企业环境行为与企业价值相关关系研究

The research on the relationship between enterprise environmental behavior and enterprise Value

近年来,经济的迅速发展带来越来越严重的环境问题,社会各界逐渐认识到保护环境的重要性。企业作为经济活动的基本组成单位,既是环境效益的最大受益者,也是环境质量的最大破坏者。因此,研究企业环境行为和企业价值之间的关系非常重要。本研究在总结国内外相关文献研究的基础上,以采矿业,造纸业,金属冶炼及压延加工业,电力、热力、燃气、水的生产和供应业的A股303家上市公司为样本,从上市公司2017年年报、社会责任报告、可持续发展报告和环境报告书中搜集整理得到环境行为相关数据,提出研究假设,选取“三废(废气、废水、废渣)”排放量、排污费、企业从政府获得的环保补助、环保设备等方面的投入以及上市公司及其子公司是否属于环境保护部门公布的重点排污单位五方面作为企业环境行为的代表变量,以企业价值作为被解释变量,引入控制变量有企业规模、第一大股东持股比例和净资产收益率,建立分析模型,对数据进行统计描述、相关性检验及回归分析,以验证假设是否成立。研究结论表明,“三废”排放量、环保补助、重点排污单位与企业价值相关关系不显著,排污费与企业所有者权益比值和企业价值负相关,环保投入与企业总资产的比值与企业价值正相关关系显著。企业规模与企业价值负相关关系显著。净资产收益率和企业价值正相关关系显著。第一大股东持股比例与企业价值之间的相关关系不显著。最后提出有针对性的若干建议。通过本文的研究希望可以促使更多企业提高环境管理水平,提升环境责任意识,实现可持续发展理念。

In recent years,the rapid economic development has brought more and more serious environmental problems,peoplehave gradually realized the importance of protecting the environment.As a basic unit of economic activities,enterprise is both the biggest beneficiary of environmental benefits and the biggest destroyer of environmental quality.Therefore,it is particularly important to study the relationship between enterprise environmental information disclosure and enterprise value.As the main content of enterprise environmental information disclosure,it is more important to study the relationship between enterprise environmental behavior and enterprise value.On the basis of summarizing relevant dissertation at home and abroad,this paper defines the concept of environmental information,environmental behavior and enterprise value,and elaborates the theoretical basis of this paper,including stakeholder theory,information asymmetry theory,external pressure theory,and sustainable development theory.And for mining industry,paper industry,metal smelting and rolling processing industry,electric power,heat,gas,water production and supply industry of 303 listed companies as samples,the paper has collected the data from the 2017 annual report of listed companies,social responsibility report,sustainable development and environmental report,put forward the research hypothesis,selection of“three wastes”(waste gas,waste water,waste residue)emissions,discharge,corporate environmental subsidies from the government,the investment on environmental protection equipment and listed company and its subsidiaries whether belong to the environmental protection department of key units five aspects as the representative of enterprises environmental behavior variables,has selected enterprise value as the explained variable,the enterprise size,the first big shareholder's stake,return on equity as control variables,had built the model,has made descriptive statistics,correlation,regression analysis,has verifiedif the hypothesis is established.The results show that there is no significant correlation between“three wastes”emissions,environmental subsidies,key pollution-discharging units and enterprise value,the ratio of pollutant discharge fee to enterprise owner's equity and enterprise value has negative correlation,and the ratio of environmental protection investment to total assets and enterprise value has positive correlation.There is a significant negative correlation between enterprise size and enterprise value.There is a significant positive correlation between roe and enterprise value.The shareholding ratio of the largest shareholder has no significant correlation with enterprise value.Finally,the paper puts forward some suggestions.Through the research,the paper hopes that more enterprises can improve their environmental management level,improve their awareness of environmental responsibility and realize the concept of sustainable development.