower than the critical threshold of 12.203 8, it has a positive effect on performance. Furthermore, safety information disclosure positively moderates this relationship. The effects of both safety investment and safety disclosure on corporate performance are more pronounced in non-state-owned enterprises. In the short term, a virtuous cycle of "safety investment-safety information disclosure-corporate performance improvement" can effectively support safety governance in high-risk enterprises and achieve a dual goal of improving safety management and economic performance.

Key words: high-risk enterprises, safety investment, corporate performance, nonlinear relationship, safety information disclosure, moderating effect

中图分类号:

X915.4安全经济学

刘蕾, 冒香凝, 刘雪玲, 张江石. 高危企业安全投入与绩效的非线性关系:信息披露的调节效应[J]. 中国安全科学学报, 2025, 35(7): 8-14.

LIU Lei, MAO Xiangning, LIU Xueling, ZHANG Jiangshi. Nonlinear relationship between safety investment and performance in high-risk enterprises: moderating effect of information disclosure[J]. China Safety Science Journal, 2025, 35(7): 8-14.

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主题	披露类别	披露内容	w_j/%
安全事故风险	事故发生率	公司主营业务可能存在安全生产等风险等表述,具体涉及安全生产、事故、死亡率、演练等关键词	18.80
	事故死亡情况
	应急预案配备情况
安全管理战略	安全生产相关制度	公司发展规划中出现智能化、平安、预防为主等表述,反映其对安全生产理念的重视。	33.71
安全管理战略	安全生产战略	公司发展规划中出现智能化、平安、预防为主等表述,反映其对安全生产理念的重视。	33.71
安全生产措施	安全生产风险	业务分析板块披露高温、人身安全、无人、劳动保护等信息。	21.14
	安全设备检查
	安全措施
安全文化建设	安全教育培训	年报内容体现企业建设安全文化的决心,涉及安全培训、安全意识、安全文化等关键词。	20.31
安全文化建设	安全生产文化建设	年报内容体现企业建设安全文化的决心,涉及安全培训、安全意识、安全文化等关键词。	20.31
安全生产费用	政府补助与奖励	明确披露安全生产费用的提取比例、核算方法,以及政府专项补助和惩罚措施,相关内容包括补助、惩罚、工伤保险等关键词。	6.04
	未受安全事故处罚
	安全生产费计提

变量	均值	中位数	标准差	最小值	最大值
T	1.777	1.406	1.275	0.625	26.63
lnR	15.57	15.764	2.530	1.099	23.44
P	1.289	1.232	0.486	0.000	5.269
A	12.76	12.00	7.170	2	30
L	0.477	0.474	0.196	0.010 3	0.996
O	36.41	34.54	15.20	3.620	87.70

变量	国有企业			非国有企业			均值差异	t检验统计量
变量	样本量	均值	标准差	样本量	均值	标准差	均值差异	t检验统计量
T	3 272	1.241	0.440	2 523	1.352	0.533	0.488^***	14.614
P	3 272	16.01	2.684	2 522	15.01	2.193	0.111^***	8.638
lnR	3 272	23.39	1.486	2 523	22.26	1.107	-1.001^***	-15.213
A	3 272	0.524	0.194	2 523	0.415	0.182	-6.302^***	-36.860
L	3 272	40.61	15.38	2 523	30.96	13.08	-0.108^***	-21.637
O	3 272	1.241	0.440	2 523	1.352	0.533	-9.645^***	-25.236

模型	1	2	3	4
因变量	T	T	T	T
lnR	0.213^*** (5.03)	0.217^*** (5.15)	-0.074^*** (-5.51)	0.114 (0.97)
lnR²	-0.009^*** (-6.66)	-0.009^*** (-6.77)	—	-0.006^* (-1.69)
P	—	-0.123^*** (-3.93)	-0.362^** (-2.36)	-0.882 (-1.38)
L	-1.322^*** (-16.95)	-1.313^*** (-16.88)	-1.336^*** (-17.14)	-1.310^*** (-16.84)
A	-0.007^*** (-3.70)	-0.008^*** (-4.12)	-0.009^*** (-4.65)	-0.008^*** (-4.19)
O	-0.006^*** (-7.30)	-0.006^*** (-7.37)	-0.007^*** (-9.13)	-0.006^*** (-7.39)
R_i_,_t×P_i_,_t	—	—	0.016^* (1.69)	0.084 (1.02)
$R_{i, t}{ }^{2} \times P_{i, t}$	—	—	—	-0.002
$R_{i, t}{ }^{2} \times P_{i, t}$	—	—	—	(-0.85)
_cons	1.481^*** (0.000)	1.566^*** (0.000)	3.886^*** (0.000)	2.510^*** (0.007)
F	78.74	74.79	61.53	68.30
R²	0.187	0.190	0.185	0.191
n	5 719	5 719	5 719	5 719

属性	非国企	国企	非国企	国企
模型	5	6	7	8
实证分析	主效应	调节效应	主效应	调节效应
lnR	0.404^*** (4.09)	-0.115^*** (-3.84)	0.191^*** (3.96)	-0.041^** (-2.40)
lnR²	-0.016^*** (-4.71)	—	-0.008^*** (-4.82)	—
P	—	-0.817^** (-2.57)	—	-0.069 (-0.32)
L	-0.877^*** (-7.18)	-0.867^*** (-7.08)	-1.531^*** (-20.66)	-1.542^*** (-20.75)
A	-0.001 (-0.25)	-0.005 (-1.48)	-0.000 282 (-0.12)	-0.000 830 (-0.34)
O	-0.003^* (-1.94)	-0.003^** (-2.03)	-0.006^*** (-5.51)	-0.007^*** (-7.19)
R_i_,_t×P_i_,_t	—	0.042^** (1.99)	—	0.001 (0.04)
$R_{i, t}{ }^{2} \times P_{i, t}$	—	—	—	—
_cons	-0.617	3.668^***	1.610^***	3.418^***
R²	0.125	0.124	0.208	0.203
N	2487	2487	3232	3232