环境信息披露质量对企业价值的影响研究——基于市场化视角的分析

迫于环境保护的压力,企业环境信息披露质量的提高成为亟待解决的问题。在回顾国内外相关文献的基础上,采用内容分析法收集整理了沪深股市2013～2017年重污染行业企业的环境数据,在此基础上利用OLS模型构建环境信息披露指数用以测度环境信息披露质量,并将市场化程度纳入到实证分析框架,研究发现:(1)环境信息披露质量与企业价值之间呈现显著的正相关关系,即环境信息披露具有"沟通效应",降低了企业与外界的信息不对称程度,促进了企业价值的显著提升;(2)环境信息披露质量与企业价值之间的关系在不同市场化程度中表现出很大的差异性,相较于市场化程度高的地区,位于低市场化程度地区的企业,环境信息公开对其价值提升的贡献度更大。这一研究成果不仅为企业提高环境信息披露质量、强化绿色竞争优势提供了经验支持,而且也为政府规范企业行为提供了决策参考。

Research on the Impact of Environmental Information Disclosure on Enterprise Value from the Perspective of Marketization

Abstract：Under the pressure of environmental protection, the improvement of the quality of corporate environmental information disclosure has become an urgent problem to be solved. On the basis of reviewing the relevant literature at home and abroad, this paper uses the content analysis method to collect the environmental data of enterprises in heavy polluting industries in Shanghai and Shenzhen stock markets from 2013 to 2017, and constructs the environmental information disclosure index to measure the quality of environmental information disclosure, and brings the degree of marketization into the empirical analysis framework, then uses the OLS model to carry on the empirical research. The results show that: (1) There is a significant positive correlation between the quality of environmental information disclosure and the value of enterprises, that is, environmental information disclosure can play the role of “communication effect”, reduce the degree of information asymmetry between enterprises and the outside world, and promote the significant improvement of enterprise value; (2) The relationship between the quality of environmental information disclosure and enterprise value varies greatly in different degree of marketization. Compared with the enterprises in the region with high degree of marketization, enterprises from the region with lower degree of marketization contribute more to the promotion of value through the disclosure of environmental information. The research results not only provide empirical support for enterprises to improve the quality of information disclosure and strengthen green competitive advantage, but also provide decision-making reference for the government to regulate enterprise behavior.