环境信息披露与企业价值的相关性研究
发布时间：2018-09-12 18:41
【摘要】：经济的顺势发展,引发了严重的环境问题,从而环境信息披露受到公众的广为关注。为此,政府积极采取措施,如相关法律法规应运而生；中外学术界非常重视这方面的研究。我国规范研究的方向是环境信息披露与企业价值的相关性,而此方面的实证研究偏少。本文将规范分析与实证分析相结合,主要研究两个问题：研究环境信息披露如何影响企业价值和环境信息披露与企业价值相关性分别因行业的不同而受到哪些影响。首先,在本文第二章对环境信息披露的理论基础进行了筛选、整理与总结,并列出文中引用的相关的国内外文献综述。其次,在本文第三章以892家沪市上市公司的环境信息披露情况为依据,分为重污染和非重污染两大行业进行比较,为后面第五章的实证研究提供数据依据。之后,本文依据上述内容提出两大假设并构建实证模型。再选取2010-2012年间上交所企业社会责任报告,以及国泰安金融经济信息数据库(CSMAR)的相关数据,进行描述性统计、Spearman相关性分析、共线性检验、多元线性回归分析以及稳健性检验,本文的结论由此得出。本文通过一系列的研究,结果表明：(1)对我国沪市上市公司环境信息披露水平进行研究,结果发现环境信息披露水平越高其企业价值越高,反之,则越低。即环境信息披露水平与企业价值呈正比；(2)行业差异对我国沪上市公司环境信息披露水平与企业价值的相关性有正向影响；(3)根据研究结论,笔者提出了针对性的建议,从政府监管机构、上市公司管理层、投资者这三个方面,并指出本文存在的不足和研究展望。根据政府制定的政策以及未来环境信息披露的方向,结合本文研究结果给出以下建议：(1)政府应把重污染行业上市公司环境信息披露作为重点,承担政府的职责有效的行使政府的监督权；(2)针对环境信息披露,一些完善的法规体系应该被建立,同时,对重污染行业上市公司加大外部审计力度；(3)一些重污染行业上市公司没有走可持续发展道路,对环境造成的严重污染,政府应将这些企业作为处罚的对象,并加大处罚力度,同时提供专项补贴以帮助这些企业改善环境；(4)将企业内部的环境信息披露和企业审计制度加以完善,才能从根本上使企业的环保意识得以提高；(5)针对环境信息披露的环境会计理论体系应被建立和完善。
[Abstract]:The development of economy has caused serious environmental problems, and environmental information disclosure has been widely concerned by the public. Therefore, the government actively takes measures, such as relevant laws and regulations come into being; Chinese and foreign academic circles attach great importance to this aspect of research. The direction of normative research in China is the correlation between environmental information disclosure and enterprise value, but there are few empirical studies in this field. This paper combines normative analysis with empirical analysis to study two main problems: how environmental information disclosure affects enterprise value and how environmental information disclosure and enterprise value relevance are affected by different industries. Firstly, in the second chapter of this paper, the theoretical basis of environmental information disclosure is selected, sorted and summarized, and the relevant domestic and international literature review cited in this paper is listed. Secondly, based on the environmental information disclosure of 892 listed companies in Shanghai Stock Exchange, the third chapter is divided into two major industries: heavy pollution and non-heavy pollution, which provides the data basis for the empirical research in the fifth chapter. Then, this paper puts forward two hypotheses according to the above content and builds the empirical model. Then select the CSR report of Shanghai Stock Exchange from 2010 to 2012 and the relevant data of Cathay Pacific Financial and Economic Information Database (CSMAR) to carry out descriptive statistical Spearman correlation analysis, co-linear test, multivariate linear regression analysis and robustness test. The conclusion of this paper is drawn. Through a series of studies, the results show that: (1) the level of environmental information disclosure of listed companies in Shanghai Stock Exchange is studied. It is found that the higher the level of environmental information disclosure is, the higher the enterprise value is, and the lower the level of environmental information disclosure is. That is, the level of environmental information disclosure is directly proportional to the value of enterprises; (2) the industry differences have a positive impact on the correlation between the level of environmental information disclosure and corporate value of listed companies in Shanghai; (3) according to the conclusions of the study, the author puts forward targeted suggestions. From the three aspects of government supervision, listed company management, investors, and pointed out the shortcomings of this paper and research prospects. According to the policy of the government and the direction of environmental information disclosure in the future, combined with the research results of this paper, the following suggestions are given: (1) the government should focus on the environmental information disclosure of listed companies in heavy pollution industries. (2) for environmental information disclosure, some perfect laws and regulations should be established, at the same time, the listed companies in heavy pollution industry should be strengthened external audit; (3) some listed companies in heavy pollution industries have not taken the road of sustainable development, and the serious pollution to the environment, the government should take these enterprises as the target of punishment, and increase the punishment. At the same time, special subsidies are provided to help these enterprises improve their environment. (5) Environmental accounting theory system for environmental information disclosure should be established and perfected.
【学位授予单位】：南京财经大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F275
本文编号：2239900
[Abstract]:The development of economy has caused serious environmental problems, and environmental information disclosure has been widely concerned by the public. Therefore, the government actively takes measures, such as relevant laws and regulations come into being; Chinese and foreign academic circles attach great importance to this aspect of research. The direction of normative research in China is the correlation between environmental information disclosure and enterprise value, but there are few empirical studies in this field. This paper combines normative analysis with empirical analysis to study two main problems: how environmental information disclosure affects enterprise value and how environmental information disclosure and enterprise value relevance are affected by different industries. Firstly, in the second chapter of this paper, the theoretical basis of environmental information disclosure is selected, sorted and summarized, and the relevant domestic and international literature review cited in this paper is listed. Secondly, based on the environmental information disclosure of 892 listed companies in Shanghai Stock Exchange, the third chapter is divided into two major industries: heavy pollution and non-heavy pollution, which provides the data basis for the empirical research in the fifth chapter. Then, this paper puts forward two hypotheses according to the above content and builds the empirical model. Then select the CSR report of Shanghai Stock Exchange from 2010 to 2012 and the relevant data of Cathay Pacific Financial and Economic Information Database (CSMAR) to carry out descriptive statistical Spearman correlation analysis, co-linear test, multivariate linear regression analysis and robustness test. The conclusion of this paper is drawn. Through a series of studies, the results show that: (1) the level of environmental information disclosure of listed companies in Shanghai Stock Exchange is studied. It is found that the higher the level of environmental information disclosure is, the higher the enterprise value is, and the lower the level of environmental information disclosure is. That is, the level of environmental information disclosure is directly proportional to the value of enterprises; (2) the industry differences have a positive impact on the correlation between the level of environmental information disclosure and corporate value of listed companies in Shanghai; (3) according to the conclusions of the study, the author puts forward targeted suggestions. From the three aspects of government supervision, listed company management, investors, and pointed out the shortcomings of this paper and research prospects. According to the policy of the government and the direction of environmental information disclosure in the future, combined with the research results of this paper, the following suggestions are given: (1) the government should focus on the environmental information disclosure of listed companies in heavy pollution industries. (2) for environmental information disclosure, some perfect laws and regulations should be established, at the same time, the listed companies in heavy pollution industry should be strengthened external audit; (3) some listed companies in heavy pollution industries have not taken the road of sustainable development, and the serious pollution to the environment, the government should take these enterprises as the target of punishment, and increase the punishment. At the same time, special subsidies are provided to help these enterprises improve their environment. (5) Environmental accounting theory system for environmental information disclosure should be established and perfected.
【学位授予单位】：南京财经大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F275
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