我国重污染行业上市公司环境信息披露对财务绩效影响研究

论文总字数：19406字

目 录

1 引言........................................................................................................5

1.1研究背景.................................................................................. ...............................................5

1.2文献综述................................................................................................................................. 5

1.3研究目的和意义......................................................................................................................6

1.3研究思路和方法.................................................................. ...................................................7

2 概念............................ .......................7

2.1重污染行业的界定..................................................................................................................7

2.2环境信息与环境披露的内涵..................................................................................................7

2.3财务绩效的内涵......................................................................................................................8

3 环境披露的相关理论......................................9

3.1可持续发展理论......................................................................................................................9

3.2信息不对称理论....................................................................................................................10

3.3信号传递理论........................................................................................................................10

3.4外部压力理论........................................................................................................................11

3.5印象管理理论........................................................................................................................11

4 实证分析...............................................12

4.1样本的选取和数据来源........................................................................................................12

4.2.1环境披露指数...............................................................................................................12

4.2.2被解释变量...................................................................................................................12

4.3 假设.......................................................................................................................................13

4.4模型构建................................................................................................................................14

4.5回归分析................................................................................................................................15

5 结论...................................................16

参考文献.................................................17

致谢.....................................................18

我国重污染行业上市公司环境信息披露对财务绩效影响研究

鲁童

，China

ABSTRACT:Since reforming and opening up,the development of current economy of our country is obvious to everyone,but the environment problem is increasingly serious.Heavy polluting industries is the chief culprits for environment pollution.Environmental information disclosure, as an independent and effective method of pollution control,can rely on the reaction of the market. Heavy polluting enterprises can be limited by environmental information disclosure.Although, all enterprises spare no effort to seek maximum benefits, at the same time, they should pay attention to environmental protection and disclosure of environmental information. This article focuses on the correlation between environmental information disclosure level and corporate performance,this paper selects heavy polluting

industries from 2011 to 2014 of SZstock market as the sample of the research.

The study found that :the asset size, profitability, capacity development, debt ratio, have significant impacts on voluntary environmental information disclosure of listed companies in heavy polluting industries .

Keywords: heavy polluting ;environmental information; disclosure; finance performance

1引言

1.1研究背景

1978年，罗马俱乐部发表名为《增长的极限》的研究报告,标志着社会科学对环境问题关注度日益提高，于是在这样的一个时代大环境下，会计学也从20世纪70年代起，将视线投向环境，从此环境会计应运而生。作为环境会计的一个重要组成部分，企业环境信息的披露也日益得到重视。1978年，改革开放的春风吹进了中国的各个角落，人们也享受到了经济蓬勃发展带来的物质生活水平的极大丰富，但是随之而来环境问题成为了现代人的梦魇。饮用水污染物超标，90%的城市空气质量不达标，雾霾严重，酸雨频降，不仅阻碍经济良性发展，也对人们的生活造成巨大的威胁。企业作为主要污染源之一，特别是重污染行业，必须自觉地披露环境信息，从而让政府和民众更好地督促企业承担环境保护的责任。我国政府也开始逐渐正视这个问题，从21世纪起，逐步出台相关的法律来规范重污染行业上市公司的环境信息披露问题。最初是在2001年，证监会文件指出，股票发行者要对其业务以及其通过股票形式所筹集的资金进行投资的项目是否符合环保要求进行公开。我国证券监督管理委员会规定，重污染行业的上市公司凡是爆出重大的环境污染事件，要依法追究当事人的刑事责任。不仅如此，在钢铁、水泥、电解铝、火电等行业，一方面要受到严格的环境监控，另一方面这些行业公司或者跨省经营的重污染企业申请首次上市或者再次融资是都必须要接受严格的环境核查，如果不配合环境核查工作，证监会将一律不予受理其上市融资要求。由此可见，我国政府确实对于环境信息的问题越来越关注，并且希望上市公司自觉去承担起社会责任和环保责任，自觉地去披露，高质量地披露，按章法来披露相关的环境信息。

1.2文献综述

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