紫金矿业环境业绩的价值相关性研究

发布时间：2017-12-31 08:12

本文关键词：紫金矿业环境业绩的价值相关性研究　出处：《长沙理工大学》2014年硕士论文　论文类型：学位论文

【摘要】：伴随着我国环境保护制度的日益严格,企业环境业绩已然成为企业内外各利益相关者关注的焦点。企业存在的最大意义即是取得企业价值的最大化。良好的企业环境业绩是否对企业发展具有促进作用以及不良环境业绩是否会降低企业价值是一个热门话题。本文以此为背景,展开了对企业环境业绩与企业价值关系的研究。本文首先总结和梳理了企业环境业绩与企业价值关系的相关国内外文献,在文献调研综合的基础上,归纳了企业环境业绩对企业价值影响的理论基础。理论基础由企业组织合法性、企业自然资源理论和积极环境战略的组织能力理论三个部分组成。企业组织合法性理论从法律角度说明企业采取环境战略的动机是为了企业能够合法合规地进入市场并进行系列的生产经营活动；企业自然资源理论则是从企业内外部资源利用的角度来说明企业采取环境战略获得优秀的环境业绩会形成竞争优势;积极环境战略的组织能力理论则是从杰出的企业环境业绩可以提高企业整合利益相关者的能力、高层次的学习能力和持续的创新能力来阐述。接着,本文以紫金矿业集团股份有限公司为案例分析对象,将该公司在2006-2013年的环境业绩综合指标和企业价值指标进行对比来分析企业环境业绩对企业价值的影响。环境业绩综合指标是企业定量环境业绩信息与定性环境业绩信息结合并数据化后得出的,企业价值指标则是选取了托宾Q值、营业毛利率、自由现金流和股利支付率4个财务指标,然后将紫金矿业的环境业绩与各个财务指标进行数据趋势图对比。研究发现：环境污染事件会造成企业主要财务指标的下降；在企业进行积极整改后,企业的各项财务指标会有不同程度的上升,说明良好的环境业绩有利于企业价值的提高。最后根据前文的研究,对紫金矿业提出了相关的环境业绩管理建议。
[Abstract]:With the increasingly strict environmental protection system in China. Enterprise environmental performance has become the focus of the stakeholders inside and outside the enterprise. The greatest significance of the existence of the enterprise is to maximize the value of the enterprise. Good environmental performance of the enterprise has a role in promoting the development of the enterprise. And whether the bad environmental performance will reduce the enterprise value is a hot topic. This paper takes this as the background. The relationship between enterprise environmental performance and enterprise value is studied. Firstly, this paper summarizes and combs the related domestic and foreign literature on the relationship between enterprise environmental performance and enterprise value, and on the basis of comprehensive literature research. The theoretical basis of the impact of enterprise environmental performance on enterprise value is summarized. The theoretical basis is the legitimacy of enterprise organization. The theory of enterprise organization legitimacy explains from the legal angle that the motive of enterprise adopting environmental strategy is for the enterprise to enter legally and legally. Market and carry out a series of production and management activities; The theory of enterprise natural resources is from the perspective of the use of internal and external resources to explain that enterprises adopt environmental strategy to obtain excellent environmental performance will form a competitive advantage. The organization ability theory of positive environment strategy is elaborated from the outstanding enterprise environmental performance can improve the ability of the enterprise to integrate the stakeholders, the high-level learning ability and the continuous innovation ability. This paper takes Zijin Mining Group Co., Ltd. as the case study object. The environmental performance index of the company from 2006 to 2013 is compared with the enterprise value index to analyze the impact of the enterprise environmental performance on the enterprise value. The comprehensive environmental performance index is the quantitative environmental performance of the enterprise. The combination of information and qualitative environmental performance information and data. The enterprise value index is to select Tobin Q value, gross operating rate, free cash flow and dividend payment rate four financial indicators. Then the environmental performance of Zijin mining industry is compared with the data trend chart of each financial index. The results show that the environmental pollution event will cause the decrease of the main financial index of the enterprise; After the enterprise carries on the positive rectification, the enterprise each financial index will have the varying degree rise, explains the good environmental performance is advantageous to the enterprise value enhancement. Finally according to the preceding research. To Zijin mining industry put forward the related environmental performance management suggestion.
【学位授予单位】：长沙理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F406.7;F426.1

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