重污染行业环境信息披露水平与财务绩效相关性研究
发布时间：2018-08-02 16:51
【摘要】：随着经济的快速发展,环境问题也日益突出,生态的严重破坏已经致使环境成为了我们难以忽视的重要问题,引起环境污染的众多源头中,企业是其最主要的罪魁祸首,也成为了我们改善环境问题的关键之处。企业环境管理对环境保护工作的贡献是至关重要的。随着社会公众对环境问题的高度关注,人们对企业的环保态度,产品的绿色化程度等也纳入考虑之内,迫于外界的这种压力,越来越多的企业开始披露环境信息。未来环境责任履行情况将纳入企业持续发展、绩效评价的核心战略。我国重污染行业的快速发展在提升国民经济的同时,也带来了一系列严重的社会问题,引起了全社会对重污染行业环境责任履行情况的高度关注。那么,在可持续发展的大背景下,我国重污染行业履行环境责任并积极公开环境信息的动力在哪里?提高企业的环境信息披露质量是否有助于提升企业的经营绩效?相应的,企业盈利能力、营运能力、发展能力的良好表现是否有助于促进企业履行环境责任并自愿披露环境信息?解决这些问题成为当务之急。环境信息披露水平与财务绩效之间的相关关系,不仅关乎着环境生态平衡,也关系着企业的长远发展。因此,研究这两者之间的动态关系,无论是从环境的角度还是企业自身的角度,都意义深远。本文以2011-2013年重污染行业的沪市上市公司作为研究样本,运用统计分析软件,通过描述性统计、Person相关分析和多元线性回归的方法,对环境信息披露水平和财务绩效相关性进行实证分析。本文认为环境信息披露和财务绩效的相互影响是具有时滞性的,故在建立两个模型进行检验时,均是以前一期的环境信息披露水平和当期的财务绩效作相关分析,通过实证来说明环境信息披露质量是否会影响企业管理层的经济决策从而对财务绩效产生影响；同理,企业前一期的财务绩效决定了企业在当期是否有足够的能力去履行环境责任并披露环境信息,故变量的数据搜集也是以前一年份的财务绩效数据对应当期年份的环境信息披露指数。最后通过研究结果显示,在代表财务绩效的五个指标中,净资产收益率、每股收益、总资产周转率三个指标与环境信息披露水平相互影响,相互促进；而总资产增长率、主营业务收入增长率与环境信息披露水平并无显著性相关关系。因此,应该帮助企业管理层意识到环境保护和企业绩效之间的关系,促使企业用发展的眼光,注重环保治理,提高企业财务绩效,走可持续发展道路,实现环境信息披露与财务绩效的共赢。
[Abstract]:With the rapid development of economy, environmental problems are becoming more and more prominent. The serious ecological damage has made the environment become an important problem that we can hardly ignore. Among the many sources of environmental pollution, enterprises are the main culprits. It has also become the key to improving the environment. The contribution of enterprise environmental management to environmental protection is very important. With the attention of the public to environmental problems, people's environmental protection attitude to enterprises and the green degree of products are also taken into account. Under the pressure of the outside world, more and more enterprises begin to disclose environmental information. In the future, the implementation of environmental responsibility will be incorporated into the core strategy of enterprise sustainable development and performance evaluation. The rapid development of heavy pollution industry in China not only promotes the national economy, but also brings a series of serious social problems, which causes the whole society to pay close attention to the implementation of environmental responsibility in heavy pollution industry. So, in the context of sustainable development, where is the motive force for the heavy pollution industry to fulfill its environmental responsibility and actively disclose environmental information? Will improving the quality of environmental information disclosure help to improve the business performance? Accordingly, does the good performance of profitability, operational ability, and development capability contribute to the fulfilment of environmental responsibilities and voluntary disclosure of environmental information? It is imperative to solve these problems. The correlation between the level of environmental information disclosure and financial performance is not only related to the ecological balance of the environment, but also related to the long-term development of enterprises. Therefore, the study of the dynamic relationship between the two, whether from the point of view of the environment or from the perspective of the enterprise itself, is of far-reaching significance. In this paper, the listed companies in Shanghai Stock Exchange of heavily polluted industries from 2011-2013 are taken as the research samples, using statistical analysis software, through descriptive statistical person correlation analysis and the method of multiple linear regression. The correlation between the level of environmental information disclosure and financial performance is analyzed empirically. This paper holds that the mutual influence of environmental information disclosure and financial performance is time-delay. Therefore, when establishing two models for testing, both the level of environmental information disclosure in the previous period and the financial performance in the current period are analyzed. Through the empirical analysis, it is shown whether the quality of environmental information disclosure will affect the economic decision of the enterprise management and thus the financial performance. The financial performance of an enterprise in the previous period determines whether an enterprise has sufficient capacity to fulfill its environmental responsibilities and disclose environmental information in the current period. Therefore, the data collection of variables is also the financial performance data of the previous year corresponding to the current year of environmental information disclosure index. Finally, the results show that, among the five indicators representing financial performance, the return on net assets, earnings per share, total asset turnover rate and environmental information disclosure level interact and promote each other, while the total asset growth rate, There is no significant correlation between the growth rate of main business income and the level of environmental information disclosure. Therefore, the management should be helped to realize the relationship between environmental protection and enterprise performance, and to promote the enterprise to take the path of sustainable development by focusing on environmental protection governance, improving the financial performance of the enterprise, and taking the path of sustainable development. Achieve environmental information disclosure and financial performance win-win.
【学位授予单位】：西北大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：X322;F275
[Abstract]:With the rapid development of economy, environmental problems are becoming more and more prominent. The serious ecological damage has made the environment become an important problem that we can hardly ignore. Among the many sources of environmental pollution, enterprises are the main culprits. It has also become the key to improving the environment. The contribution of enterprise environmental management to environmental protection is very important. With the attention of the public to environmental problems, people's environmental protection attitude to enterprises and the green degree of products are also taken into account. Under the pressure of the outside world, more and more enterprises begin to disclose environmental information. In the future, the implementation of environmental responsibility will be incorporated into the core strategy of enterprise sustainable development and performance evaluation. The rapid development of heavy pollution industry in China not only promotes the national economy, but also brings a series of serious social problems, which causes the whole society to pay close attention to the implementation of environmental responsibility in heavy pollution industry. So, in the context of sustainable development, where is the motive force for the heavy pollution industry to fulfill its environmental responsibility and actively disclose environmental information? Will improving the quality of environmental information disclosure help to improve the business performance? Accordingly, does the good performance of profitability, operational ability, and development capability contribute to the fulfilment of environmental responsibilities and voluntary disclosure of environmental information? It is imperative to solve these problems. The correlation between the level of environmental information disclosure and financial performance is not only related to the ecological balance of the environment, but also related to the long-term development of enterprises. Therefore, the study of the dynamic relationship between the two, whether from the point of view of the environment or from the perspective of the enterprise itself, is of far-reaching significance. In this paper, the listed companies in Shanghai Stock Exchange of heavily polluted industries from 2011-2013 are taken as the research samples, using statistical analysis software, through descriptive statistical person correlation analysis and the method of multiple linear regression. The correlation between the level of environmental information disclosure and financial performance is analyzed empirically. This paper holds that the mutual influence of environmental information disclosure and financial performance is time-delay. Therefore, when establishing two models for testing, both the level of environmental information disclosure in the previous period and the financial performance in the current period are analyzed. Through the empirical analysis, it is shown whether the quality of environmental information disclosure will affect the economic decision of the enterprise management and thus the financial performance. The financial performance of an enterprise in the previous period determines whether an enterprise has sufficient capacity to fulfill its environmental responsibilities and disclose environmental information in the current period. Therefore, the data collection of variables is also the financial performance data of the previous year corresponding to the current year of environmental information disclosure index. Finally, the results show that, among the five indicators representing financial performance, the return on net assets, earnings per share, total asset turnover rate and environmental information disclosure level interact and promote each other, while the total asset growth rate, There is no significant correlation between the growth rate of main business income and the level of environmental information disclosure. Therefore, the management should be helped to realize the relationship between environmental protection and enterprise performance, and to promote the enterprise to take the path of sustainable development by focusing on environmental protection governance, improving the financial performance of the enterprise, and taking the path of sustainable development. Achieve environmental information disclosure and financial performance win-win.
【学位授予单位】：西北大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：X322;F275
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