石化行业上市公司环境信息披露对企业价值的影响研究

发布时间：2018-03-23 18:43

本文选题：环境信息披露　切入点：环境财务信息披露　出处：《吉林财经大学》2017年硕士论文

【摘要】：近年来,科技的进步带动了经济的不断增长,但随之而来的环境问题也日益凸显,臭氧、废气的排放,树木的乱砍盗伐,资源的过度消耗等换来的是南极冰川的不断融化,雾霾天气的日趋加重,动物的流离失所甚至灭亡,水土流失以及沙漠化的恶化等。不管是国家还是企业都应该担当起保护环境的责任。企业披露环境信息,可以将企业的经营及财务状况传递给利益相关者,有助于利益相关者及时了解企业的实际情况,帮助其做出合理决策。此外,披露环境信息也可以节约环境资源,有利于资源计划性的优化分配,同时也有利于政府监管企业自身的环境责任,甚至有助于美丽中国计划的实现等。但是我国关于环境信息披露的体制尚不健全,企业自愿进行环境信息披露的意识薄弱,企业环境信息披露的水平还不是很高。因此有必要进一步研究环境信息披露对企业价值的影响,改进环境信息披露现状,使企业在提升价值的同时,也兼顾起社会责任。本文基于环境信息披露与企业价值的理论基础,提出假设,构建模型。对被解释变量、解释变量、调节变量、控制变量的衡量指标进行了选取,结果如下,被解释变量:托宾Q值衡量企业价值的数值;解释变量:将年度报告的内容研究分析后,得出的企业关于环境的信息披露水平;替代变量:环境信息的披露方式。控制变量:经过对理论的仔细分析后,再将国内的研究背景作为参考标准,实际评估出具体的营运、盈利、成长的能力以及财务风险。以2011-2015年沪深两市石化行业的165家上市公司数据为样本进行回归分析,发现石化行业上市公司环境信息披露对企业价值产生负向影响,并且环境财务信息披露比环境非财务信息对企业价值的影响程度大,但是影响程度不是十分明显。石化行业环境信息披露方式在环境信息披露对企业价值的影响关系之间起着调节作用。最后,阐述本文的研究成果产生的原因,并提出了相应的改进意见。
[Abstract]:In recent years, advances in science and technology have led to economic growth, but environmental problems have become increasingly prominent. Ozone, exhaust emissions, deforestation of trees, excessive depletion of resources, and so on, have resulted in the continued melting of Antarctic glaciers. Haze weather is getting worse, animals are displaced or even perished, soil erosion and desertification worsen. Both countries and enterprises should take the responsibility of protecting the environment. Companies disclose environmental information. The business and financial situation of the enterprise can be transmitted to the stakeholders, which can help the stakeholders to understand the actual situation of the enterprise in time and help them to make reasonable decisions. In addition, the disclosure of environmental information can also save environmental resources, It is beneficial to the optimal allocation of resources, to the environmental responsibility of the government to supervise the enterprises themselves, and even to the realization of the beautiful China plan. However, the system of environmental information disclosure in our country is not perfect. The awareness of voluntary environmental information disclosure is weak, and the level of environmental information disclosure is not very high. Therefore, it is necessary to further study the impact of environmental information disclosure on enterprise value and improve the current situation of environmental information disclosure. This paper, based on the theoretical basis of environmental information disclosure and enterprise value, puts forward assumptions, constructs models, explains variables, interprets variables, adjusts variables. The measurement index of the control variable is selected. The results are as follows: the value of Tobin Q to measure the enterprise value, the explanatory variable: the level of information disclosure on the environment obtained by analyzing the content of the annual report; Alternative variables: disclosure of environmental information. Control variables: after careful analysis of the theory, the domestic research background is used as a reference standard to actually assess the specific operation and profitability. Growth ability and financial risk. Based on 165 listed companies in Shanghai and Shenzhen stock markets from 2011 to 2015, the regression analysis shows that environmental information disclosure of listed companies in petrochemical industry has a negative impact on corporate value. And environmental financial information disclosure has a greater impact on enterprise value than environmental non-financial information. But the degree of influence is not very obvious. The way of environmental information disclosure in petrochemical industry plays an important role in regulating the relationship between environmental information disclosure and enterprise value. The corresponding improvement suggestions are also put forward.
【学位授予单位】：吉林财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F406.7;F426.72

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