重污染行业上市公司的环境信息披露与EVA相关性研究

发布时间：2018-06-19 03:43

本文选题：环境信息披露 + 股权资本成本　；参考：《首都经济贸易大学》2015年硕士论文

【摘要】：改革开放30余年以来,中国经济取得巨大的发展,但在经济高速增长的背后,经济质量却没有与高增速并驾齐驱。“高投入、高消耗、高排放、高污染的”的粗放型经济增长方式,不符合中国特色社会主义市场经济的发展要求,违背了走可持续发展道路的方针。随着环境污染、生态破坏的日益严重,环境问题已经成为世界难题,受到越来越多的政府、企业和社会公众的关注。企业是经济活动的基本单位,也是污染物质的主要排放者,特别是重污染行业的企业,承担着保护环境的重要责任。重污染行业上市公司切实履行环境受托责任,通过披露环境信息,加强各界对企业环境管理的监管,是治理环境问题的有效手段之一。我们只有加强对企业履行环境责任的监管,鼓励企业节能减排、加强环境治理、减少环境污染行为,才能实现经济增长方式的转型,才能让经济增长质量跟上经济增长速度的步伐。重污染行业企业有责任披露环境信息,为投资者、政府部门及其他利益相关者提供决策依据。但是,企业是否愿意披露与运营相关的环境信息,提高环境信息披露水平能否为企业带来收益,实现企业价值提升,这些都是环境信息披露理论与实践中的重要问题,也是企业自愿披露环境信息、有效发挥环境信息治理机制的关键。目前,我国重污染行业上市公司环境信息披露的情况并不乐观,很多上市公司仅仅将环境信息披露理解为一种强制性义务,而没有从公司战略角度出发,将向外部信息使用者积极披露环境信息、降低信息不对称作为提升公司价值的途径。本文从重污染行业上市公司的角度出发,通过研究环境信息披露水平对EVA的影响,探寻提高环境信息披露水平是否能为企业带来积极效应。通过对我国上市公司环境信息披露与企业EVA之间的相关性进行研究,解释两者之间的内在关联与作用机制,从而合理引导重污染行业上市公司的环境信息披露行为,增强企业披露环境信息的内在动力。首先,本文在研究环境信息披露的内容、形式、动因、影响因素等基础上,从理论角度阐述重污染行业环境信息披露水平与上市公司EVA之间的内在关系及其作用机制。通过对企业年报及社会责任报告进行内容分析,构建企业环境信息披露的评价体系,计算环境信息披露指数;其次,结合行业特征,选取沪市A股重污染行业上市公司2011年至2013年共819个样本,对我国上市公司环境信息披露与企业EVA之间的相关性进行实证研究,并考虑到信息传递的时滞性,建立了两者的滞后关系模型;再次,通过建立线性回归模型,检验环境信息披露水平与企业股权资本成本的内在联系,为环境信息披露通过资本市场对企业EVA产生的影响提供支持。分析结果表明,我国重污染行业上市公司的环境信息披露整体水平不高,披露情况不容乐观,但呈现出逐年改善的趋势。重污染行业上市公司对环境信息的披露,不仅会对企业当期EVA产生影响,还会影响下一会计年度,且影响程度相对更大。但是,从全样本来看,两者的相关关系并不显著。从分组的角度分析,对于绩效好的企业来说,披露环境信息传达了企业良好的环境绩效,有利于进一步提高企业EVA,起到优化的作用;而绩效差的企业对环境风险管理投入更少,披露不利的环境信息反而不利于企业EVA的提升,起到了恶化的作用。本文进一步验证了重污染行业上市公司通过提高环境信息披露水平,可以降低下一期投资者要求的预期报酬率,即降低股权资本成本,通过资本市场效应进一步影响企业EVA。最后,结合本文的研究成果,对企业管理层、投资者、政府以及监管部门提出相关建议,也为我国上市公司环境信息披露监管机制的建立和完善,重污染行业上市公司环境信息披露水平的提高,提供建设性意见。
[Abstract]:Since the reform and opening up for more than 30 years, China has made great economic development, but behind the rapid economic growth, the economic quality is not in parallel with the high growth rate. The extensive economic growth mode of "high input, high consumption, high emission and high pollution" does not conform to the requirements of the development of the socialist market economy with Chinese characteristics, and is contrary to the sustainable development of the economy. With the environmental pollution and the increasingly serious ecological destruction, the environmental problem has become a world problem, and is concerned by more and more governments, enterprises and the public. Enterprises are the basic units of economic activities, the main polluters of the pollutants, especially the enterprises in the heavy pollution industry, and bear the protection of the environment. The important responsibility of the listed companies in the heavy pollution industry is to fulfill the responsibility of environmental trustee. By disclosing the environmental information and strengthening the supervision of the environmental management of the enterprises, it is one of the effective means to control the environmental problems. We only strengthen the supervision of the environmental responsibility of the enterprises, encourage the enterprises to save energy and reduce emission, strengthen the environmental governance and reduce the environmental pollution. In order to realize the transformation of the mode of economic growth, the quality of economic growth can keep pace with the pace of economic growth. The enterprises in heavy pollution industry have the responsibility to disclose environmental information and provide decision-making basis for investors, government departments and other stakeholders. However, whether enterprises are willing to disclose environmental information related to operation and improve the ring Whether the level of information disclosure can bring profits to enterprises and realize the promotion of enterprise value are all important problems in the theory and practice of environmental information disclosure, and also the key to the voluntary disclosure of environmental information and the effective play of environmental information governance mechanism. View, many listed companies only understand the disclosure of environmental information as a compulsory obligation, but not from the perspective of corporate strategy, it will actively disclose environmental information to the users of the external information and reduce information asymmetry as a way to improve the value of the company. The impact of the disclosure level on EVA is to explore whether the level of environmental information disclosure can bring positive effects to the enterprise. Through the study of the correlation between the disclosure of environmental information and the enterprise EVA, the internal correlation and the mechanism of action between the two are explained, so as to guide the environmental letter of the listed companies in the heavy pollution industry. On the basis of studying the contents, forms, motivations and influencing factors of environmental information disclosure, this paper expounds the relationship between the environmental information disclosure level of the heavy pollution industry and the EVA of the listed companies and its mechanism of action, through the annual report and the society of the enterprise. The report carries on the content analysis, constructs the evaluation system of the enterprise environmental information disclosure, and calculates the environmental information disclosure index. Secondly, it selects 819 samples of the listed companies from 2011 to 2013 of the A share heavy pollution industry in Shanghai stock market, and carries out an empirical study on the correlation between the environmental information disclosure of the listed companies and the enterprise EVA. Taking into account the delay of information transmission, the lagging relationship model is established. Thirdly, by establishing a linear regression model, the internal relationship between the level of environmental information disclosure and the cost of equity capital is tested to provide support for the impact of the environmental information disclosure on the enterprise EVA through the capital market. The results show that China is heavily polluted. The overall level of environmental information disclosure of Listed Companies in the industry is not high, and the disclosure situation is not optimistic, but it shows a trend of improvement year by year. The disclosure of environmental information by Listed Companies in heavy pollution industry will not only affect the EVA in the current period, but also affect the next accounting year, and the degree of influence is relatively larger. However, from the whole sample, two From the point of view of the group, the disclosure of environmental information conveys the good environmental performance of the enterprise and is beneficial to the further improvement of the enterprise EVA, while the enterprises with poor performance have less investment in environmental risk management and the disclosure of adverse environmental information is not conducive to the enterprise. The promotion of industry EVA has played a worsening role. This paper further verifies that the listed companies in heavy pollution industry can reduce the expected return rate required by the next investor by improving the environmental information disclosure level, that is, to reduce the cost of equity capital, and to further influence the enterprise EVA. through the effect of the capital market, combining the research results of this paper. The enterprise management, the investors, the government and the regulatory authorities put forward relevant suggestions, and also set up and perfect the supervision mechanism of environmental information disclosure of Listed Companies in China, and provide constructive suggestions for the improvement of environmental information disclosure level of Listed Companies in heavy pollution industry.
【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】：X322;F275

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