本文關(guān)鍵詞：鋼鐵行業(yè)上市公司環(huán)境信息披露水平和財(cái)務(wù)績(jī)效的實(shí)證研究　出處：《北京外國(guó)語(yǔ)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

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【摘要】：隨著環(huán)境污染日益嚴(yán)重,霧霾天氣發(fā)生頻率越來(lái)越高,公眾的環(huán)境保護(hù)意識(shí)也越來(lái)越強(qiáng)。作為社會(huì)經(jīng)濟(jì)的重要主體之一,企業(yè)是否具有社會(huì)責(zé)任感也越來(lái)越成為公眾衡量一個(gè)企業(yè)的重要標(biāo)準(zhǔn)之一。很多曾倍受公眾青睞的企業(yè)都因?yàn)榄h(huán)境污染問題受到指責(zé)或懲罰。因此,現(xiàn)階段企業(yè)的利益相關(guān)者們更為重視企業(yè)披露的環(huán)境信息,也更希望企業(yè)能夠在其公開報(bào)告中公開最真實(shí)的環(huán)境信息。鋼鐵行業(yè)屬于我國(guó)環(huán)境保護(hù)部發(fā)布的《上市公司環(huán)保核查行業(yè)分類管理名錄》中規(guī)定的十六類重污染行業(yè)之一。我國(guó)政府和公眾日益加強(qiáng)的環(huán)保意識(shí)都對(duì)該行業(yè)的環(huán)境信息披露提出了新要求。因此,研究鋼鐵行業(yè)上市公司環(huán)境信息披露和財(cái)務(wù)績(jī)效間的相關(guān)關(guān)系具有深遠(yuǎn)的意義。本文通過(guò)理論結(jié)合實(shí)證的方式對(duì)鋼鐵行業(yè)上市公司環(huán)境信息披露和財(cái)務(wù)績(jī)效的相關(guān)關(guān)系進(jìn)行研究。在理論部分,本文先介紹了研究背景和意義,然后對(duì)國(guó)內(nèi)外學(xué)者關(guān)于環(huán)境信息披露和企業(yè)財(cái)務(wù)績(jī)效間相關(guān)關(guān)系的文獻(xiàn)進(jìn)行了回顧與綜述,隨后對(duì)可持續(xù)發(fā)展理論、利益相關(guān)者理論和信號(hào)傳遞理論進(jìn)行了介紹,然后以2011-2015年滬深兩市A股上市的鋼鐵行業(yè)28家上市企業(yè)為研究樣本,通過(guò)Eviews進(jìn)行實(shí)證分析,探討了環(huán)境信息披露和企業(yè)財(cái)務(wù)績(jī)效之間的相關(guān)關(guān)系。本文以通過(guò)內(nèi)容分析法構(gòu)建的環(huán)境信息披露指數(shù)為自變量,資產(chǎn)負(fù)債率、營(yíng)業(yè)收入同比增長(zhǎng)率、企業(yè)規(guī)模、前十大股東持股比例、第一大股東持股與前十大股東持股之比、無(wú)限售流通股占總股本的比例、以及虛擬變量企業(yè)的董事長(zhǎng)和總經(jīng)理兼任情況為控制變量,衡量企業(yè)營(yíng)運(yùn)能力、盈利能力、償債能力和成長(zhǎng)能力的總資產(chǎn)周轉(zhuǎn)率、權(quán)益收益率、資產(chǎn)負(fù)債率和營(yíng)業(yè)利潤(rùn)增長(zhǎng)率分別為因變量進(jìn)行實(shí)證研究,得出結(jié)論:鋼鐵行業(yè)上市公司的環(huán)境信息披露水平和其財(cái)務(wù)績(jī)效為正相關(guān)關(guān)系。在本文實(shí)證研究中的反應(yīng)則為若鋼鐵行業(yè)上市公司的環(huán)境信息披露水平越高,其財(cái)務(wù)績(jī)效越好,即其總資產(chǎn)周轉(zhuǎn)率越高,營(yíng)運(yùn)能力越強(qiáng);權(quán)益收益率越高,盈利能力越強(qiáng);資產(chǎn)負(fù)債率越低,償債能力越強(qiáng);營(yíng)業(yè)利潤(rùn)增長(zhǎng)率越高,成長(zhǎng)能力越強(qiáng)。這也說(shuō)明若鋼鐵行業(yè)上市公司對(duì)環(huán)境保護(hù)越重視,在環(huán)境信息披露方面的質(zhì)量越高,越容易得到利益相關(guān)者的支持,并向利益相關(guān)者傳遞積極的信號(hào),越能為企業(yè)帶來(lái)更好的財(cái)務(wù)績(jī)效和經(jīng)濟(jì)效益。本文的主要?jiǎng)?chuàng)新之處有兩點(diǎn),其一,研究角度的創(chuàng)新。本文以滬深兩市A股上市的鋼鐵行業(yè)企業(yè)為研究樣本。在已有的國(guó)內(nèi)研究中,學(xué)者并未單獨(dú)以鋼鐵行業(yè)上市公司為研究樣本,大多數(shù)學(xué)者都以《上市公司環(huán)保核查行業(yè)分類管理名錄》規(guī)定的16類重污染行業(yè)上市公司為研究樣本,而忽略了各行業(yè)的特性。其二,被解釋變量的創(chuàng)新。在已有的研究中,大多數(shù)學(xué)者都選擇單一的企業(yè)績(jī)效或者某方面企業(yè)財(cái)務(wù)績(jī)效的衡量指標(biāo)作為被解釋變量,例如托賓Q值、EVA、ROE等。本文則根據(jù)鋼鐵行業(yè)重資產(chǎn)的特點(diǎn)選擇了總資產(chǎn)報(bào)酬率和投入資本回報(bào)率兩個(gè)變量構(gòu)建兩個(gè)模型,基于此對(duì)環(huán)境信息披露和企業(yè)財(cái)務(wù)績(jī)效間的關(guān)系進(jìn)行分析。
[Abstract]:With the increasingly serious environmental pollution, haze weather occurred more frequently and the public awareness of environmental protection has become increasingly strong. As one of the important subjects of social economy, whether the enterprise has the sense of social responsibility has become one of important standards to measure a public enterprise. Many public enterprises has been favored because of environmental pollution blame or punishment. Therefore, the present stage enterprise stakeholders pay more attention to the environmental information disclosure, but also hope that the enterprise can in its public report publicly to the real environment information. One of the sixteen types of heavy polluting industries of iron and steel industry belongs to the Ministry of environmental protection issued in China "provisions of environmental inspection of listed companies industry the list of Classified Management > in our government and the public. The increasing awareness of environmental protection are put forward new requirements on the disclosure of the environmental information industry. Therefore, research Has the profound significance of iron and steel industry listed companies related to environmental information disclosure and financial performance. The paper studied the relationship between listed companies of environmental information disclosure and financial performance of iron and steel industry. In the theoretical part, this paper first introduces the research background and significance, and then to the domestic and foreign scholars on the environment information disclosure and corporate financial performance related literature is reviewed, then the sustainable development theory, stakeholder theory and signaling theory is introduced, then the 2011-2015 Shanghai and Shenzhen two A shares listed on the iron and steel industry 28 listed companies as the research sample, through the empirical analysis of Eviews the relationship between environmental information disclosure and corporate financial performance. This paper constructed through content analysis of environmental information disclosure index for self Variable, asset liability ratio, operating income growth rate, enterprise scale, the proportion of top ten shareholders, the largest shareholder and the holdings of the top ten shareholders of tradable shares, the total capital ratio, and the chairman and general manager of the enterprise virtual variables as the situation as the control variables, a measure of profitability enterprise operating capacity, solvency and growth capacity, total asset turnover, return on equity, asset liability ratio and operating profit growth rate as the dependent variable for empirical research, draw the conclusion: the steel industry listed companies of environmental information disclosure level and its financial performance is positive correlation. In the empirical study in this paper if the reaction is the steel industry listed companies of environmental information disclosure level is higher, the better the financial performance, the total asset turnover rate is high, operation ability is stronger; the rights and interests of the higher rate of return, the higher the profitability Strong; the lower debt rate, more strong solvency; operating profit growth rate is high, the stronger the growth ability. It also shows that if the steel industry listed companies pay more attention to the environmental protection, the environmental information disclosure quality is higher, more easy to get the support of stakeholders, stakeholders and to transfer positive signal, can bring more financial performance and economic benefits of better for enterprises. There are two main innovations of this paper, firstly, the innovation of research perspective. Based on the Shanghai and Shenzhen two A shares listed steel industry companies as the research sample. In the domestic research, scholars have not only listed companies in the steel industry as the research sample, 16 types of heavy polluting industries provided most of the scholars in "environmental inspection of listed companies industry classification management directory" listed companies as research samples, while ignoring the characteristics of each industry. Second, explanatory variable Innovation. In the previous study, most scholars choose single enterprise performance or a measure of corporate financial performance as explanatory variables, such as Tobin Q, EVA, ROE etc. This paper according to the characteristics of the steel industry heavy assets to choose the rate of return on total assets and return on invested capital construction of two variables the two model, the analysis of the relationship between environmental information disclosure and corporate financial performance based on the Inter.

【學(xué)位授予單位】：北京外國(guó)語(yǔ)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F426.31;F406.7

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