机构投资者、环境信息披露质量与企业价值

Institutional Investors,Quality of Environmental Information Disclosure and Enterprise Value

本文以2010-2016年我国沪深两市A股市场中的重污染上市企业为研究对象,重点研究了环境信息披露质量对企业价值的影响机理,并将机构投资者这一资本市场重要参与因素引入两者关系的研究中。研究发现:企业引入机构投资者有利于价值提升,且机构投资者的持股比例与企业价值显著正相关;环境信息披露质量与企业价值之间显著正相关;机构投资者及其持股比例削弱了环境信息质量对企业价值的促进作用。

In this paper,2010-2016 China's Shanghai and Shenzhen two heavy pollution in A stock market in listed companies as the research object,focusing on the environmental information disclosure mechanism affect the quality of the enterprise value,and institutional investors in the capital market in the relationship between the two important factors are introduced in.The empirical study found that:enterprise introduction of institutional investors is conducive to enhance the value,a significant positive correlation between the shareholding ratio of institutional investors and corporate value;environmental information disclosure of significant positive correlation between the quality and the value of enterprises;institutional investors and ownership weakened the role of environmental information quality on enterprise value.