重污染上市公司的環(huán)境績效、聲譽對公司價值的影響研究
發(fā)布時間：2018-07-13 14:24
【摘要】：我國環(huán)境污染事件屢見不鮮的根本原因是重污染行業(yè)環(huán)境責(zé)任的意識缺失,導(dǎo)致環(huán)境責(zé)任履行不積極;此外當(dāng)然還有環(huán)境問題本身難以治理以及較為復(fù)雜、政府以及相關(guān)部門的監(jiān)管不力等緣由。重污染行業(yè)環(huán)境污染問題事前和事后,公司聲譽作為公司的隱形品牌,潛在的核心競爭力因素會直接對公司的生存和發(fā)展產(chǎn)生至關(guān)重要的作用,因此聲譽的高低好壞直接影響企業(yè)的經(jīng)營狀況,會對公司價值產(chǎn)生重大的影響。根據(jù)以往的規(guī)律,中國企業(yè)的壽命與國外發(fā)達(dá)國家相比較,壽命相對較短,而重污染公司因其行業(yè)的特殊性和敏感性,相對來說,生命周期更加短暫,在大災(zāi)大難面前抵抗力更加脆弱。為解決我國嚴(yán)峻的環(huán)境污染問題、提高環(huán)境問題的管理、完善重污染公司環(huán)境責(zé)任的建設(shè)、提高公司聲譽以及促進(jìn)重污染公司價值成為了當(dāng)務(wù)之急,因此,本文選取了2010—2015年國營民營前100前重污染行業(yè)上市公司(含釀酒公司)為樣本,對重污染公司環(huán)境績效、公司聲譽與公司價值三者之間的關(guān)系,進(jìn)行了相對系統(tǒng)全面的理論分析與實證研究。首先,本文回顧了國內(nèi)外相關(guān)文獻(xiàn)及研究成果,對重污染公司環(huán)境績效理論基礎(chǔ),以及環(huán)境績效、公司聲譽與公司價值之間關(guān)系做了梳理。在此基礎(chǔ)上,明確了本文的理論基礎(chǔ)、研究空間范圍與研究方法。其次,為了深入研究環(huán)境績效、公司聲譽與公司價值之間的相互關(guān)系,本文選用TobinQ值和凈資產(chǎn)收益率兩個指標(biāo)分別來衡量公司價值,且將重污染公司環(huán)境績效分為環(huán)保費用和環(huán)境罰款倆個維度,公司聲譽細(xì)分為規(guī)模實力,成長特征,競爭因素,銀行和企業(yè)之間的關(guān)系,財務(wù)績效,長期負(fù)債比6個維度,研究環(huán)境績效與公司聲譽、公司價值之間的關(guān)系,還通過公司聲譽的中介作用探究環(huán)境績效與公司價值之間的關(guān)系。本文采用非平衡面板數(shù)據(jù)進(jìn)行層次回歸分析,為了確保研究結(jié)論的穩(wěn)健性和準(zhǔn)確性,本文同時利用平衡面板數(shù)據(jù)進(jìn)行穩(wěn)健性檢驗。主要研究結(jié)果如下:基于非平衡面板數(shù)據(jù)的研究結(jié)果表明:重污染公司環(huán)境績效對公司價值有負(fù)面影響、環(huán)境績效對公司聲譽顯著有正面影響;公司聲譽在環(huán)境績效對公司價值影響中的完全中介效應(yīng)成立。而基于平衡面板下,環(huán)境績效與公司聲譽和公司價值指標(biāo)具有顯著性,與回歸檢驗呈現(xiàn)一致的情況,顯著程度有所降低,但并不影響變量之間的相互關(guān)系。最后,本文基于研究結(jié)論,結(jié)合我國重污染公司環(huán)境績效、聲譽以及公司價值的現(xiàn)實情況提出了四條對策建議:改進(jìn)重污染公司環(huán)境績效評價體系,加強環(huán)保責(zé)任和環(huán)保意識;加強公司聲譽建設(shè),發(fā)揮其在環(huán)境績效與公司價值間的中介作用;建立并實施企業(yè)環(huán)境責(zé)任監(jiān)督機制;推進(jìn)環(huán)境污染綜合治理制度建設(shè)。
[Abstract]:The basic reason for the frequent occurrence of environmental pollution incidents in our country is the lack of awareness of environmental responsibility in heavy polluting industries, which leads to a lack of active performance of environmental responsibilities. In addition, of course, there are also environmental problems themselves that are difficult to manage and more complex. The government and the relevant departments of the weak supervision and other reasons. As the invisible brand of the company, the potential core competitive factors will directly play an important role in the survival and development of the company. Therefore, the quality of reputation directly affects the operating conditions of enterprises, and will have a significant impact on the value of the company. According to the law of the past, the life span of Chinese enterprises is relatively shorter than that of developed countries, while the life cycle of heavily polluting companies is shorter than that of other developed countries because of the particularity and sensitivity of their industries. Resistance to major disasters is even more vulnerable. In order to solve the severe environmental pollution problem in our country, improve the management of environmental problem, perfect the construction of environmental responsibility of heavy pollution company, improve the company reputation and promote the value of heavy pollution company, therefore, In this paper, the relationship among the environmental performance, corporate reputation and corporate value of the heavily polluted companies (including breweries) in the first 100 years of state-owned and private enterprises from 2010 to 2015 was selected as the sample, and the relationship between the environmental performance, corporate reputation and the value of the companies was analyzed. A relatively systematic and comprehensive theoretical analysis and empirical research are carried out. First of all, this paper reviews the domestic and foreign related literature and research results, and summarizes the theoretical basis of environmental performance, corporate reputation and corporate value of the relationship between corporate reputation and corporate value. On this basis, the theoretical basis of this paper, the study of the scope of space and research methods. Secondly, in order to study the relationship between corporate reputation and corporate value, Tobin Q and ROA are selected to measure corporate value. The environmental performance of heavily polluted companies is divided into two dimensions: environmental cost and environmental penalty. Corporate reputation is divided into six dimensions: scale strength, growth characteristics, competitive factors, relationship between banks and enterprises, financial performance, and long-term debt ratio. This paper studies the relationship between environmental performance and corporate reputation and corporate value, and explores the relationship between environmental performance and corporate value through the intermediary role of corporate reputation. In this paper, non-equilibrium panel data are used for hierarchical regression analysis. In order to ensure the robustness and accuracy of the conclusions, the balanced panel data are used to test the robustness. The main results are as follows: based on non-equilibrium panel data, the results show that: heavy pollution company environmental performance has a negative impact on corporate value, environmental performance has a significant positive impact on corporate reputation; The complete intermediary effect of corporate reputation on the impact of environmental performance on corporate value is established. Based on the balance panel, environmental performance has significant relationship with corporate reputation and corporate value, which is consistent with regression test. The significance degree is reduced, but the relationship between variables is not affected. Finally, based on the conclusion of the research, this paper puts forward four countermeasures: improving the evaluation system of environmental performance, strengthening the responsibility and consciousness of environmental protection; Strengthen the corporate reputation construction, play its intermediary role between environmental performance and corporate value; establish and implement the supervision mechanism of enterprise environmental responsibility; promote the construction of comprehensive environmental pollution control system.
【學(xué)位授予單位】：重慶工商大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F406.7;F425
本文編號：2119679
[Abstract]:The basic reason for the frequent occurrence of environmental pollution incidents in our country is the lack of awareness of environmental responsibility in heavy polluting industries, which leads to a lack of active performance of environmental responsibilities. In addition, of course, there are also environmental problems themselves that are difficult to manage and more complex. The government and the relevant departments of the weak supervision and other reasons. As the invisible brand of the company, the potential core competitive factors will directly play an important role in the survival and development of the company. Therefore, the quality of reputation directly affects the operating conditions of enterprises, and will have a significant impact on the value of the company. According to the law of the past, the life span of Chinese enterprises is relatively shorter than that of developed countries, while the life cycle of heavily polluting companies is shorter than that of other developed countries because of the particularity and sensitivity of their industries. Resistance to major disasters is even more vulnerable. In order to solve the severe environmental pollution problem in our country, improve the management of environmental problem, perfect the construction of environmental responsibility of heavy pollution company, improve the company reputation and promote the value of heavy pollution company, therefore, In this paper, the relationship among the environmental performance, corporate reputation and corporate value of the heavily polluted companies (including breweries) in the first 100 years of state-owned and private enterprises from 2010 to 2015 was selected as the sample, and the relationship between the environmental performance, corporate reputation and the value of the companies was analyzed. A relatively systematic and comprehensive theoretical analysis and empirical research are carried out. First of all, this paper reviews the domestic and foreign related literature and research results, and summarizes the theoretical basis of environmental performance, corporate reputation and corporate value of the relationship between corporate reputation and corporate value. On this basis, the theoretical basis of this paper, the study of the scope of space and research methods. Secondly, in order to study the relationship between corporate reputation and corporate value, Tobin Q and ROA are selected to measure corporate value. The environmental performance of heavily polluted companies is divided into two dimensions: environmental cost and environmental penalty. Corporate reputation is divided into six dimensions: scale strength, growth characteristics, competitive factors, relationship between banks and enterprises, financial performance, and long-term debt ratio. This paper studies the relationship between environmental performance and corporate reputation and corporate value, and explores the relationship between environmental performance and corporate value through the intermediary role of corporate reputation. In this paper, non-equilibrium panel data are used for hierarchical regression analysis. In order to ensure the robustness and accuracy of the conclusions, the balanced panel data are used to test the robustness. The main results are as follows: based on non-equilibrium panel data, the results show that: heavy pollution company environmental performance has a negative impact on corporate value, environmental performance has a significant positive impact on corporate reputation; The complete intermediary effect of corporate reputation on the impact of environmental performance on corporate value is established. Based on the balance panel, environmental performance has significant relationship with corporate reputation and corporate value, which is consistent with regression test. The significance degree is reduced, but the relationship between variables is not affected. Finally, based on the conclusion of the research, this paper puts forward four countermeasures: improving the evaluation system of environmental performance, strengthening the responsibility and consciousness of environmental protection; Strengthen the corporate reputation construction, play its intermediary role between environmental performance and corporate value; establish and implement the supervision mechanism of enterprise environmental responsibility; promote the construction of comprehensive environmental pollution control system.
【學(xué)位授予單位】：重慶工商大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F406.7;F425
【參考文獻(xiàn)】
相關(guān)期刊論文 前10條
1 許晴;陳煦江;;重污染上市公司環(huán)境責(zé)任、研發(fā)支出與財務(wù)績效[J];中國注冊會計師;2016年06期
2 熊靜靜;陳煦江;;公司環(huán)境績效對市場績效影響分析——基于中國CSR發(fā)展指數(shù)的經(jīng)驗證據(jù)[J];財會通訊;2016年04期
3 范琦;;中央企業(yè)上市公司環(huán)境責(zé)任與公司價值的相關(guān)性研究[J];財務(wù)與金融;2013年03期
4 王波;趙永鵬;;企業(yè)環(huán)境績效與財務(wù)績效相關(guān)性實證研究——基于2006年至2010年上市公司的面板數(shù)據(jù)[J];財會通訊;2012年36期
5 張鮮華;;社會責(zé)任表現(xiàn)對企業(yè)聲譽的影響研究——來自A股上市公司的經(jīng)驗數(shù)據(jù)[J];蘭州學(xué)刊;2012年12期
6 胡曲應(yīng);;上市公司環(huán)境績效與財務(wù)績效的相關(guān)性研究[J];中國人口.資源與環(huán)境;2012年06期
7 陳雯;;工業(yè)企業(yè)環(huán)境績效與財務(wù)績效關(guān)系的實證分析[J];長春大學(xué)學(xué)報;2011年11期
8 趙旭;;上市公司誠信與企業(yè)價值的實證研究[J];山西財經(jīng)大學(xué)學(xué)報;2011年01期
9 陳煦江;;企業(yè)社會績效與經(jīng)濟績效相互關(guān)系的實證研究[J];軟科學(xué);2010年09期
10 李海芹;張子剛;;CSR對企業(yè)聲譽及顧客忠誠影響的實證研究[J];南開管理評論;2010年01期
相關(guān)博士學(xué)位論文 前1條
1 肖華;企業(yè)環(huán)境報告研究[D];廈門大學(xué);2001年
相關(guān)碩士學(xué)位論文 前7條
1 王珍珍;重污染行業(yè)環(huán)境信息披露水平與財務(wù)績效相關(guān)性研究[D];西北大學(xué);2015年
2 徐晴;重污染行業(yè)上市公司環(huán)境績效與財務(wù)績效關(guān)系的實證研究[D];南京工業(yè)大學(xué);2014年
3 付瑤;環(huán)境管理、環(huán)境績效和財務(wù)績效的相關(guān)性研究[D];華東交通大學(xué);2012年
4 潘藩;民營企業(yè)融資過程中的聲譽機制[D];浙江大學(xué);2009年
5 趙錫鋒;企業(yè)聲譽及其價值評估[D];山東大學(xué);2007年
6 黃亮華;企業(yè)聲譽和財務(wù)績效關(guān)系研究[D];浙江大學(xué);2005年
7 殷盛;浙江地區(qū)企業(yè)聲譽定量評價模型研究[D];浙江大學(xué);2004年
，本文編號：2119679
本文鏈接：http://sikaile.net/guanlilunwen/jixiaoguanli/2119679.html
最近更新
教材專著
