本文選題：環(huán)境信息披露質(zhì)量　切入點：企業(yè)現(xiàn)金持有　出處：《湖北工業(yè)大學》2017年碩士論文　論文類型：學位論文

【摘要】：近年來,經(jīng)濟的快速發(fā)展,導致了一系列重大環(huán)境污染事件的發(fā)生,成為社會公眾和媒體普遍關心的問題,怎樣更好的履行環(huán)境責任也成為了眾多上市公司不可忽視的難題。環(huán)境信息披露是企業(yè)將環(huán)境信息傳達給外界的主要方式,其披露水平與披露質(zhì)量直接影響了企業(yè)的眾多內(nèi)部、外部利益相關者獲悉企業(yè)環(huán)境信息的程度。但企業(yè)披露的環(huán)境信息從總體上卻表現(xiàn)為:披露比例較低、披露內(nèi)容不具備獨立完整性、信息披露主要是針對歷史信息、進行選擇性的披露等特點。如何使企業(yè)經(jīng)營者重視環(huán)境信息、提高環(huán)境信息披露質(zhì)量已成為許多學者不斷關注的問題。國內(nèi)外已有研究認為,對披露出的環(huán)境信息較重視的企業(yè),不僅可以降低項目的環(huán)境風險,規(guī)避一些國家、地區(qū)設置的環(huán)境壁壘,降低投資者的風險;而且對建立綠色商譽、樹立良好的環(huán)保形象、降低企業(yè)融資約束、增加預期現(xiàn)金流等都具有重要意義,但對環(huán)境信息披露與企業(yè)現(xiàn)金持有二者關系的研究還比較少,本文希望通過對環(huán)境信息披露與現(xiàn)金持有關系的研究,可以豐富環(huán)境信息披露的價值效應,并加入高管激勵這一變量,研究高管激勵對環(huán)境信息披露與企業(yè)現(xiàn)金持有二者之間關系的影響,從公司治理的角度,提高企業(yè)環(huán)境信息披露質(zhì)量。本文選取滬深兩市不同行業(yè)2014年度、2015年度的數(shù)據(jù)為研究樣本,構建模型,采用SPSS19.0統(tǒng)計軟件對相關數(shù)據(jù)進行實證分析,檢驗環(huán)境信息披露質(zhì)量與企業(yè)現(xiàn)金持有之間的關系,并分別加入薪酬激勵、股權激勵這兩個變量與環(huán)境信息披露質(zhì)量的交叉項,探討薪酬激勵、股權激勵對環(huán)境信息披露質(zhì)量與企業(yè)現(xiàn)金持有二者關系的影響。在對三種模型進行實證分析的基礎上,得出以下結論:(1)環(huán)境信息披露質(zhì)量與企業(yè)現(xiàn)金持有呈顯著的負相關關系,即環(huán)境信息披露質(zhì)量越高,現(xiàn)金持有越低,反之則越高。(2)薪酬激勵使環(huán)境信息披露質(zhì)量與企業(yè)現(xiàn)金持有的負相關性降低。(3)股權激勵則使得環(huán)境信息披露質(zhì)量與企業(yè)現(xiàn)金持有的負相關性增強。因此,本文從提高環(huán)境信息披露質(zhì)量、構建合理的薪酬激勵機制、重視對高管的股權激勵等方面提出合理化建議。
[Abstract]:In recent years, the rapid development of the economy has led to a series of major environmental pollution incidents, which has become a common concern of the public and the media. Environmental information disclosure is the main way for enterprises to communicate environmental information to the outside world, and the level and quality of disclosure directly affect the internal of many enterprises, how to better fulfill their environmental responsibilities has become a difficult problem that can not be ignored by many listed companies, and environmental information disclosure is the main way for enterprises to communicate environmental information to the outside world. The external stakeholders know the degree of environmental information of the enterprise, but the environmental information disclosed by the enterprise is: the proportion of disclosure is low, the content of disclosure is not independent integrity, the disclosure of information is mainly aimed at historical information. How to make business operators attach importance to environmental information and improve the quality of environmental information disclosure has become a constant concern of many scholars. Enterprises that attach more importance to the environmental information disclosed can not only reduce the environmental risks of the projects, avoid the environmental barriers set up in some countries and regions, and reduce the risks of investors, but also set up a good image of environmental protection for the establishment of green goodwill. It is of great significance to reduce the financial constraints and increase the expected cash flow, but there are few studies on the relationship between environmental information disclosure and cash holding. This paper hopes to study the relationship between environmental information disclosure and cash holding. It can enrich the value effect of environmental information disclosure, and add the variable of executive incentive to study the influence of executive incentive on the relationship between environmental information disclosure and corporate cash holding, from the perspective of corporate governance. In order to improve the quality of enterprise environmental information disclosure, this paper selects the data of different industries in Shanghai and Shenzhen stock markets in 2014 and 2015 as the research sample, constructs the model, and uses the SPSS19.0 statistical software to carry on the empirical analysis to the related data. The paper examines the relationship between environmental information disclosure quality and enterprise cash holding, and adds compensation incentive, equity incentive and environmental information disclosure quality to explore the compensation incentive. The impact of equity incentive on the relationship between environmental information disclosure quality and corporate cash holdings. Based on the empirical analysis of three models, the following conclusions are drawn: (1) there is a significant negative correlation between environmental information disclosure quality and corporate cash holdings. That is, the higher the quality of environmental information disclosure, the lower the cash holdings, On the contrary, the higher the compensation incentive is, the lower the negative correlation between the quality of environmental information disclosure and the cash holdings of enterprises is. (3) the negative correlation between the quality of environmental information disclosure and the cash holdings of enterprises is enhanced. Therefore, the negative correlation between the quality of environmental information disclosure and the cash holdings of enterprises is enhanced. This paper puts forward some reasonable suggestions on how to improve the quality of environmental information disclosure, how to construct a reasonable salary incentive mechanism, and how to pay attention to the equity incentive of senior executives.
【學位授予單位】：湖北工業(yè)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F275;F832.51

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