火电上市公司环境信息披露研究

发布时间：2018-08-07 17:36

【摘要】：我国国民经济快速增长的同时,环境问题日益严峻,各类环境污染及生态破坏事件屡屡发生。随着环境立法和环境管理标准的日趋严格,反映企业环境活动的环境信息已逐渐成为企业持续经营、业绩评估中不可或缺的重要信息。电力行业在我国经济发展中占有举足轻重的地位,特别是火电还将长期作为最主要的发电形式,支撑经济社会发展,保障城乡居民生活。然而,火电企业对环境造成的影响也非常严重。火电上市公司披露环境信息的形式和披露的质量,不仅影响投资者的投资,也影响着企业价值和企业形象,因此,对火电上市公司环境信息披露的现状、影响因素、实施策略等问题的研究具有一定的意义。为此,本文就通过理论分析和实证研究的方法,对上述问题进行探讨。首先,本文阐述了上市公司环境信息披露的定义、方式等相关概念,以社会责任理论、信息不对称理论等相关理论作为理论依据,之后总结论述了我国对上市公司环境信息披露的法律、政策要求。然后,选取2009-2011年在沪深两市上市的42家火电企业作为研究对象,在借鉴Patten (1992)以及沈洪涛(2010)等学者的内容分析法的基础上,分析我国火电上市公司环境信息披露的整体水平,根据其披露的近3年年度财务报告及独立社会责任报告或环境报告,计算出各家上市公司的环境信息披露指数,提出环境信息披露水平与公司特征及自身经营状况关系的相关假设。下一步,建立多元线性回归模型,进行变量定义,利用回归方程逐年检验公司规模、盈利能力、负债程度等代表公司特征的3个相关影响因素对火电上市公司环境信息披露水平的影响程度。结果表明：公司规模与环境信息披露水平显著正相关,即公司规模越大,环境信息披露水平越高。盈利能力、负债程度与环境信息披露水平的影响不显著。最后,根据前文的研究分析结果,结合我国火电上市公司的实际情况,提出针对如何促进和提高火电上市公司环境信息披露水平的策略建议,并从政府和企业两个角度给出实施措施。指出本文的不足之处,为今后的研究提供建议。
[Abstract]:With the rapid growth of our national economy, environmental problems are becoming more and more serious, and various kinds of environmental pollution and ecological destruction events occur frequently. With the increasingly stringent environmental legislation and environmental management standards, environmental information which reflects the environmental activities of enterprises has gradually become an indispensable and important information in the performance evaluation of enterprises. Electric power industry plays an important role in the economic development of our country, especially thermal power generation will be the most important form of power generation for a long time, to support the economic and social development, to ensure the life of urban and rural residents. However, the impact of thermal power enterprises on the environment is also very serious. The form and quality of environmental information disclosure by listed thermal power companies not only affect the investment of investors, but also affect the enterprise value and corporate image. The study of implementation strategies and other issues has certain significance. Therefore, this paper discusses the above problems through theoretical analysis and empirical research. First of all, this paper describes the definition, mode and other related concepts of environmental information disclosure of listed companies, with the social responsibility theory, information asymmetry theory and other related theories as the theoretical basis. Then it summarizes and discusses the law and policy requirements of environmental information disclosure of listed companies in our country. Then, 42 thermal power enterprises listed in Shanghai and Shenzhen stock markets in 2009-2011 are selected as the research objects. Based on the content analysis of Patten (1992) and Shen Hongtao (2010), the overall level of environmental information disclosure of listed thermal power companies in China is analyzed. Based on the annual financial reports and independent social responsibility reports or environmental reports disclosed by each listed company in the past three years, the environmental disclosure index of each listed company is calculated. The relationship between the level of environmental information disclosure and the characteristics of the company and its own operating conditions is proposed. The next step is to establish a multivariate linear regression model, define variables, and use the regression equation to test the size and profitability of the company year by year. The degree of influence on the environmental information disclosure level of listed thermal power companies by three related factors, such as the degree of debt, which represents the characteristics of the company. The results show that the scale of the company is positively correlated with the level of environmental information disclosure, that is, the larger the company size, the higher the level of environmental information disclosure. The influence of profitability, debt level and environmental information disclosure level is not significant. Finally, according to the previous research and analysis results, combined with the actual situation of listed thermal power companies in China, the paper puts forward some strategic suggestions on how to promote and improve the level of environmental information disclosure of listed thermal power companies. And from the government and enterprise two angles to give the implementation measures. The shortcomings of this paper are pointed out and suggestions for future research are provided.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F426.61

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