环境责任与公司溢价

Environmental Responsibility and Corporate Premium

论文针对13个重污染行业在2008—2015年年报和社会责任报告中的披露信息进行面板数据模型分析,结果表明公司进行环境信息披露对公司溢价存在直接和间接的影响。进行环境信息披露的公司溢价平均水平显著高于不进行环境信息披露公司且较稳定,环境信息披露的质量与公司溢价水平呈现显著的正相关关系。另外,进行环境信息披露会降低规模对公司溢价产生的负面影响以及成长性对公司溢价产生的正向影响,而不进行环境信息披露的情况则相反。

The article analyzes the relationship between environmental responsibility and corporate premium by using panel data model. The sample data come from annual and social responsibility report in 2008-2015 of listed companies of 13 which heave pollution industries. Results suggest that the behavior of environmental information disclosure will have direct and indirect influence on corporate premium. If companies have the behavior of environmental information disclosure, they would have higher industry average premium and in relatively stable level. And the quality of environmental information disclosure plays a positive role in promoting corporate premium. In addition, the behavior of environmental information disclosure will reduces the negative effect of scale and positive effect of growth on corporate premium compare with those which do not have that behavior.