我国节能环保行业上市公司价值影响因素分析

发布时间：2018-05-23 22:40

本文选题：节能环保企业价值 + 托宾Q值　；参考：《首都经济贸易大学》2015年硕士论文

【摘要】：我国节能环保企业的发展越来越受国家的重视,每年在节能环保市场的总投资力度不断加大。从“十二五”开始,政府部门对环保重视程度有显著的提升,最直接的表现就是政府对节能环保行业投资额的增加,环保投资占GDP比重显著上升。在节能环保企业不断发展的过程中,无论是从国家投入资金方面,还是从节能环保企业自身发展方面,我们都应该重视对节能环保企业价值评估。因为只有进行价值管理,正确评估自身的市场价值并持续提升企业价值,节能环保企业才能增强企业的实力和市场竞争力,促进自身的健康、稳定的发展。目前,我国节能环保企业价值研究大部分是基于定性分析,从我国节能环保企业的发展状况及特点来看,定性的分析方法并不能准确了解现阶段节能环保企业真正的价值。本文在国内外相关文献的研究基础上,首先对我国节能环保行业上市公司的特点、发展现状和外部影响因素进行了分析;然后以63家节能环保上市公司2011-2013年的三年平均数作为分析数据,选取24个指标作为影响因素,对指标数据进行初步统计观察,采用因子分析法提取出代表节能环保上市公司价值的7个公因子;最后是建立节能环保上市公司的价值与影响因素公因子的回归模型,本文选取托宾Q值代表企业价值,将托宾Q与7个公因子建立线性回归方程。通过实证研究得出的结论是:企业规模、成长能力和技术创新能力与节能环保企业价值相关,其中,企业规模对企业的价值呈负相关,并且影响最大,企业的成长能力和企业的技术创新能力与节能环保企业呈正相关,企业的技术创新能力对企业价值的影响最小。
[Abstract]:The development of energy saving and environmental protection enterprises in our country is paid more and more attention by the state, and the total investment in the energy saving and environmental protection market is increasing every year. Since the 12th Five-Year Plan, government departments have significantly increased the importance of environmental protection, the most direct performance is the increase of government investment in energy conservation and environmental protection industry, the proportion of environmental protection investment in GDP has increased significantly. In the process of the continuous development of energy-saving and environmental protection enterprises, we should attach importance to the evaluation of the value of energy-saving and environmental protection enterprises, not only from the aspects of national investment funds, but also from the development of energy-saving and environmental protection enterprises themselves. Only by carrying out value management, correctly evaluating its own market value and continuously promoting its enterprise value, can energy-saving and environmental protection enterprises enhance their strength and market competitiveness, and promote their own healthy and stable development. At present, most of the research on the value of energy-saving and environmental protection enterprises in China is based on qualitative analysis. Judging from the development and characteristics of energy-saving and environmental protection enterprises in China, the qualitative analysis method can not accurately understand the real value of energy-saving and environmental protection enterprises at the present stage. Based on the research of domestic and foreign literature, this paper firstly analyzes the characteristics, development status and external factors of listed companies in energy conservation and environmental protection industry in China. Then the three-year average of 63 energy saving and environmental protection listed companies from 2011 to 2013 is taken as the analysis data, and 24 indexes are selected as the influencing factors, and the index data are preliminarily statistically observed. Using factor analysis method to extract 7 common factors representing the value of energy saving and environmental protection listed companies. Finally, the regression model of the value of energy saving and environmental protection listed companies and the common factors of influencing factors are established. In this paper, Tobin Q value is selected to represent the enterprise value. The linear regression equation of Tobin Q and seven common factors is established. The conclusion of the empirical study is that the enterprise scale, growth ability and technological innovation ability are related to the value of energy-saving and environmental protection enterprises, among which, the enterprise scale has negative correlation with the enterprise value, and has the greatest impact on the enterprise value. The growth ability of the enterprise and the technological innovation ability of the enterprise are positively correlated with the energy-saving and environmental protection enterprises, and the technological innovation ability of the enterprise has the least influence on the enterprise value.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：X324;F275;F832.51

【参考文献】