环境信息披露与公司价值——基于制造业上市公司的实证研究  

Environmental Disclosure and Firm Value——An Empirical Study Based on Listed Companies in Manufacturing Industry

作　　者：李志斌[1] 阮豆豆 LI Zhibin;RUAN Doudou(College of Business,Yangzhou University,Yangzhou,Jiangsu 225009)

机构地区：[1]扬州大学商学院

出　　处：《扬州大学学报（人文社会科学版）》2019年第4期34-42,共9页Journal of Yangzhou University(Humanities and Social Sciences Edition)

基　　金：国家自然科学基金项目“企业社会责任与价值创造:一项基于内部控制作用机制的实证研究”(71440015);江苏省社会科学基金项目“内部控制、社会责任履行与公司绩效研究”(14JD003)

摘　　要：在理论分析环境信息披露与公司价值两者关系的基础上,以深、沪两市制造业上市公司作为研究对象,构建环境信息披露指数,实证研究环境信息披露对公司价值的影响。研究结论如下:①我国的环境信息披露水平总体偏低,但逐年提高;②环境信息披露与公司价值呈显著的倒U型关系。本文进一步从产权性质、股权集中度等维度研究两者关系,结果表明,在非国有性质企业和股权集中度低的企业中,环境信息披露与公司价值呈显著的倒U型关系,而在国有性质企业和股权集中度高的企业,倒U型关系不显著。Based on the theoretical analysis of the relationship between environmental disclosure and firm value, this paper takes the manufacturing industry companies listed on the Shenzhen Stock Exchange and Shanghai Stock Exchange as samples, constructs the environmental disclosure index, and empirically examines the relationship between environmental disclosure and firm value. The conclusions of the study are as follows:1.The level of environmental disclosure in China is generally low, but it is increasing year by year;2.The results show that the relationship between environmental disclosure and firm value shows a significant inverted U”. From the perspectives of property rights and equity concentration, further research shows that in non-state-owned enterprises and enterprises with low concentration of equity, the inverted U” is still significant, while in state-owned companies and companies with high concentration of equity, the inverted U-type relationship is not significant.

关 键 词：环境信息披露 公司价值 产权性质 股权集中度 

分 类 号：F272[经济管理—企业管理]