当前中国经济处于发展新常态，国家不断推动供给侧结构性改革，强化环境保护规制，严控污染能耗指标。伴随外部环境法规越来越严格，特别是要求重点排污企业公开环境信息，我国越来越多的企业进行环境信息披露，不仅提高企业环境绩效，也为企业带来一定的经济后果。环境信息披露是企业传递积极的环保信息的重要方式，有助于降低融资成本、提高投资效率，甚至可能有助于获得政府的环保补助。企业环保具有高成本和高风险性，也需要政府通过财政补助的方式加以扶持，降低资金压力，以促进企业经营发展。本研究为企业结合自身特质做出高效益和高效率的环保决定提供借鉴。

      本文选取2014-2016年上市公司为样本，立足《环境信息公开办法（试行）》对上市公司年报进行文本分析，对环境信息披露定量指标和定性指标进行刻画，对上市公司年报财务报告附注进行文本分析得到上市公司所获得的环保补助金额，检验了环境信息披露和环保补助之间的关联，并讨论了环境立法的作用。实证研究结果表明，环境信息披露可以帮助企业获得环保补助。通过改变环保补助和环境信息披露度量方式的方法进行稳健性检验，得到的结论一致。进一步的研究发现，在全体企业范围内，环境立法正向调节自变量定量指标与因变量的回归，但是不同所有制企业分样本、非重污染行业分样本中关系不显著，但在重污染行业企业中，环境立法能够强化环境信息披露定量指标以及定性指标对环保补助的正向影响。此外，在国有企业中，环境立法能通过企业环境信息披露定性指标从而提升环保补助。研究表明，相较于非重污染行业企业来说，重污染行业企业从事有害于环境的生产行为的余地更大，因此面对环境立法的规制作用，倾向于合法性的需要，环境信息披露和环保补助的正关联作用更强。国有企业顺从政府的倡导是实现其社会责任的表现，相应也能获得更多资源的支持，那么国有企业不可避免地也会面对更多来自政府的压力，并且通过展示环保行为，获得政府的有效支持。

       根据研究结果，本文提出以下建议：我国应加强环境信息披露制度的完善，特别是将企业披露的环境信息纳入考核指标，建立企业环境信息披露的长效机制。地方政府应有效发挥环保补助的分配作用，强化对于环境信息披露水平比较高的企业的扶持，建立重污染行业企业和国有企业的环保补助分配机制。地方政府应统筹推进环境立法的实施，借助合法性规范企业绿色环保行为，强化对于企业的行政干预和经济干涉。

       At present China's economy is in a new normal of development, China continues to promote supply-side structural reform, strengthen environmental protection regulations, and strictly control pollution energy consumption indicators. With the increasingly strict external environmental regulations, especially the requirement for key polluting enterprises to disclose environmental information, more and more enterprises in China carry out environmental information disclosure, which not only improves the environmental performance of enterprises, but also brings certain economic consequences to enterprises. Environmental disclosure is an important way for companies to deliver positive environmental information, helping to reduce financing costs, improve investment efficiency, and may even help to obtain government environmental protection subsidies. Environmental protection of enterprises has high cost and high risk, which also needs the support of the government through financial subsidies to reduce the capital pressure, so as to promote the operation and development of enterprises. This study provides a reference for enterprises to make effective and efficient environmental protection decisions based on their own characteristics.

       Selecting listed companies from 2014 to 2016 as a sample, based on the "Environmental Information Disclosure Measures (Trial)", this paper conducts a text analysis of the annual reports of listed companies to characterize the general indicators and qualitative indicators of environmental information disclosure. The paper also conducts a text analysis of the notes to the financial reports of listed companies to obtain the amount of environmental protection subsidies obtained by listed companies, examines the relationship between environmental information disclosure and environmental protection subsidies, and discusses the impact of environmental legislation. Empirical findings show that environmental information disclosure is conducive to obtaining environmental protection subsidies. Robustness tests are conducted using the method of changing the measurement of environmental subsidies and environmental disclosures, and the conclusions were consistent. Further research finds that within the scope of all enterprises, environmental legislation can strengthen the relationship between quantitative indicators of environmental information disclosure and environmental protection subsidies, but the relationship between state-owned enterprises, non-state-owned enterprises and non-heavy polluting industries is not significant, but in enterprises in heavily polluting industries, environmental legislation can strengthen the positive impact of quantitative indicators of environmental information disclosure and qualitative indicators on environmental protection subsidies. In addition, in state-owned enterprises, environmental legislation can increase environmental protection subsidies through qualitative indicators for corporate environmental information disclosure. Studies have shown that compared with non-polluting industry enterprises, heavy polluting industry enterprises have more room to engage in production behaviors harmful to the environment in the face of the regulation of environmental legislation, so environmental information disclosure can help get more environmental protection subsidies for the need of legality. State-owned enterprises are given the expectation of social responsibility, and if they can obtain more resource support by obeying the government's advocacy, then state-owned enterprises will inevitably face more pressure from the government and obtain effective support from the government by demonstrating environmental protection behavior.

      On the basis of the research results, the paper puts forward the following suggestions: China should strengthen the improvement of the environmental information disclosure system, especially the environmental information disclosed by enterprises into the assessment indicators, and establish a long-term mechanism for enterprise environmental information disclosure. Local governments should effectively play the role of environmental protection subsidies in distribution, strengthen support for enterprises with high environmental information disclosure levels, and establish an environmental protection subsidy distribution mechanism for enterprises and state-owned enterprises in heavily polluting industries. Local governments should comprehensively promote the implementation of environmental legislation, use legality to regulate the green environmental protection behavior of enterprises, and strengthen administrative intervention and economic interference in enterprises.