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环境信息披露质量、高管激励与企业现金持有

发布时间:2018-03-13 09:12

  本文选题:环境信息披露质量 切入点:企业现金持有 出处:《湖北工业大学》2017年硕士论文 论文类型:学位论文


【摘要】:近年来,经济的快速发展,导致了一系列重大环境污染事件的发生,成为社会公众和媒体普遍关心的问题,怎样更好的履行环境责任也成为了众多上市公司不可忽视的难题。环境信息披露是企业将环境信息传达给外界的主要方式,其披露水平与披露质量直接影响了企业的众多内部、外部利益相关者获悉企业环境信息的程度。但企业披露的环境信息从总体上却表现为:披露比例较低、披露内容不具备独立完整性、信息披露主要是针对历史信息、进行选择性的披露等特点。如何使企业经营者重视环境信息、提高环境信息披露质量已成为许多学者不断关注的问题。国内外已有研究认为,对披露出的环境信息较重视的企业,不仅可以降低项目的环境风险,规避一些国家、地区设置的环境壁垒,降低投资者的风险;而且对建立绿色商誉、树立良好的环保形象、降低企业融资约束、增加预期现金流等都具有重要意义,但对环境信息披露与企业现金持有二者关系的研究还比较少,本文希望通过对环境信息披露与现金持有关系的研究,可以丰富环境信息披露的价值效应,并加入高管激励这一变量,研究高管激励对环境信息披露与企业现金持有二者之间关系的影响,从公司治理的角度,提高企业环境信息披露质量。本文选取沪深两市不同行业2014年度、2015年度的数据为研究样本,构建模型,采用SPSS19.0统计软件对相关数据进行实证分析,检验环境信息披露质量与企业现金持有之间的关系,并分别加入薪酬激励、股权激励这两个变量与环境信息披露质量的交叉项,探讨薪酬激励、股权激励对环境信息披露质量与企业现金持有二者关系的影响。在对三种模型进行实证分析的基础上,得出以下结论:(1)环境信息披露质量与企业现金持有呈显著的负相关关系,即环境信息披露质量越高,现金持有越低,反之则越高。(2)薪酬激励使环境信息披露质量与企业现金持有的负相关性降低。(3)股权激励则使得环境信息披露质量与企业现金持有的负相关性增强。因此,本文从提高环境信息披露质量、构建合理的薪酬激励机制、重视对高管的股权激励等方面提出合理化建议。
[Abstract]:In recent years, the rapid development of the economy has led to a series of major environmental pollution incidents, which has become a common concern of the public and the media. Environmental information disclosure is the main way for enterprises to communicate environmental information to the outside world, and the level and quality of disclosure directly affect the internal of many enterprises, how to better fulfill their environmental responsibilities has become a difficult problem that can not be ignored by many listed companies, and environmental information disclosure is the main way for enterprises to communicate environmental information to the outside world. The external stakeholders know the degree of environmental information of the enterprise, but the environmental information disclosed by the enterprise is: the proportion of disclosure is low, the content of disclosure is not independent integrity, the disclosure of information is mainly aimed at historical information. How to make business operators attach importance to environmental information and improve the quality of environmental information disclosure has become a constant concern of many scholars. Enterprises that attach more importance to the environmental information disclosed can not only reduce the environmental risks of the projects, avoid the environmental barriers set up in some countries and regions, and reduce the risks of investors, but also set up a good image of environmental protection for the establishment of green goodwill. It is of great significance to reduce the financial constraints and increase the expected cash flow, but there are few studies on the relationship between environmental information disclosure and cash holding. This paper hopes to study the relationship between environmental information disclosure and cash holding. It can enrich the value effect of environmental information disclosure, and add the variable of executive incentive to study the influence of executive incentive on the relationship between environmental information disclosure and corporate cash holding, from the perspective of corporate governance. In order to improve the quality of enterprise environmental information disclosure, this paper selects the data of different industries in Shanghai and Shenzhen stock markets in 2014 and 2015 as the research sample, constructs the model, and uses the SPSS19.0 statistical software to carry on the empirical analysis to the related data. The paper examines the relationship between environmental information disclosure quality and enterprise cash holding, and adds compensation incentive, equity incentive and environmental information disclosure quality to explore the compensation incentive. The impact of equity incentive on the relationship between environmental information disclosure quality and corporate cash holdings. Based on the empirical analysis of three models, the following conclusions are drawn: (1) there is a significant negative correlation between environmental information disclosure quality and corporate cash holdings. That is, the higher the quality of environmental information disclosure, the lower the cash holdings, On the contrary, the higher the compensation incentive is, the lower the negative correlation between the quality of environmental information disclosure and the cash holdings of enterprises is. (3) the negative correlation between the quality of environmental information disclosure and the cash holdings of enterprises is enhanced. Therefore, the negative correlation between the quality of environmental information disclosure and the cash holdings of enterprises is enhanced. This paper puts forward some reasonable suggestions on how to improve the quality of environmental information disclosure, how to construct a reasonable salary incentive mechanism, and how to pay attention to the equity incentive of senior executives.
【学位授予单位】:湖北工业大学
【学位级别】:硕士
【学位授予年份】:2017
【分类号】:F275;F832.51

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