环境信息披露对企业价值影响的实证研究
中文摘要
目前我国经济发展由高速增长转向提高发展质量阶段，构建新型环境治理体
系，改善环境，企业承担责任无疑是关键。有关部门制定了一系列的政策和法规，
要求公司加强环保管理，并按规定进行披露相关环境信息；同时，经济可持续增
长要求企业在发展中不仅要着眼于经济效益，也要注重环境效益；加之社会各界
将视野聚焦到环境问题，与企业存在利益关系的各方都需要了解企业的环境信息，
根据披露的信息来真正了解和把握企业履行环境保护责任的情况，进而做出有利
于自身的决策。投资者的投资决策对于企业的发展来说十分重要，目前，环境信
息披露对企业价值存在何种影响引起社会各界广泛关注。
因此，本文首先仔细阅读和研究相关文献，为研究提供理论支撑。以相关理
论为基础，选取样本企业 2015-2020年的数据为研究样本，参照前人研究，采用
内容分析法，构建环境信息披露指数评价框架，对环境信息披露进行测量，运用
多元回归方法进行回归分析，考察了环境信息披露对企业价值的影响，以及环境
信息如何通过改善信息环境、增加企业创新来影响企业价值。
实证结果表明：（1）企业环境信息披露的增加能够带来企业价值的提升。
（2）机制检验表明，一方面，企业披露更多的环境信息通过改善信息环境来提
升企业价值；另一方面，企业披露更多的环境信息能够促进企业创新，进而提升
企业价值。（3）进一步研究发现，与融资约束高、盈利能力低、产权性质为国
有的企业相比，融资约束低、盈利能力高、产权性质为非国有的企业环境信息披
露的企业价值增值作用更加显著。本文有利于拓展环境信息披露经济后果的相关
研究，对于政府、企业和相关市场主体进行信息披露和投资决策具有借鉴价值。
关键词：环境信息披露，企业价值，分析师关注，企业创新
I
AN EMOIRICAL STUDY ON THE IMPACT OF
ENVIRONMENTAL INFORMATION DISCLOSURE ON
ENTERPRISE VALUE
Abstract
Now China's economic development from high-speed growth to improve the
quality of development stage, the construction of a new environmental governance
system, improve the environment, enterprise responsibility is undoubtedly the key.
Relevant departments have formulated a series of policies and regulations, requiring
companies to strengthen environmental management, and disclosure of relevant
environmental information in accordance with the provisions; At the same time,
sustainable economic growth requiresenterprises to pay attention not onlyto
economic benefits but also to environmental benefits in their development. In addition,
all sectors of society will focus on environmental issues, and all parties with interests
in the enterprise need to understand the environmental information of the enterprise,
according to the disclosure of information to truly understand and grasp the enterprise
to fulfill theenvironmental protection responsibility, and thenmake decisions
conducive to their own. Investors' investment decisions are very important for the
development of enterprises. At present, the impact of environmental information
disclosure on enterprise value has aroused widespread concern from all walks of life.
Therefore, this paper first carefully read and studied relevant literature to provide
theoretical support for the study. Selected on the basis of relevant theories, the data of
sample companies from 2015 to 2020 as the research sample, with reference to
previous studies, using content analysis, environmental information disclosure index
assessment framework, the measure of environmental information disclosure, carries
on the regression analysis using multivariate regression method, investigates the
environmental informationdisclosure ofenterprise valueinfluence, And how
environmental information can influence enterprise value by improving information
environment and increasing enterprise innovation.
II
The empirical results show that :(1) the increase of corporate environmental
information disclosure can improve corporate value. (2) Mechanism test shows that,
on the one hand, enterprises disclose more environmental information to improve the
information environment toenhance corporate value;On the other hand,the
disclosure of more environmental information can promote enterprise innovation and
thus enhance enterprise value. (3) Further research shows that compared with the
enterprises with high financing constraints, low profitability and non-state-owned
property rights, the environmental information disclosure of enterprises with low
financing constraints, high profitability and non-state-owned property rights plays a
more significant role in enhancing enterprise value. This paper is helpful to expand
the research on the economic consequences of environmental information disclosure,
and has reference value for the government, enterprises and relevant market entities to
make information disclosure and investment decisions.
Keywords: Environmental Information Disclosure, Enterprise Value, Analyst
Coverage, Enterprise Innovation
III