环境信息披露的价值效应研究

摘要

As environmental issues become increasingly prominent, the value effect about environmental information disclosure of listed companies has become a hot academic research. Paper selects the balanced panel data of 381 listed companies from 2010 to 2012 in heavily polluting industries as samples to research on the relationship between the level of environmental information disclosure , investor confidence and corporate value. The results showed that: the higher the level of environmental information disclosure , the book value and the market value of the company are both higher, the higher the level of environmental information disclosure, the stronger the external investor confidence, investor confidence is the media between environmental information disclosure and corporate value, which means environmental information disclosure can influence corporate value directly and at the same time can influence it indirectly. This study shows that environmental information disclosure in listed companies significantly affects its value , and investor confidence is an important transmission mechanism.%随着环境问题的日益突出，上市公司环境信息披露的价值效应问题已成为学术界研究的热点。文章以我国2010-2012年381家重污染行业上市公司的平衡面板数据为研究样本，实证检验了环境信息披露、投资者信心和公司价值之间的关系。结果发现：环境信息披露水平越高，公司价值越高；环境信息披露水平越高，外部投资者信心越强；投资者信心在环境信息披露与公司价值之间起传导作用，即环境信息披露直接影响公司价值的同时，也会通过投资者信心的传导间接影响公司价值。文章研究表明上市公司环境信息披露显著影响了其公司价值，而投资者信心是其重要的传导机制。