环保投入、环境信息披露质量与企业价值
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摘要
以2011—2016年重污染行业上市公司的非平衡面板数据为样本,实证检验环保投入与企业价值的关系,以及环境信息披露质量的调节效应。研究表明,环保投入与企业价值呈U型曲线关系,随着环保投入的增加,企业价值先减少后增加,且目前更多地表现为环保投入的价值减损效应。高质量的环境信息披露能够缓和环保投入与企业价值之间的关系,使U型曲线更平缓,在一定范围内能够提升U型曲线的整体水平;此外,在环境信息披露质量较高时,企业需要更多的环保投入才能实现环保投入的价值增值效应。
Based on the unbalanced panel data of listed companies in heavy polluting industries from 2011 to 2016, this paper empirically tests the relationship between environmental investment and corporate value, and the regulatory effect of environmental information disclosure quality. It was found that the relationship between environmental investment and corporate value is in a U-shaped curve. With the increase in environmental investment, the corporate value decreases first and then increases. At present, it is more a manifestation of the value-reduction effect of environmental investment. High-quality environmental information disclosure can ease the relationship between environmental investment and corporate value, make the U-shaped curve smoother, and can improve the overall level of U-shaped curve within a certain range; in addition, when the quality of environmental information disclosure is higher, more environmental investment is needed to realize the value-added effect of environmental investment.
Based on the unbalanced panel data of listed companies in heavy polluting industries from 2011 to 2016, this paper empirically tests the relationship between environmental investment and corporate value, and the regulatory effect of environmental information disclosure quality. It was found that the relationship between environmental investment and corporate value is in a U-shaped curve. With the increase in environmental investment, the corporate value decreases first and then increases. At present, it is more a manifestation of the value-reduction effect of environmental investment. High-quality environmental information disclosure can ease the relationship between environmental investment and corporate value, make the U-shaped curve smoother, and can improve the overall level of U-shaped curve within a certain range; in addition, when the quality of environmental information disclosure is higher, more environmental investment is needed to realize the value-added effect of environmental investment.
引文
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[4]FALSETTA D,RUPERT T,WRIGHT A.The effect of the timing and direction of capital gain tax changes on investment in risky assets[J].Accounting Review,2013,88(2):499-520.
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[12]PEKOVIC S,GROLLEAU G,MZOUGHI N.Environmental investments:too much of a good thing?[J].International Journal Of Production Economics.2018,3(197):297-302.
[13]唐国平,李龙会,吴德军.环境管制、行业属性与企业环保投资[J].会计研究,2013(6):83-89,96.
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[15]李强,田双双.环境规制能够促进企业环保投资吗?:兼论市场竞争的影响[J].北京理工大学学报(社会科学版),2016,18(4):1-8.
[16]王云,李延喜,马壮,等.媒体关注、环境规制与企业环保投资[J].南开管理评论,2017,20(6):83-94.
[17]唐国平,李龙会.股权结构、产权性质与企业环保投资:来自中国A股上市公司的经验证据[J].财经问题研究,2013(3):93-100.
[18]李强,田双双,刘佟.高管政治网络对企业环保投资的影响:考虑政府与市场的作用[J].山西财经大学学报,2016,38(3):90-99.
[19]陶岚,刘波罗.基于新制度理论的企业环保投入驱动因素分析:来自中国上市公司的经验证据[J].中国地质大学学报(社会科学版),2013,13(6):46-53,133.
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[21]薛求知,伊晟.企业环保投入影响因素分析:从外部制度到内部资源和激励[J].软科学,2015,29(3):1-4,51.
[22]张悦.监管制度、行业属性与企业环境投资:基于行业差异的影响因素识别与解析[J].工业技术经济,2017,36(5):92-101.
[23]宋铁波,钟熙,陈伟宏.企业绩效越好环保投入会越多吗?:来自中国制造业上市公司的经验证据[J].华东经济管理,2017,31(5):126-133.
[24]陈伟宏,钟熙,宋铁波.业绩期望落差、股权集中度和企业环保投入[J].工业技术经济,2017,36(12):10-18.
[25]任广乾.基于公司治理视角的企业环保投资行为研究[J].郑州大学学报(哲学社会科学版),2017,50(3):66-71,159.
[26]单春霞,仲伟周.环境保护投入对煤炭企业核心竞争力的影响研究[J].华东经济管理,2018,32(1):137-144.
[27]李虹,娄雯,田马飞.企业环保投资、环境管制与股权资本成本:来自重污染行业上市公司的经验证据[J].审计与经济研究,2016,31(2):71-80.
[28]唐鹏程,杨树旺.企业社会责任投资模式研究:基于价值的判断标准[J].中国工业经济,2016(7):109-126.
[29]张祥建,徐晋,徐龙炳.高管精英治理模式能够提升企业绩效吗?:基于社会连带关系调节效应的研究[J].经济研究,2015,50(3):100-114.
[30]朱丹,周守华.战略变革、内部控制与企业绩效[J].中央财经大学学报,2018(2):53-64.
[2]ERI N.Does organizational slack increase R&D and environmental investments?[J].Journal of Business Management,2011,27(1):15-26.
[3]MUROVEC N,ERKER R,PRODAN I.Determinants of environmental investments:testing the structural model[J].Journal of Cleaner Production.2012,12(37):265-277.
[4]FALSETTA D,RUPERT T,WRIGHT A.The effect of the timing and direction of capital gain tax changes on investment in risky assets[J].Accounting Review,2013,88(2):499-520.
[5]MINATTI F D,BORBA J,ROVER S,et al.Explaining environmental investments:a study of Brazilian companies[J].Environmental Quality Management.2014,23(4):71-86.
[6]TESTA F,GUSMEROTTIA N,CORSINI F,et al.Factors affecting environmental management by small and micro firms:the importance of entrepreneurs' attitudes and environmental investment[J].Corporate Social Responsibility & Environmental Management.2016,23(6):373-385.
[7]AZADEGAN A,GOLARA S,KACH A,et al.Corporate environmental investments:a cross-national study on managerial decision making[J].International Journal Of Production Economics.2018,5(199):47-64.
[8]NAKAMURA E.Does environmental investment really contribute to firm performance?An empirical analysis using Japanese firms[J].Eurasian Business Review.2011,1(2):91-111.
[9]SUEYOSHI T,WANG D.Radial and non-radial approaches for environmental assessment by data envelopment analysis:corporate sustainability and effective investment for technology innovation[J].Energy Economics,2014 (45):536-551.
[10]LEE KI-HOON,MIN BYUNG,YOOK KEUN-HYO.The impacts of carbon (CO2) emissions and environmental research and development (R&D) investment on firm performance[J].International Journal of Production Economics,2015(167):91-101.
[11]MARTIN P R,MOSER D V.Managers’ green investment disclosures and investors’ reaction[J].Journal of Accounting and Economics,2016,61(1):239-254.
[12]PEKOVIC S,GROLLEAU G,MZOUGHI N.Environmental investments:too much of a good thing?[J].International Journal Of Production Economics.2018,3(197):297-302.
[13]唐国平,李龙会,吴德军.环境管制、行业属性与企业环保投资[J].会计研究,2013(6):83-89,96.
[14]谢智慧,孙养学,王雅楠.环境规制对企业环保投资的影响:基于重污染行业的面板数据研究[J].干旱区资源与环境,2018,32(3):12-16.
[15]李强,田双双.环境规制能够促进企业环保投资吗?:兼论市场竞争的影响[J].北京理工大学学报(社会科学版),2016,18(4):1-8.
[16]王云,李延喜,马壮,等.媒体关注、环境规制与企业环保投资[J].南开管理评论,2017,20(6):83-94.
[17]唐国平,李龙会.股权结构、产权性质与企业环保投资:来自中国A股上市公司的经验证据[J].财经问题研究,2013(3):93-100.
[18]李强,田双双,刘佟.高管政治网络对企业环保投资的影响:考虑政府与市场的作用[J].山西财经大学学报,2016,38(3):90-99.
[19]陶岚,刘波罗.基于新制度理论的企业环保投入驱动因素分析:来自中国上市公司的经验证据[J].中国地质大学学报(社会科学版),2013,13(6):46-53,133.
[20]李虹,王瑞珂,许宁宁.管理层能力与企业环保投资关系研究:基于市场竞争与产权性质的调节作用视角[J].华东经济管理,2017,31(9):136-143.
[21]薛求知,伊晟.企业环保投入影响因素分析:从外部制度到内部资源和激励[J].软科学,2015,29(3):1-4,51.
[22]张悦.监管制度、行业属性与企业环境投资:基于行业差异的影响因素识别与解析[J].工业技术经济,2017,36(5):92-101.
[23]宋铁波,钟熙,陈伟宏.企业绩效越好环保投入会越多吗?:来自中国制造业上市公司的经验证据[J].华东经济管理,2017,31(5):126-133.
[24]陈伟宏,钟熙,宋铁波.业绩期望落差、股权集中度和企业环保投入[J].工业技术经济,2017,36(12):10-18.
[25]任广乾.基于公司治理视角的企业环保投资行为研究[J].郑州大学学报(哲学社会科学版),2017,50(3):66-71,159.
[26]单春霞,仲伟周.环境保护投入对煤炭企业核心竞争力的影响研究[J].华东经济管理,2018,32(1):137-144.
[27]李虹,娄雯,田马飞.企业环保投资、环境管制与股权资本成本:来自重污染行业上市公司的经验证据[J].审计与经济研究,2016,31(2):71-80.
[28]唐鹏程,杨树旺.企业社会责任投资模式研究:基于价值的判断标准[J].中国工业经济,2016(7):109-126.
[29]张祥建,徐晋,徐龙炳.高管精英治理模式能够提升企业绩效吗?:基于社会连带关系调节效应的研究[J].经济研究,2015,50(3):100-114.
[30]朱丹,周守华.战略变革、内部控制与企业绩效[J].中央财经大学学报,2018(2):53-64.