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Research On The Impact Of Environmental Information Disclosure On Enterprise Value Of Listed Companies In Petrochemical Industry

Posted on:2018-02-01Degree:MasterType:Thesis
Country:ChinaCandidate:Y ChengFull Text:PDF
GTID:2359330536459338Subject:Accounting
Abstract/Summary:PDF Full Text Request
In recent years,with the rapid development of the global economy and the continuous improvement of people's living standards,environmental problems become increasingly serious.The environmental problem has become one of the most difficult problems in the world,and has been concerned by more and more governments,enterprises and the public.As the most basic unit of economic activities and the major polluters of pollutants,the enterprise is responsible for environmental protection.The company has the responsibility to transmit environmental information to the stakeholders through environmental information disclosure,providing useful information for investors,creditors,government departments and other stakeholders.However,the environmental information disclosure of Listed Companies in China is not optimistic,the majority of listed companies understood Information disclosure as a compulsory duty to be fulfilled,rather than considering the key way to reveal actively information ? to solve the asymmetric information,to enhance the value of the company and to implement the strategic management to external information users from the perspective of corporate strategy.Therefore,China's enterprises are lack of internal motivation to disclose environmental information,Leading to insufficient supply of environmental information in the securities market,not meeting the needs of stakeholders.This paper studies the relationship between environmental information disclosure and enterprise value of Listed Companies in China's petrochemical industry,explaining the internal relationship and mechanism between them.So as to guide the environmental information disclosure behavior of listed companies reasonably,to improve the internal power of the disclosure of environmental information,and to improve the information supply.It has important theoretical value and practical significance for China's environmental protection and sustainable development of the securities market.In the paper,based on the theory of environmental information disclosure,expounding the relationship between the level of environmental information disclosure and the value of enterprises and its mechanism from the theoretical point of view,having a theoretical study of the relationship between the them.Thirdly,this paper combining the characteristics of Chinese enterprises,Selecting 173 listed companies in Shanghai and Shenzhen City during the period2011-2015 in petrochemical industry as the research sample,does an empirical study on the correlation between environmental information disclosure and corporate value of Listed Companies in China.Using Tobin Q value to measure enterprise value,the resultsobtained are interpreted as variables.By analyzing the annual report,I construct enterprise environmental information disclosure level as surrogate variable----environmental information disclosure index as explanatory variable;Based on the theoretical analysis,combined with the special research background of our country,the company size,financial risk,profitability,growth,operating capacity are regarded as a control variable conducting empirical study.The empirical results show that: There is significant negative correlation between the level of environmental information disclosure and corporate value of China's petrochemical listed companies;At the same time,the disclosure of environmental information of Listed Companies in China's petrochemical industry is also negatively correlated with the value of enterprises.Finally,this paper expounds the reasons for the research results and puts forward some suggestions to improve the relevant departments.
Keywords/Search Tags:environmental information disclosure, environmental financial information disclosure, environmental non-financial information disclosure, corporate performance
PDF Full Text Request
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