重污染上市公司的环境绩效、声誉对公司价值的影响研究

发布时间：2018-07-13 14:24

【摘要】：我国环境污染事件屡见不鲜的根本原因是重污染行业环境责任的意识缺失,导致环境责任履行不积极;此外当然还有环境问题本身难以治理以及较为复杂、政府以及相关部门的监管不力等缘由。重污染行业环境污染问题事前和事后,公司声誉作为公司的隐形品牌,潜在的核心竞争力因素会直接对公司的生存和发展产生至关重要的作用,因此声誉的高低好坏直接影响企业的经营状况,会对公司价值产生重大的影响。根据以往的规律,中国企业的寿命与国外发达国家相比较,寿命相对较短,而重污染公司因其行业的特殊性和敏感性,相对来说,生命周期更加短暂,在大灾大难面前抵抗力更加脆弱。为解决我国严峻的环境污染问题、提高环境问题的管理、完善重污染公司环境责任的建设、提高公司声誉以及促进重污染公司价值成为了当务之急,因此,本文选取了2010—2015年国营民营前100前重污染行业上市公司(含酿酒公司)为样本,对重污染公司环境绩效、公司声誉与公司价值三者之间的关系,进行了相对系统全面的理论分析与实证研究。首先,本文回顾了国内外相关文献及研究成果,对重污染公司环境绩效理论基础,以及环境绩效、公司声誉与公司价值之间关系做了梳理。在此基础上,明确了本文的理论基础、研究空间范围与研究方法。其次,为了深入研究环境绩效、公司声誉与公司价值之间的相互关系,本文选用TobinQ值和净资产收益率两个指标分别来衡量公司价值,且将重污染公司环境绩效分为环保费用和环境罚款俩个维度,公司声誉细分为规模实力,成长特征,竞争因素,银行和企业之间的关系,财务绩效,长期负债比6个维度,研究环境绩效与公司声誉、公司价值之间的关系,还通过公司声誉的中介作用探究环境绩效与公司价值之间的关系。本文采用非平衡面板数据进行层次回归分析,为了确保研究结论的稳健性和准确性,本文同时利用平衡面板数据进行稳健性检验。主要研究结果如下:基于非平衡面板数据的研究结果表明:重污染公司环境绩效对公司价值有负面影响、环境绩效对公司声誉显著有正面影响;公司声誉在环境绩效对公司价值影响中的完全中介效应成立。而基于平衡面板下,环境绩效与公司声誉和公司价值指标具有显著性,与回归检验呈现一致的情况,显著程度有所降低,但并不影响变量之间的相互关系。最后,本文基于研究结论,结合我国重污染公司环境绩效、声誉以及公司价值的现实情况提出了四条对策建议:改进重污染公司环境绩效评价体系,加强环保责任和环保意识;加强公司声誉建设,发挥其在环境绩效与公司价值间的中介作用;建立并实施企业环境责任监督机制;推进环境污染综合治理制度建设。
[Abstract]:The basic reason for the frequent occurrence of environmental pollution incidents in our country is the lack of awareness of environmental responsibility in heavy polluting industries, which leads to a lack of active performance of environmental responsibilities. In addition, of course, there are also environmental problems themselves that are difficult to manage and more complex. The government and the relevant departments of the weak supervision and other reasons. As the invisible brand of the company, the potential core competitive factors will directly play an important role in the survival and development of the company. Therefore, the quality of reputation directly affects the operating conditions of enterprises, and will have a significant impact on the value of the company. According to the law of the past, the life span of Chinese enterprises is relatively shorter than that of developed countries, while the life cycle of heavily polluting companies is shorter than that of other developed countries because of the particularity and sensitivity of their industries. Resistance to major disasters is even more vulnerable. In order to solve the severe environmental pollution problem in our country, improve the management of environmental problem, perfect the construction of environmental responsibility of heavy pollution company, improve the company reputation and promote the value of heavy pollution company, therefore, In this paper, the relationship among the environmental performance, corporate reputation and corporate value of the heavily polluted companies (including breweries) in the first 100 years of state-owned and private enterprises from 2010 to 2015 was selected as the sample, and the relationship between the environmental performance, corporate reputation and the value of the companies was analyzed. A relatively systematic and comprehensive theoretical analysis and empirical research are carried out. First of all, this paper reviews the domestic and foreign related literature and research results, and summarizes the theoretical basis of environmental performance, corporate reputation and corporate value of the relationship between corporate reputation and corporate value. On this basis, the theoretical basis of this paper, the study of the scope of space and research methods. Secondly, in order to study the relationship between corporate reputation and corporate value, Tobin Q and ROA are selected to measure corporate value. The environmental performance of heavily polluted companies is divided into two dimensions: environmental cost and environmental penalty. Corporate reputation is divided into six dimensions: scale strength, growth characteristics, competitive factors, relationship between banks and enterprises, financial performance, and long-term debt ratio. This paper studies the relationship between environmental performance and corporate reputation and corporate value, and explores the relationship between environmental performance and corporate value through the intermediary role of corporate reputation. In this paper, non-equilibrium panel data are used for hierarchical regression analysis. In order to ensure the robustness and accuracy of the conclusions, the balanced panel data are used to test the robustness. The main results are as follows: based on non-equilibrium panel data, the results show that: heavy pollution company environmental performance has a negative impact on corporate value, environmental performance has a significant positive impact on corporate reputation; The complete intermediary effect of corporate reputation on the impact of environmental performance on corporate value is established. Based on the balance panel, environmental performance has significant relationship with corporate reputation and corporate value, which is consistent with regression test. The significance degree is reduced, but the relationship between variables is not affected. Finally, based on the conclusion of the research, this paper puts forward four countermeasures: improving the evaluation system of environmental performance, strengthening the responsibility and consciousness of environmental protection; Strengthen the corporate reputation construction, play its intermediary role between environmental performance and corporate value; establish and implement the supervision mechanism of enterprise environmental responsibility; promote the construction of comprehensive environmental pollution control system.
【学位授予单位】：重庆工商大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F406.7;F425

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