火电和金属行业上市公司绩效对环境绩效的影响

The Effects of Firms' Performance on Environmental Performance in Thermal-electric and Metal Industries

实证分析环境信息披露水平与上市公司绩效相关性影响,相对于有色金属行业,钢铁和火电行业上市公司规模、市场价值和无形资产市场价值对环境信息披露的影响效果更显著些,公司盈利能力、净资产收益率和上市年限均没有推动公司披露更多的环境信息。重污染行业上市公司的环保实践活动明显地降低公司整体市场价值和公司业绩,但环保实践活动提高公司的社会声誉和企业形象,提升市场竞争能力,提高市场份额和增加无形资产价值。

This paper proposes the empirical evidence of the effects of listed firms＇ performance on environmental informa-tion disclosure （EID）. Compared with non -ferrous metals industry, listed firm size, market value of tangible and intangi-ble assets have more significant impacts on environmental information disclose in steel and electric utility industry, andfirms＇ profitability, returns of net assets and listed age cannot push listed firms to disclose more environmental information.Many practical activities of environmental protection from listed firms in heavy - pollution industry significantly reduce over-all market value of listed firms and firms＇ performance. And many practical activities of environmental management enhancesocial reputation and images of listed firms, increase market competitiveness, market shares and market value of intangibleassets.