中文摘要：

在中国情景下实证研究环境披露和环境绩效之间的关系，研究样本来自2007-2009年在沪深两市上市的造纸业和建材业A股公司。研究中对环境披露水平采用内容评分法予以量化评估，环境绩效以公司是否因过量排放受到处罚来衡量。研究发现，我国上市公司环境披露水平较低；环境绩效较差的公司为了缓解利益相关者因其环境问题而对其正常经营和财务绩效的担忧，披露了更多的环境信息；环境披露和环境绩效之间存在显著的负相关关系。

英文摘要：

This article conducts an empirical study on the relationship of the two variables under China＇s scenario. Samples are selected from listed company of 2007-2009 in paper and building mate- rials industries. Environmental disclosure is quantitatively evaluated through using content analysis. Environmental performance is measured by the types of penalty for firm＇s excessive emission. Empiri- cal results show environmental disclosure of listed companies in China is at a low level. Companies with poor environmental performance disclose more environmental information for the purpose of alle- viating stakeholders＇ concerns about the negative impact on their business and financial performance from poor environmental performance. Environmental disclosure is correlated with environmental sig- nificantly and negatively.