环境信息披露对企业价值的影响研究-基于重污染行业上市公司的经验数据

Research on the Impact of Environmental Information Disclosure on Corporate Value-Based on the Empirical Data of Listed Companies in Heavy-polluting Industries

摘要:

在“绿色经济”背景下,环境信息披露制度不断完善,企业需承担更多社会责任。而企业的存在是以获取经济利益提升自身价值为目的,因此厘清环境信息披露与企业价值的关系尤为重要。本文基于2015-2019年重污染上市公司的面板数据,研究环境信息披露与企业价值的关系。研究结果表明,重污染企业环境信息披露与企业价值呈u型关系；创新产出在环境信息披露与企业价值的关系中具有部分中介作用,即环境信息披露可通过创新产出来影响企业价值；管理层能力对环境信息披露水平与企业价值的u型关系存在正向调节作用。进一步研究表明,环境监管力度较强的企业,信息披露对企业价值的影响更显著。这为企业引进人才、科学开展环境信息披露、加强政府信息披露制度建设提供了经验证据。

Abstract:

In the context of "green economy", as the environmental information disclosure system continues to improve, companies need to assume more social responsibilities. The purpose of the existence of an enterprise is to obtain economic benefits and enhance its own value. Therefore, it is particularly important to clarify the relationship between environmental information disclosure and enterprise value. Based on the panel data of my country"s heavily polluting listed companies from 2015 to 2019, this paper studies the relationship between environmental information disclosure and corporate value. The research results show that the environmental information disclosure level of heavily polluting companies has a u-shaped relationship with corporate value; innovation output has a significant intermediary effect in the relationship between environmental information disclosure and corporate value, that is, environmental information disclosure can affect corporate value through innovation ; Management ability has a positive regulatory effect on the u-shaped relationship between environmental information disclosure level and corporate value. Further research shows that for companies with stronger environmental supervision, information disclosure has a more significant impact on corporate value. This provides empirical evidence for enterprises to introduce talents, scientifically carry out environmental information disclosure, and strengthen the construction of government information disclosure systems.