Research On Environmental Strategy And Enterprise Value Under The Perspective Of Environmental Visibility

With the worsening of environmental pollution,the environmental strategic management of enterprise has become the focus of academic and theoretical circles.In their understanding of environmental governance,business managers think that it will only lead to an increase in costs and will not bring benefits to enterprises.Even if it brings benefits,there will be a long lag.In addition,the exposure of environmental issues will bring huge,short-term irrecoverable negative image impacts to companies.Therefore,when companies disclose environmental issues,they will appear selective and give good news and do not report worries.In turn,it also leads to the low visibility of stakeholders and other stakeholders to the true state of the enterprise's environment.Currently,there is also debate in academia over whether environmental management will increase the value of enterprises.From literature review it can be concluded that most of the previous research just studied the drivers of environmental management and the influence of environmental management on enterprise performance separately,which did not form a set of effective environmental strategic evaluation system.The objective of the enterprise was to benefit to maximize,these drivers only indicate the status of passive environmental governance in enterprises,and do not fundamentally change the understanding that corporate governance will increase corporate value through environmental governance.Therefore,it is very necessary to find the typical environmental management implementation of indicators,to construct an environmental strategy evaluation system,to study its impact on the enterprise value,to find the regulating mechanism between environmental management and enterprise value,and to change corporate management's recognizes of environmental management from the theory.There are five chapters in this thesis:The first chapter mainly introduces the background and significance of the research.Also,it reviews the domestic and foreign research literature on the drivers of environmental strategy and its corporate value,and gives an objective commentary.The second chapter mainly defines the concept of environmental strategy,environmental visibility and corporate value.And according to the definition of environmental management systems it elects indicators for the environmental strategic evaluation system,and then elaborates the strategic management theory,stakeholders' theory and sustainable development theory systematically.Chapter three,based on the related theories,systematically analyzes the mechanism of the environmental strategy's impact on firm value.At the same time,based on the theory of environmental visibility,the paper analyzes the visibility of environmental issues and the sensitivity of industry environmental sensitivity to the choice of environmental strategies and the regulatory role between environmental strategy and corporate value,and puts forward research hypotheses.The fourth chapter takes the data of Shanghai-Shenzhen A-share listed companies in 2016 as a research sample.Research indicates that:there is a significant differences between the environmental strategy and the enterprise value.The positive-type is positive correlation with the enterprise value,but the commitment-type environment strategy is negative correlation and the adaptive-type environmental strategy is not obvious;Visibility of environmental issues and industry environmental sensitivities can,to a certain degree,urge companies to actively respond to environmental management and implement positive-type environmental strategy.The fifth chapter summarizes the research conclusions based to the previous research results and gives corresponding policy recommendations and proposes research perspectives according to the characteristics of the conclusions.The research characteristics and innovations of this paper are mainly reflected in the research perspectives and methods.Based on the definition of environmental management system,this paper chooses the environmental strategic evaluation index,and uses scientific clustering method to classify the enterprises that implement different environmental strategies.According to the characteristics of each type,the paper makes theoretical analysis and puts forward research hypothesis.The method is relatively rare in current environmental strategy research.In addition,from the perspective of research,most scholars only analyze the drivers of environmental strategies for research or compare only the environmental management and the value of enterprises.They seldom use the drivers of the implementation of environmental strategy in enterprises as the regulatory variables analyze the relationship between environmental management and enterprise value from strategic level,which provides a new kind of research thinking for scholars to argue whether environmental strategic investment will increase enterprise value,and theoretically provides the basis for enterprises to implement environmental strategic management.