不同产权性质的企业履行环境责任对企业价值的影响研究——来自重污染行业上市公司的经验数据
|
摘要
以2013—2016年A股主板重污染行业上市公司为样本,按产权性质将企业进一步分组,实证检验企业履行环境责任对企业价值的影响。结果发现,企业履行环境责任能够显著提升企业价值;非国有企业履行环境责任对企业价值的提升效果比国有企业更显著;地方国有企业履行环境责任对企业价值的提升效果比中央国有企业更显著。进一步引入政府环境规制变量后发现,在非国有企业中,政府的环境规制程度越高,企业履行环境责任对企业价值的提升效果越明显。分析表明,利益相关者对不同产权性质的企业承担环境责任的期望不同,从而导致企业履行环境责任对企业价值的提升作用存在差异。为此,建议地方国有企业加大履行环境责任的力度,同时地方政府需进一步健全对非国有企业履行环境责任的激励机制。
Taking listed companies in heavy pollution industry of A-share main board from 2013 to 2016 as samples, the enterprises were further grouped according to the nature of property rights,and the impact of environmental responsibility on the value of enterprises was empirically tested. It was found that the enterprise's fulfillment of environmental responsibility can significantly enhance the value of enterprises, the effect of non-state-owned enterprises in fulfilling environmental responsibility on the value of enterprises is more significant than that of state-owned enterprises; the effect of local enterprises in fulfilling environmental responsibility on the value of enterprises is more significant than that of central enterprises. After further introducing a variable of the government environmental regulation,it's found that in the non-stateowned enterprises, the higher degree of government environmental regulation, the more obvious the effect of corporate environmental responsibility on corporate value improvement is.. The above results show that stakeholders have different expectations for environmental responsibility of enterprises that have different property rights,which leads to different effects of corporate environmental responsibility on corporation value. According to the above conclusions,it's suggested that local stateowned enterprises should devote greater effort to fulfill their environmental responsibilities. At the same time, local governments should further enhance the incentives for non-state-owned enterprises fulfilling their environmental responsibilities.
Taking listed companies in heavy pollution industry of A-share main board from 2013 to 2016 as samples, the enterprises were further grouped according to the nature of property rights,and the impact of environmental responsibility on the value of enterprises was empirically tested. It was found that the enterprise's fulfillment of environmental responsibility can significantly enhance the value of enterprises, the effect of non-state-owned enterprises in fulfilling environmental responsibility on the value of enterprises is more significant than that of state-owned enterprises; the effect of local enterprises in fulfilling environmental responsibility on the value of enterprises is more significant than that of central enterprises. After further introducing a variable of the government environmental regulation,it's found that in the non-stateowned enterprises, the higher degree of government environmental regulation, the more obvious the effect of corporate environmental responsibility on corporate value improvement is.. The above results show that stakeholders have different expectations for environmental responsibility of enterprises that have different property rights,which leads to different effects of corporate environmental responsibility on corporation value. According to the above conclusions,it's suggested that local stateowned enterprises should devote greater effort to fulfill their environmental responsibilities. At the same time, local governments should further enhance the incentives for non-state-owned enterprises fulfilling their environmental responsibilities.
引文
[1]岳君君,蔡永灿.企业环境责任与财务绩效的实证分析[J].金融经济,2015(16):137-139.
[2]杨皖苏,杨善林.中国情境下企业社会责任与财务绩效关系的实证研究[J].中国管理科学,2016(1):143-150.
[3]杨忠智,乔印虎.行业竞争属性、公司特征与社会责任关系研究---基于上市公司的实证分析[J].科研管理,2013(3):58-67.
[4]Bragdon J H,Marlin J A T.Is Pollution Profitable?[J].Risk Management,1972(19):9-18.
[5]黄瑞娜,陈新国.工业企业环境责任与财务绩效关系研究[J].企业管理,2017(5):118-120.
[6]聂嘉琪.政治关联与企业环境责任:基于我国重污染行业的经验证据[J].金融与经济,2018(3):65-72.
[7]Klassen R D,Whybark D C.The impact of environmental technologies on manufacturing performance[J].Academy of Management Journal,1999(42):599-615.
[8]Ghoul S E,Guedhami O,Kwok C C Y,Mishra D R.Does Corporate Social Responsibility Affect the Cost of Capital?[J].Journal of Banking and Finance,2011(35):2388-2406.
[9]Stephen Brammer,ChrisBrooks,Stephen Pavelin.Corporate Social Performance and Stock Returns:UK Evidence from Disaggregate Measures[J].Financial Management,2008(3).
[10]万寿义,刘正阳.制度背景、公司价值与社会责任成本[J].南开管理评论,2013(11):83-91.
[11]陈玉清,马丽丽.我国上市公司社会责任会计信息市场反应实证分析[J].会计研究,2005(11):76-81.
[12]Lankoski L.Determinants of environmental profit:An Analysis of the Firm-Level Relationship between Environmental Performance and Economic Performance[J].Helsinki University of Technology,2000(9):118.
[13]张萃,伍双霞.环境责任承担与企业绩效---理论与实证[J].工业技术经济,2017(5):67-75.
[14]刘启亮,罗乐,何威风,陈汉文.产权性质、制度环境与内部控制[J].会计研究,2012(3):52-61+95.
[15]赵邦宏.企业价值评估方法研究:问题、对策与准则[D].北京:中国农业大学,2003.
[16]俞明轩.企业价值评估[M].北京:中国人民大学出版社,2004.
[17]汪海粟.企业价值评估[M].上海:复旦大学出版社,2005.
[18]张家伦.企业价值评估与创造[M].上海:立信会计出版社,2005.
[19]范琦.中央企业上市公司环境责任与公司价值的相关性研究[J].财务与金融,2013(3):76-81.
[20]王霞,徐晓东,王宸.公共压力、社会声誉、内部治理与企业环境信息披露---来自中国制造业上市公司的证据[J].南开管理评论,2013(2):82-91.
[2]杨皖苏,杨善林.中国情境下企业社会责任与财务绩效关系的实证研究[J].中国管理科学,2016(1):143-150.
[3]杨忠智,乔印虎.行业竞争属性、公司特征与社会责任关系研究---基于上市公司的实证分析[J].科研管理,2013(3):58-67.
[4]Bragdon J H,Marlin J A T.Is Pollution Profitable?[J].Risk Management,1972(19):9-18.
[5]黄瑞娜,陈新国.工业企业环境责任与财务绩效关系研究[J].企业管理,2017(5):118-120.
[6]聂嘉琪.政治关联与企业环境责任:基于我国重污染行业的经验证据[J].金融与经济,2018(3):65-72.
[7]Klassen R D,Whybark D C.The impact of environmental technologies on manufacturing performance[J].Academy of Management Journal,1999(42):599-615.
[8]Ghoul S E,Guedhami O,Kwok C C Y,Mishra D R.Does Corporate Social Responsibility Affect the Cost of Capital?[J].Journal of Banking and Finance,2011(35):2388-2406.
[9]Stephen Brammer,ChrisBrooks,Stephen Pavelin.Corporate Social Performance and Stock Returns:UK Evidence from Disaggregate Measures[J].Financial Management,2008(3).
[10]万寿义,刘正阳.制度背景、公司价值与社会责任成本[J].南开管理评论,2013(11):83-91.
[11]陈玉清,马丽丽.我国上市公司社会责任会计信息市场反应实证分析[J].会计研究,2005(11):76-81.
[12]Lankoski L.Determinants of environmental profit:An Analysis of the Firm-Level Relationship between Environmental Performance and Economic Performance[J].Helsinki University of Technology,2000(9):118.
[13]张萃,伍双霞.环境责任承担与企业绩效---理论与实证[J].工业技术经济,2017(5):67-75.
[14]刘启亮,罗乐,何威风,陈汉文.产权性质、制度环境与内部控制[J].会计研究,2012(3):52-61+95.
[15]赵邦宏.企业价值评估方法研究:问题、对策与准则[D].北京:中国农业大学,2003.
[16]俞明轩.企业价值评估[M].北京:中国人民大学出版社,2004.
[17]汪海粟.企业价值评估[M].上海:复旦大学出版社,2005.
[18]张家伦.企业价值评估与创造[M].上海:立信会计出版社,2005.
[19]范琦.中央企业上市公司环境责任与公司价值的相关性研究[J].财务与金融,2013(3):76-81.
[20]王霞,徐晓东,王宸.公共压力、社会声誉、内部治理与企业环境信息披露---来自中国制造业上市公司的证据[J].南开管理评论,2013(2):82-91.