企业环境责任对企业价值影响的实证研究

发布时间：2018-07-17 17:10

【摘要】：2016年是我国十三五规划的开局之年,政府工作提出要全面建成小康社会,建设天蓝、地绿、水清的美丽中国。但现实中我国存在严重的雾霾、水污染等环境问题,生态环境问题已然成为我国全面实现小康社会的一个突出短板。环境污染的重要源头在企业,因此环境治理也重在企业。但是许多企业只追求经济效益的最大化,认为环境治理会增加企业成本,进而降低企业价值。本文的研究可以帮助企业认识到积极履行环境责任可以提高企业价值,更能实现企业的可持续发展。本文采用理论分析与实证研究相结合的研究方法,在文献回顾和理论支持的基础上,选择沪深两市114家上市公司2012-2014年的数据作为研究样本,提出四个研究假设并建立相关模型,进一步回归分析企业环境责任对企业价值的影响。本文实证结果表明:企业履行环境责任对企业价值的提升具有显著的正相关关系,而且企业环境责任对企业价值的影响具有滞后性。国有企业履行环境责任比民营企业要好,对企业价值的影响也更大。重污染企业履行环境责任比非重污染企业好,但是对企业价值的影响略低于非重污染企业。本文的研究为企业积极承担环境责任以及国家推进生态文明建设提供理论支持和实证依据。
[Abstract]:2016 is the beginning year of the 13th Five-Year Plan of our country. The government work proposes to build a well-off society in an all-round way and build a beautiful China with blue, green and clear water. However, in reality, China has serious environmental problems such as haze, water pollution and so on. Ecological environmental problems have become an outstanding short board for our country to realize a well-off society in an all-round way. The important source of environmental pollution is in the enterprise, so the environmental management also focuses on the enterprise. However, many enterprises only pursue the maximization of economic benefits and think that environmental governance will increase the cost of the enterprise and then reduce the value of the enterprise. The research in this paper can help enterprises realize that the positive performance of environmental responsibility can improve the value of enterprises and realize the sustainable development of enterprises. In this paper, based on literature review and theoretical support, the data of 114 listed companies in Shanghai and Shenzhen stock markets from 2012 to 2014 are selected as research samples, and four research hypotheses are proposed and relevant models are established based on the combination of theoretical analysis and empirical research. Further regression analysis of the impact of corporate environmental responsibility on corporate value. The empirical results show that there is a significant positive correlation between corporate environmental responsibility and corporate value, and the impact of corporate environmental responsibility on corporate value is lagging behind. State-owned enterprises perform environmental responsibilities better than private enterprises, and have a greater impact on corporate value. Heavy pollution enterprises perform environmental responsibility better than non-heavy pollution enterprises, but the impact on enterprise value is slightly lower than non-heavy pollution enterprises. The research in this paper provides theoretical support and empirical basis for enterprises to take environmental responsibility and the country to promote the construction of ecological civilization.
【学位授予单位】：南昌大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F270;F275

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