环境信息披露质量对企业价值的影响——以沪、深两市重污染行业上市公司为样本

投资者的决策主要依赖于上市公司披露的信息。由于环境问题日益受到人们的关注,对重污染行业的上市公司而言,环境信息的披露质量必将影响企业价值。以我国重污染行业中上市公司为研究样本,利用＂内容分析法＂得出的环境信息披露指数衡量环境信息披露质量,研究环境信息披露质量与企业价值的相互关系。研究结果表明,环境信息披露质量与企业价值呈显著的正向关系,即环境信息披露质量越高,企业的价值越大。

The Effect of Environmental Information Disclosure Quality on Enterprise Value-Data from the Listed Heavily Polluting Companies in China

The decisions of investors depend on the information disclosure of listed companies. As environmental issues have become increasingly prominent, the environmental information disclo- sure quality will affect the listed heavily polluting companiesr value. In order to study the rela- tionship between the quality of environment information disclosure and enterprise value, we choose heavily polluting industries listed companies as samples, and use ”content analysis“ of the environmental information disclosure index to measure the quality of environmental information disclosure. The results show that, there is a significantly positive correlation between the envi- ronmental information disclosure quality and enterprise value, namely the higher the quality of environmental information disclosure, the greater the value of enterprises.