可持续发展能力、公司治理对企业环境信息披露的影响研究

发布时间：2018-05-22 16:16

本文选题：可持续发展 + 公司治理　；参考：《中国矿业大学》2017年硕士论文

【摘要】：近年来,空气污染严重、雾霾天气频发,环境保护问题被推上新高度。企业作为污染物排放的主体,其环保行为受到社会各界的广泛关注。新形势下,经济、环境与社会三者协调的可持续发展观成为企业发展贯彻的新理念,而环保行为一方面体现着企业的可持续发展观,另一方面,其作为企业运营活动的一部分,符合成本-收益理论,即在为企业带来收益的同时也需要付出一定的成本,从而对企业自身的可持续发展能力也有一定要求。企业的环境信息披露是公众了解企业环保行为最直接、最有效的途径,而影响企业环境信息披露水平的因素有很多,从内部来看,主要包括企业的财务绩效与公司治理结构。现有文献中,对财务绩效与环境信息披露关系的研究主要是从企业资本结构、盈利能力、增长能力等几个方面入手,分析其与环境信息披露水平的相关性,而对公司治理与环境信息披露水平关系的研究则主要选取股权特征、董事会特征以及持股比例方面的变量与环境信息披露指数进行回归分析,研究其对环境信息披露的直接影响。本文在总结现有研究与相关理论的基础上,开辟新的视角,采用可持续增长模型构建企业的可持续增长率,衡量企业的财务可持续发展能力,分析其对企业环境信息披露水平的影响。从股权结构与董事会特征两个方面分析公司治理对环境信息披露水平的直接影响,并将其作为调节变量,进一步探讨其对可持续发展能力与环境信息披露水平之间关系的调节作用。本文的实证结果如下:企业的可持续发展能力与环境信息披露水平正相关,即可持续发展能力越好的上市公司,其环境信息披露水平越高。公司治理变量中,股权集中度、管理层持股、董事会规模以及董事会会议次数均与环境信息披露水平显著正相关,同时股权制衡度、董事会会议次数以及董事长与总经理的两职兼任情况均能对可持续发展能力与环境信息披露水平的关系起到显著的调节作用,其中,增加股权制衡度与董事会会议次数,可增强可持续发展能力对环境信息披露水平的促进作用,而董事长与总经理两职兼任则会削弱这种促进作用,甚至使使两者之间变成负相关。在理论分析与实证分析的基础上,本文提出了相关的政策建议:我国政府需加强上市环境信息披露的立法与监督力度,同时优化其内部治理结构,以促进企业的环境信息披露。本文从可持续发展视角进一步探索了财务会计与环境会计的内部联系,丰富了环境信息披露理论的研究成果,并且能够为上市公司优化内部治理结构提供一定的理论依据。
[Abstract]:In recent years, serious air pollution, frequent haze weather, environmental protection problems have been pushed to a new height. As the main body of pollutant emission, the environmental protection behavior of enterprises has been widely concerned by all walks of life. Under the new situation, the sustainable development view, which coordinates economy, environment and society, has become a new concept of enterprise development. On the one hand, environmental protection behavior embodies the sustainable development view of enterprise, on the other hand, it is a part of enterprise operation activity. In accordance with the cost-benefit theory, it is necessary to pay a certain amount of cost while bringing about the profit to the enterprise, so it has certain requirements for the sustainable development ability of the enterprise itself. The environmental information disclosure of enterprises is the most direct and effective way for the public to understand the environmental protection behavior of enterprises, but there are many factors that affect the level of environmental information disclosure of enterprises. From the internal point of view, it mainly includes the financial performance and corporate governance structure of enterprises. In the existing literature, the research on the relationship between financial performance and environmental information disclosure is mainly from the aspects of enterprise capital structure, profitability, growth ability and so on, and analyzes its correlation with the level of environmental information disclosure. On the other hand, the relationship between corporate governance and environmental information disclosure level is mainly analyzed by regression analysis of equity characteristics, board characteristics and shareholding ratio variables and environmental information disclosure index. To study its direct impact on environmental information disclosure. On the basis of summarizing the existing research and related theories, this paper opens up a new angle of view, adopts the sustainable growth model to construct the sustainable growth rate of the enterprise, and measures the financial sustainable development ability of the enterprise. Analysis of its impact on the level of environmental information disclosure. This paper analyzes the direct influence of corporate governance on the level of environmental information disclosure from two aspects of ownership structure and board characteristics, and takes it as a regulating variable. To further explore its role in regulating the relationship between sustainable development capacity and environmental information disclosure level. The empirical results are as follows: the sustainable development ability of enterprises is positively related to the level of environmental information disclosure, that is, the better the sustainable development ability of listed companies, the higher the level of environmental information disclosure. Among corporate governance variables, ownership concentration, management shareholding, board size and the number of board meetings are significantly positively correlated with the level of environmental information disclosure, and equity checks and balances. The number of board meetings and the two concurrent positions of chairman and general manager can all play a significant role in regulating the relationship between sustainable development ability and environmental information disclosure level, among which, increasing equity balance degree and the number of directors' meetings can play a significant role in regulating the relationship between the capacity of sustainable development and the level of environmental information disclosure. It can enhance the ability of sustainable development to promote the level of environmental information disclosure, while the dual role of chairman and general manager will weaken this role and even make the two become negative correlation. On the basis of theoretical analysis and empirical analysis, this paper puts forward some relevant policy suggestions: our government should strengthen the legislation and supervision of listed environmental information disclosure, at the same time, optimize its internal governance structure to promote the environmental information disclosure of enterprises. From the perspective of sustainable development, this paper further explores the internal relationship between financial accounting and environmental accounting, enriches the research results of environmental information disclosure theory, and provides certain theoretical basis for the optimization of internal governance structure of listed companies.
【学位授予单位】：中国矿业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F406.7;F425;F271

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