本文選題：環(huán)境信息披露 + 股權(quán)資本成本�。� 參考：《首都經(jīng)濟(jì)貿(mào)易大學(xué)》2015年碩士論文

【摘要】：改革開放30余年以來,中國(guó)經(jīng)濟(jì)取得巨大的發(fā)展,但在經(jīng)濟(jì)高速增長(zhǎng)的背后,經(jīng)濟(jì)質(zhì)量卻沒有與高增速并駕齊驅(qū)�！案咄度�、高消耗、高排放、高污染的”的粗放型經(jīng)濟(jì)增長(zhǎng)方式,不符合中國(guó)特色社會(huì)主義市場(chǎng)經(jīng)濟(jì)的發(fā)展要求,違背了走可持續(xù)發(fā)展道路的方針。隨著環(huán)境污染、生態(tài)破壞的日益嚴(yán)重,環(huán)境問題已經(jīng)成為世界難題,受到越來越多的政府、企業(yè)和社會(huì)公眾的關(guān)注。企業(yè)是經(jīng)濟(jì)活動(dòng)的基本單位,也是污染物質(zhì)的主要排放者,特別是重污染行業(yè)的企業(yè),承擔(dān)著保護(hù)環(huán)境的重要責(zé)任。重污染行業(yè)上市公司切實(shí)履行環(huán)境受托責(zé)任,通過披露環(huán)境信息,加強(qiáng)各界對(duì)企業(yè)環(huán)境管理的監(jiān)管,是治理環(huán)境問題的有效手段之一。我們只有加強(qiáng)對(duì)企業(yè)履行環(huán)境責(zé)任的監(jiān)管,鼓勵(lì)企業(yè)節(jié)能減排、加強(qiáng)環(huán)境治理、減少環(huán)境污染行為,才能實(shí)現(xiàn)經(jīng)濟(jì)增長(zhǎng)方式的轉(zhuǎn)型,才能讓經(jīng)濟(jì)增長(zhǎng)質(zhì)量跟上經(jīng)濟(jì)增長(zhǎng)速度的步伐。重污染行業(yè)企業(yè)有責(zé)任披露環(huán)境信息,為投資者、政府部門及其他利益相關(guān)者提供決策依據(jù)。但是,企業(yè)是否愿意披露與運(yùn)營(yíng)相關(guān)的環(huán)境信息,提高環(huán)境信息披露水平能否為企業(yè)帶來收益,實(shí)現(xiàn)企業(yè)價(jià)值提升,這些都是環(huán)境信息披露理論與實(shí)踐中的重要問題,也是企業(yè)自愿披露環(huán)境信息、有效發(fā)揮環(huán)境信息治理機(jī)制的關(guān)鍵。目前,我國(guó)重污染行業(yè)上市公司環(huán)境信息披露的情況并不樂觀,很多上市公司僅僅將環(huán)境信息披露理解為一種強(qiáng)制性義務(wù),而沒有從公司戰(zhàn)略角度出發(fā),將向外部信息使用者積極披露環(huán)境信息、降低信息不對(duì)稱作為提升公司價(jià)值的途徑。本文從重污染行業(yè)上市公司的角度出發(fā),通過研究環(huán)境信息披露水平對(duì)EVA的影響,探尋提高環(huán)境信息披露水平是否能為企業(yè)帶來積極效應(yīng)。通過對(duì)我國(guó)上市公司環(huán)境信息披露與企業(yè)EVA之間的相關(guān)性進(jìn)行研究,解釋兩者之間的內(nèi)在關(guān)聯(lián)與作用機(jī)制,從而合理引導(dǎo)重污染行業(yè)上市公司的環(huán)境信息披露行為,增強(qiáng)企業(yè)披露環(huán)境信息的內(nèi)在動(dòng)力。首先,本文在研究環(huán)境信息披露的內(nèi)容、形式、動(dòng)因、影響因素等基礎(chǔ)上,從理論角度闡述重污染行業(yè)環(huán)境信息披露水平與上市公司EVA之間的內(nèi)在關(guān)系及其作用機(jī)制。通過對(duì)企業(yè)年報(bào)及社會(huì)責(zé)任報(bào)告進(jìn)行內(nèi)容分析,構(gòu)建企業(yè)環(huán)境信息披露的評(píng)價(jià)體系,計(jì)算環(huán)境信息披露指數(shù);其次,結(jié)合行業(yè)特征,選取滬市A股重污染行業(yè)上市公司2011年至2013年共819個(gè)樣本,對(duì)我國(guó)上市公司環(huán)境信息披露與企業(yè)EVA之間的相關(guān)性進(jìn)行實(shí)證研究,并考慮到信息傳遞的時(shí)滯性,建立了兩者的滯后關(guān)系模型;再次,通過建立線性回歸模型,檢驗(yàn)環(huán)境信息披露水平與企業(yè)股權(quán)資本成本的內(nèi)在聯(lián)系,為環(huán)境信息披露通過資本市場(chǎng)對(duì)企業(yè)EVA產(chǎn)生的影響提供支持。分析結(jié)果表明,我國(guó)重污染行業(yè)上市公司的環(huán)境信息披露整體水平不高,披露情況不容樂觀,但呈現(xiàn)出逐年改善的趨勢(shì)。重污染行業(yè)上市公司對(duì)環(huán)境信息的披露,不僅會(huì)對(duì)企業(yè)當(dāng)期EVA產(chǎn)生影響,還會(huì)影響下一會(huì)計(jì)年度,且影響程度相對(duì)更大。但是,從全樣本來看,兩者的相關(guān)關(guān)系并不顯著。從分組的角度分析,對(duì)于績(jī)效好的企業(yè)來說,披露環(huán)境信息傳達(dá)了企業(yè)良好的環(huán)境績(jī)效,有利于進(jìn)一步提高企業(yè)EVA,起到優(yōu)化的作用;而績(jī)效差的企業(yè)對(duì)環(huán)境風(fēng)險(xiǎn)管理投入更少,披露不利的環(huán)境信息反而不利于企業(yè)EVA的提升,起到了惡化的作用。本文進(jìn)一步驗(yàn)證了重污染行業(yè)上市公司通過提高環(huán)境信息披露水平,可以降低下一期投資者要求的預(yù)期報(bào)酬率,即降低股權(quán)資本成本,通過資本市場(chǎng)效應(yīng)進(jìn)一步影響企業(yè)EVA。最后,結(jié)合本文的研究成果,對(duì)企業(yè)管理層、投資者、政府以及監(jiān)管部門提出相關(guān)建議,也為我國(guó)上市公司環(huán)境信息披露監(jiān)管機(jī)制的建立和完善,重污染行業(yè)上市公司環(huán)境信息披露水平的提高,提供建設(shè)性意見。
[Abstract]:Since the reform and opening up for more than 30 years, China has made great economic development, but behind the rapid economic growth, the economic quality is not in parallel with the high growth rate. The extensive economic growth mode of "high input, high consumption, high emission and high pollution" does not conform to the requirements of the development of the socialist market economy with Chinese characteristics, and is contrary to the sustainable development of the economy. With the environmental pollution and the increasingly serious ecological destruction, the environmental problem has become a world problem, and is concerned by more and more governments, enterprises and the public. Enterprises are the basic units of economic activities, the main polluters of the pollutants, especially the enterprises in the heavy pollution industry, and bear the protection of the environment. The important responsibility of the listed companies in the heavy pollution industry is to fulfill the responsibility of environmental trustee. By disclosing the environmental information and strengthening the supervision of the environmental management of the enterprises, it is one of the effective means to control the environmental problems. We only strengthen the supervision of the environmental responsibility of the enterprises, encourage the enterprises to save energy and reduce emission, strengthen the environmental governance and reduce the environmental pollution. In order to realize the transformation of the mode of economic growth, the quality of economic growth can keep pace with the pace of economic growth. The enterprises in heavy pollution industry have the responsibility to disclose environmental information and provide decision-making basis for investors, government departments and other stakeholders. However, whether enterprises are willing to disclose environmental information related to operation and improve the ring Whether the level of information disclosure can bring profits to enterprises and realize the promotion of enterprise value are all important problems in the theory and practice of environmental information disclosure, and also the key to the voluntary disclosure of environmental information and the effective play of environmental information governance mechanism. View, many listed companies only understand the disclosure of environmental information as a compulsory obligation, but not from the perspective of corporate strategy, it will actively disclose environmental information to the users of the external information and reduce information asymmetry as a way to improve the value of the company. The impact of the disclosure level on EVA is to explore whether the level of environmental information disclosure can bring positive effects to the enterprise. Through the study of the correlation between the disclosure of environmental information and the enterprise EVA, the internal correlation and the mechanism of action between the two are explained, so as to guide the environmental letter of the listed companies in the heavy pollution industry. On the basis of studying the contents, forms, motivations and influencing factors of environmental information disclosure, this paper expounds the relationship between the environmental information disclosure level of the heavy pollution industry and the EVA of the listed companies and its mechanism of action, through the annual report and the society of the enterprise. The report carries on the content analysis, constructs the evaluation system of the enterprise environmental information disclosure, and calculates the environmental information disclosure index. Secondly, it selects 819 samples of the listed companies from 2011 to 2013 of the A share heavy pollution industry in Shanghai stock market, and carries out an empirical study on the correlation between the environmental information disclosure of the listed companies and the enterprise EVA. Taking into account the delay of information transmission, the lagging relationship model is established. Thirdly, by establishing a linear regression model, the internal relationship between the level of environmental information disclosure and the cost of equity capital is tested to provide support for the impact of the environmental information disclosure on the enterprise EVA through the capital market. The results show that China is heavily polluted. The overall level of environmental information disclosure of Listed Companies in the industry is not high, and the disclosure situation is not optimistic, but it shows a trend of improvement year by year. The disclosure of environmental information by Listed Companies in heavy pollution industry will not only affect the EVA in the current period, but also affect the next accounting year, and the degree of influence is relatively larger. However, from the whole sample, two From the point of view of the group, the disclosure of environmental information conveys the good environmental performance of the enterprise and is beneficial to the further improvement of the enterprise EVA, while the enterprises with poor performance have less investment in environmental risk management and the disclosure of adverse environmental information is not conducive to the enterprise. The promotion of industry EVA has played a worsening role. This paper further verifies that the listed companies in heavy pollution industry can reduce the expected return rate required by the next investor by improving the environmental information disclosure level, that is, to reduce the cost of equity capital, and to further influence the enterprise EVA. through the effect of the capital market, combining the research results of this paper. The enterprise management, the investors, the government and the regulatory authorities put forward relevant suggestions, and also set up and perfect the supervision mechanism of environmental information disclosure of Listed Companies in China, and provide constructive suggestions for the improvement of environmental information disclosure level of Listed Companies in heavy pollution industry.
【學(xué)位授予單位】：首都經(jīng)濟(jì)貿(mào)易大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2015
【分類號(hào)】：X322;F275

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