环境信息披露、媒体关注与企业价值研究

发布时间：2018-04-08 16:09

本文选题：环境信息披露　切入点：企业价值　出处：《南京理工大学》2017年硕士论文

【摘要】：随着我国经济的快速发展,人民生活水平得到不断的提升,但同时也带来了许多环境问题。例如,在我国很多农村地区,居民生活饮用水受到不同程度的污染;很多大城市空气质量不符合国家标准,雾霾天气频繁;酸雨的波及范围日益扩大,给农作物、森林和城市建筑等都带来了重大损失,而且严重危及人们的健康生活。在这样的大背景下,环境问题成为全社会关注的重点问题,企业的环境信息披露质量也日益受到各方关注。企业的环境信息披露行为有助于缓解企业与其利益相关者之间的信息不对称,满足利益相关者对于企业环境信息的需求,树立良好的企业形象,从而有助于提升企业价值。媒体作为信息的传播中介,在这一过程中扮演着重要的角色,媒体对于企业信息的高度关注和报道有助于缓解信息不对称,减少信息的搜集和取得成本,增强企业的透明度,从而提升企业价值。本文首先在信息不对称理论、利益相关者理论等的基础上,从理论角度阐述环境信息披露质量与企业价值之间的内在关系及其作用机制,对两者之间的关系进行理论研究。随后,本文以重污染行业为研究对象,选取沪、深两市A股重污染行业上市公司为研究样本,对我国重污染行业企业环境信息披露与企业价值之间的相关性进行实证研究。同时引入媒体关注作为调节变量,实证检验媒体关注在环境信息披露与企业价值关系中的调节作用。实证研究结果表明:(1)环境信息披露质量与企业价值呈正相关关系,即企业环境信息披露质量越高企业价值越高;(2)媒体关注度高的企业,环境信息披露质量与企业价值的正相关关系更显著。最后,结合本文的研究成果,对企业管理者、新闻媒体以及政府部门提出相关政策建议。
[Abstract]:With the rapid economic development of our country, people's living standard has been continuously improved, but also brought a lot of environmental problems.For example, in many rural areas of our country, the drinking water of residents is polluted to varying degrees; air quality in many big cities does not meet the national standards, and haze weather is frequent; the spread of acid rain is increasingly extended to crops.Forests and urban buildings have brought great losses and seriously endangered people's healthy lives.In such a background, environmental issues have become the focus of attention of the whole society, and the quality of environmental information disclosure has been paid more and more attention by all parties.The behavior of environmental information disclosure helps to alleviate the asymmetry of information between the enterprise and its stakeholders, meet the needs of the stakeholders for the environmental information of the enterprise, set up a good corporate image, and thus help to enhance the value of the enterprise.Media, as the medium of information dissemination, plays an important role in this process. The media pay close attention to the information of enterprises and report it to help alleviate the asymmetry of information, reduce the cost of collecting and obtaining information, and enhance the transparency of enterprises.So as to enhance the value of enterprises.On the basis of information asymmetry theory and stakeholder theory, this paper expounds the internal relationship between environmental information disclosure quality and enterprise value and its mechanism from the perspective of theory, and makes a theoretical study on the relationship between them.Then, this paper takes the heavy pollution industry as the research object, selects the A-share heavy pollution industry listed companies of Shanghai and Shenzhen stock markets as the research sample, carries on the empirical research to our country heavy pollution industry enterprise environmental information disclosure and the enterprise value correlation.At the same time, media attention is introduced as a regulating variable, and the regulatory role of media concern in the relationship between environmental information disclosure and enterprise value is empirically tested.The empirical results show that the quality of environmental information disclosure is positively correlated with the enterprise value, that is, the higher the quality of environmental information disclosure, the higher the enterprise value.The positive correlation between environmental information disclosure quality and enterprise value is more significant.Finally, combined with the research results of this paper, to corporate managers, news media and government departments to put forward relevant policy recommendations.
【学位授予单位】：南京理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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