企业环境违规与企业价值研究——以我国化工行业A股上市公司为例

The Relationship between Corporate Environmental Violation and Corporate Value——Taking A Chinese A-share Listed Companies in the Chemical Industry as An Example

以往对企业环境表现与经济表现关系的研究,因研究方法差异未产生一致的结论。研究以2009—2015年在沪深两市上市交易的化学原料和化学制品制造业A股企业为样本,分析企业市场价值对企业环境违规的反应,以及这种反应的调节因素。结果表明:企业环境违规与企业价值呈负相关;环境违规信息的公开质量具有调节企业环境违规与企业价值之间相关性的作用,经信息公开质量修正的企业环境违规与企业价值之间的负相关性更为显著;2012—2015年间企业环境违规数量的增加(降低)是企业价值降低(提高)的格兰杰原因。

The findings of prior empirical research were inconsistent on the relationship between corporate environmental performance and corporate economic performance due to different research methods. This study examines the relationship between corporate environmental violations and corporate market values and its moderator. The samples of the study are the chemical enterprises that listed in Shanghai and Shenzhen stock exchanges in 2009-2015. The study reveals that corporate environmental violations are negatively related？to corporate values and the changes to corporate environmental violations resulted in opposite changes to corporate market values. The increase （decrease） of the number of corporate environmental violations is the Granger cause of the decrease （increase） of corporate values. Moreover, this relationship is moderated by the quality of environmental violation information public disclosure. The theoretical contributions and practical implications of the study are also discussed.