环境信息披露对企业价值的影响研究

A Study on The Channel Through Which Environmental Disclosure Influence Firm Value

环境信息披露影响企业价值主要具有资本成本效应和预期现金流量效应两种渠道。本文以沪深A股重污染行业的上市公司为研究对象,探索是否存在上述两种效应。文中通过自主构建的一套环境信息披露指标体系,将研究对象披露的环境会计信息分为硬披露和软披露两个子类型,并加总得到披露总得分,以此探索何种类型的环境会计信息对企业价值具有实质性影响。通过全样本研究和单一化工行业的样本研究,发现并不存在资本成本效应,而存在预期现金流量效应,并且对企业价值存在实质性影响的是硬披露信息而不是软披露信息。另外,本研究还发现,预期现金流量效应的存在形式为负,这意味着市场将企业披露的环境信息解读为企业面临潜在环保支出的信号,这不利于鼓励上市公司披露环境信息。相应的政策建议是:完善强制性环境信息披露制度,加强环保监管力度,鼓励企业进行更多自愿性环境信息披露等。

With the deterioration of ecological environment and increasing concern of the public on the corpo-rate environment, improve attention and investment in environmental protection has become increasingly important for enterprises, especially listed companies. Under the regulatory authorities＇ actively promotion, increasing number of listed companies began to disclose environmental information in their periodic reports, and some companies pub-lish separate CSR reports, environmental reports or sustainability reports. However, due to the nature of the disclosure of environmental information is still voluntary, corporate autonomy is strong, the actual disclosure quality looks uneven. How Environmental information disclosure affects the enterprise value？ What is the specific channels？ Exactly what type of environmental information have a issues must be explored. substantial impact on the enterprise value？ In this paper,these Relevant results and theoretical researches show that environmental information disclosure affect enterprise value mainly through two channels- capital cost effect and expected cash flow effect. In this paper, the study focuses on the Shanghai and Shenzhen A-share 2013 heavily polluting industries listed companies, to explore whether capital cost effect and expected cash flow effect exists. Using a set of self-built indicators of environmental information disclosure system, this paper divided the disclosure of environmental information into two sub-types of disclosure-hard disclosure and soft disclosure, and summed up to give a total index, thus to explore which type of environmental in- formation have a substantial impact on the enterprise value. Through the descriptive statistics of the environmental information disclosure ,we found that the quality of envi- ronmental information disclosure exist many differences among those listed companies. Not only the mean of hard disclosure of environmental information is less than soft disclosure, but also the standard deviation is greater than the soft disclosure, which reveal that the hard information listed-company disclose is less and more divergence. Most listed-company prefers to disclose more soft environmental information than hard information, and incline to imitate and follow other companies. For listed-companies, hard environmental information still belongs to sensitive informa- tion, many companies don＇t want to disclose more specific information ,just in case that the market makes negative interpretation of the image of the company. After full sample and single chemical industry sample research studies, the paper reach this conclusion： both the full sample and single chemical industry sample research reveal that capital cost effect does not exist. And while the full sample doesn＇t support the expected cash flow effect, the single chemical industry sample research found that the expected cash flow effect does really exist, and it is hard disclosure environmental information rather than soft disclosure that has a substantial impact on the enterprise value. The form of expected cash flow effect is nega- tive, which means that the market will interpret corporate disclosure of environmental information as the signal that the corporate is facing potential environmental expenses, which is not conducive to encourage listed companies to disclose environmental information. We think that the reason why such market mechanism does exist, mainly due to the not so long history of the capital market and there is no third-party authority to evaluate the actual environmental performance of listed-company, which appears a typical feature of emerging-market. On the basis of this conclusion, this paper argues that regulators should improve the environmental information disclosure system and strengthen environmental regulation, and listed companies should increase environmental pro- tection efforts and actively promote environmental information disclosure, and investors should not ignore the envi-ronmental information disclosure of listed companies in the investment decision-making process