钢铁行业上市公司环境信息披露水平和财务绩效的实证研究

发布时间：2017-12-31 05:33

本文关键词：钢铁行业上市公司环境信息披露水平和财务绩效的实证研究　出处：《北京外国语大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着环境污染日益严重,雾霾天气发生频率越来越高,公众的环境保护意识也越来越强。作为社会经济的重要主体之一,企业是否具有社会责任感也越来越成为公众衡量一个企业的重要标准之一。很多曾倍受公众青睐的企业都因为环境污染问题受到指责或惩罚。因此,现阶段企业的利益相关者们更为重视企业披露的环境信息,也更希望企业能够在其公开报告中公开最真实的环境信息。钢铁行业属于我国环境保护部发布的《上市公司环保核查行业分类管理名录》中规定的十六类重污染行业之一。我国政府和公众日益加强的环保意识都对该行业的环境信息披露提出了新要求。因此,研究钢铁行业上市公司环境信息披露和财务绩效间的相关关系具有深远的意义。本文通过理论结合实证的方式对钢铁行业上市公司环境信息披露和财务绩效的相关关系进行研究。在理论部分,本文先介绍了研究背景和意义,然后对国内外学者关于环境信息披露和企业财务绩效间相关关系的文献进行了回顾与综述,随后对可持续发展理论、利益相关者理论和信号传递理论进行了介绍,然后以2011-2015年沪深两市A股上市的钢铁行业28家上市企业为研究样本,通过Eviews进行实证分析,探讨了环境信息披露和企业财务绩效之间的相关关系。本文以通过内容分析法构建的环境信息披露指数为自变量,资产负债率、营业收入同比增长率、企业规模、前十大股东持股比例、第一大股东持股与前十大股东持股之比、无限售流通股占总股本的比例、以及虚拟变量企业的董事长和总经理兼任情况为控制变量,衡量企业营运能力、盈利能力、偿债能力和成长能力的总资产周转率、权益收益率、资产负债率和营业利润增长率分别为因变量进行实证研究,得出结论:钢铁行业上市公司的环境信息披露水平和其财务绩效为正相关关系。在本文实证研究中的反应则为若钢铁行业上市公司的环境信息披露水平越高,其财务绩效越好,即其总资产周转率越高,营运能力越强;权益收益率越高,盈利能力越强;资产负债率越低,偿债能力越强;营业利润增长率越高,成长能力越强。这也说明若钢铁行业上市公司对环境保护越重视,在环境信息披露方面的质量越高,越容易得到利益相关者的支持,并向利益相关者传递积极的信号,越能为企业带来更好的财务绩效和经济效益。本文的主要创新之处有两点,其一,研究角度的创新。本文以沪深两市A股上市的钢铁行业企业为研究样本。在已有的国内研究中,学者并未单独以钢铁行业上市公司为研究样本,大多数学者都以《上市公司环保核查行业分类管理名录》规定的16类重污染行业上市公司为研究样本,而忽略了各行业的特性。其二,被解释变量的创新。在已有的研究中,大多数学者都选择单一的企业绩效或者某方面企业财务绩效的衡量指标作为被解释变量,例如托宾Q值、EVA、ROE等。本文则根据钢铁行业重资产的特点选择了总资产报酬率和投入资本回报率两个变量构建两个模型,基于此对环境信息披露和企业财务绩效间的关系进行分析。
[Abstract]:With the increasingly serious environmental pollution, haze weather occurred more frequently and the public awareness of environmental protection has become increasingly strong. As one of the important subjects of social economy, whether the enterprise has the sense of social responsibility has become one of important standards to measure a public enterprise. Many public enterprises has been favored because of environmental pollution blame or punishment. Therefore, the present stage enterprise stakeholders pay more attention to the environmental information disclosure, but also hope that the enterprise can in its public report publicly to the real environment information. One of the sixteen types of heavy polluting industries of iron and steel industry belongs to the Ministry of environmental protection issued in China "provisions of environmental inspection of listed companies industry the list of Classified Management > in our government and the public. The increasing awareness of environmental protection are put forward new requirements on the disclosure of the environmental information industry. Therefore, research Has the profound significance of iron and steel industry listed companies related to environmental information disclosure and financial performance. The paper studied the relationship between listed companies of environmental information disclosure and financial performance of iron and steel industry. In the theoretical part, this paper first introduces the research background and significance, and then to the domestic and foreign scholars on the environment information disclosure and corporate financial performance related literature is reviewed, then the sustainable development theory, stakeholder theory and signaling theory is introduced, then the 2011-2015 Shanghai and Shenzhen two A shares listed on the iron and steel industry 28 listed companies as the research sample, through the empirical analysis of Eviews the relationship between environmental information disclosure and corporate financial performance. This paper constructed through content analysis of environmental information disclosure index for self Variable, asset liability ratio, operating income growth rate, enterprise scale, the proportion of top ten shareholders, the largest shareholder and the holdings of the top ten shareholders of tradable shares, the total capital ratio, and the chairman and general manager of the enterprise virtual variables as the situation as the control variables, a measure of profitability enterprise operating capacity, solvency and growth capacity, total asset turnover, return on equity, asset liability ratio and operating profit growth rate as the dependent variable for empirical research, draw the conclusion: the steel industry listed companies of environmental information disclosure level and its financial performance is positive correlation. In the empirical study in this paper if the reaction is the steel industry listed companies of environmental information disclosure level is higher, the better the financial performance, the total asset turnover rate is high, operation ability is stronger; the rights and interests of the higher rate of return, the higher the profitability Strong; the lower debt rate, more strong solvency; operating profit growth rate is high, the stronger the growth ability. It also shows that if the steel industry listed companies pay more attention to the environmental protection, the environmental information disclosure quality is higher, more easy to get the support of stakeholders, stakeholders and to transfer positive signal, can bring more financial performance and economic benefits of better for enterprises. There are two main innovations of this paper, firstly, the innovation of research perspective. Based on the Shanghai and Shenzhen two A shares listed steel industry companies as the research sample. In the domestic research, scholars have not only listed companies in the steel industry as the research sample, 16 types of heavy polluting industries provided most of the scholars in "environmental inspection of listed companies industry classification management directory" listed companies as research samples, while ignoring the characteristics of each industry. Second, explanatory variable Innovation. In the previous study, most scholars choose single enterprise performance or a measure of corporate financial performance as explanatory variables, such as Tobin Q, EVA, ROE etc. This paper according to the characteristics of the steel industry heavy assets to choose the rate of return on total assets and return on invested capital construction of two variables the two model, the analysis of the relationship between environmental information disclosure and corporate financial performance based on the Inter.

【学位授予单位】：北京外国语大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.31;F406.7

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