环境信息披露水平与企业价值相关性研究.pdf

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1、标为各企业的净资产收益率）、运营能力（代表指标为各企业的总资产周转率）等数据，结合新构建的环境信息披露水平（EDIR）评价体系对180家样本2013年发布的企业年报和2013年发布的社会责任报告的评价结果构建回归模型，对企业环境信息披露水平（EDIR）通过资本市场对企业价值（TobinQ）产生影响的结果进行实证分析，并得出准确的实证分析结果；第五，本文在实证结果的基础上，得出本文结论，解释造成该结论的原因，并提出政策建议。通过实证研究，本文发现对于所有行业而言，环境信息披露水平（EDIR）与企业价值（TobinQ）

2、呈不确定性；对于重污染行业的上市公司而言，环境信息披露水平（EDIR）与企业价值（TobinQ）呈显著正相关关系；对于非重污染行业的上市公司而言，环境信息披露水平（EDIR）与企业价值（TobinQ）呈显著负相关关系。关键词：环境信息披露水平，重污染行业，非重污染行业，上市公司，企业价值IIAbstractSince1960s,therapidindustrialdevelopmenthasbroughtincreasingeconomicleapandwealthtohumansociety,butitalsoc

3、ausedmoreandmoreproblemsofenvironmentalpollution.Inrecentyears,unprecedentedhazyweathernotonlystimulatedpeople'srespiratorytract,butalsomadepeopleknowthatthepollutionoftheenvironmenthadbecomethemostseriousprobleminChina,evenforallhumanbeings.Directmanufacturin

4、gofhumanwealthistheenterprise,butthemaincauseofenvironmentalpollutionisalsoenterprise[1].Accordingtothe"Chinesecorporatecitizenshipreport"publishedin2009,industrialmanufacturingindustrycompanieswasthemainmanufacturerofenvironmentalpollution,70%ofthepollutionwa

5、sproducedbyindustrialmanufacturingenterprisesand50%oftheindustrialmanufacturingenterprisespollutionwascausedbylowenterprisemanagement[2].Somemanagersthoughtthatcorporateenvironmentalresponsibilitywasaskedbylawsandregulations,somemanagersthoughtthatcorporateenv

6、ironmentalresponsibilitywasawaytoobtainenvironmentalincentive,somemanagersthinkthatcorporateenvironmentalresponsibilityistowinthestakeholders’approval.Butinfact,corporateenvironmentalresponsibilityanddisclosureofenvironmentalinformationisconducivetoenhancethec

7、ompetitivenessofenterprisesandimprovetheenterprise’svalueThispaperusednormativeanalyticalmethodandempiricalanalyticalmethod.Theentrustedresponsibilitytheory,thestakeholdertheoryandthesignaltransmissiontheoryarethefoundationsofthisresearch.Thispaperanalyzedthee

8、xternalandinternalinfluencefactorsandestablishedregressionmodeltoconductempiricalresearch.Firstly,thispaperreviewedtherelatedliteratureathomeandabroadaboutthecontentofenvironmental