中国上市公司环境绩效信息披露及其影响因素研究

发布时间：2018-10-16 21:00

【摘要】：在我国环境污染日益严重的大背景下，利益相关者对于上市公司的环境绩效情况关注度日益提高。但是我国上市公司的环境绩效信息披露水平仍然处于较低水平，环境绩效信息越来越受到理论与实务界的重视。但是回顾国内外相关研究，不难发现目前有关研究仍不能较好的解释环境绩效信息披露的影响因素。这不利于推动我国证券市场的绿色低碳化进程，促进上市公司的可持续发展转型和绿色上市公司价值回归。本文选取上海证券交易所A股市场104家上市公司，以2008年至2011年作为样本区间，实证研究上市公司的环境绩效信息披露的影响因素。提出以代理人为核心的4M模型，并假设经济动机、压力动机（包括外部利益相关者、内部利益相关者、中间利益相关者的压力）、战略动机、和特质动机是驱动上市公司管理者披露环境绩效信息的主要原因。首先选取内部利益相关者和外部利益相关者作为研究对象，分析其对环境绩效信息披露的影响，并讨论利益相关者内部不同群体对环境绩效信息披露的影响程度和影响方式。最后实证检验4M模型，发现经济动机、压力动机、战略动机和特质动机会驱动企业管理者披露环境绩效信息。在中国资本市场日益成熟的今天，讨论环境绩效信息披露的不同影响因素，能够提高我国上市公司的环境绩效信息披露。规避信息不对称可能产生的危害，，助力绿色上市公司价值回归，促进上市公司的可持续发展转型。
[Abstract]:Under the background of increasingly serious environmental pollution in China, stakeholders pay more and more attention to the environmental performance of listed companies. However, the level of environmental performance information disclosure of listed companies in China is still at a low level, and environmental performance information has been paid more and more attention to in theory and practice. However, it is not difficult to find that the current research can not explain the influencing factors of environmental performance information disclosure. This is not conducive to promoting the process of green low carbonization in China's securities market, promoting the sustainable development of listed companies and the return of green listed companies' value. In this paper, 104 listed companies in Shanghai Stock Exchange A share market are selected as samples from 2008 to 2011 to empirically study the influencing factors of environmental performance information disclosure of listed companies. This paper proposes a 4M model with agent as the core, and assumes economic motivation, pressure motivation (including pressure from external stakeholders, internal stakeholders, intermediate stakeholders), strategic motivation, etc. And idiosyncratic motivation is the main reason to drive managers to disclose environmental performance information. Firstly, we select the internal and external stakeholders as the research objects, analyze their impact on the disclosure of environmental performance information, and discuss the impact of different groups of stakeholders on the disclosure of environmental performance information. Finally, empirical test 4M model, found that economic motivation, pressure motivation, strategic motivation and idiosyncratic motivation will drive managers to disclose environmental performance information. With the maturity of Chinese capital market today, it is possible to improve the disclosure of environmental performance information of listed companies in China by discussing the different factors affecting the disclosure of environmental performance information. To avoid the possible harm of asymmetric information, to help green listed companies to return to value, to promote the sustainable development of listed companies.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F275

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