商业研究

商业研究

• 商经理论 • 上一篇    下一篇

环境信息披露对上市公司企业价值的影响——“组织可见度”是否起到中介作用

杨广青，杜亚飞，刘韵哲   

  1. （福州大学 经济与管理学院，福州 350108）
  • 收稿日期:2019-09-25 出版日期:2020-02-12
  • 作者简介:杨广青（1975-），男，广东梅州人，福州大学经济与管理学院教授，博士生导师，管理学博士，研究方向：公司金融；杜亚飞（1990-），男，湖北十堰人，福州大学经济与管理学院博士研究生，研究方向：信息披露；刘韵哲（1993-），男，福建三明人，福州大学经济与管理学院硕士研究生，研究方向：信息披露。
  • 基金资助:
    国家自然科学基金面上项目“信息不对称下信息披露与市场竞争：理论、实证与政策设计”，项目编号：71673048。

The Impact of Environmental Information Disclosure on the Corporate Value of Listed. Companies:Whether “Organizational Visibility” Plays an Intermediary Role

YANG Guang-qing, DU Ya-Fei, LIU Yun-Zhe.   

  1. (School of Economics and Management, Fuzhou University, Fuzhou 350108,China)
  • Received:2019-09-25 Online:2020-02-12

摘要： 我国现行企业环境信息披露政策下，企业对于信息披露的方式、时间等有很大的自由裁量权力。因此，企业这一社会责任的自觉履行需要企业价值最大化等动机支撑，但其作用机理是否有效，投资者的关注度及解读尤为重要，亦即“组织可见度”在环境信息披露对企业价值的影响中扮演重要角色。本文以我国化工行业上市公司2013-2017年样本，实证检验环境信息披露对企业价值的影响，并依次从分析师关注水平和媒体关注水平两个角度衡量组织可见度，检验其是否具有中介效应，并分析所有权性质差异下的不同结果。结果表明：环境信息披露能提升企业价值，组织可见度在环境信息披露对企业价值的影响过程中发挥了部分中介效应。进一步研究发现，当使用分析师关注水平衡量组织可见度时，该中介作用只体现在国有企业中；当使用媒体关注度衡量组织可见度时候，该中介作用在两种类型的企业中均只得到了部分体现。企业环境信息披露政策本意是通过其影响企业的市值表现促进企业更好地履行其环境社会责任，本文通过揭示其中组织可见度的中介作用，有助于启示企业对其市值管理、有关管理部门对企业履行环境社会责任引导时的操作思路。

关键词: 关键词：环境信息披露, 组织可见度, 企业价值, 中介效应.

Abstract: Abstract：Under the current enterprise environmental information disclosure policy in China, enterprises have a lot of discretion in the way and time of information disclosure. Therefore, the conscious performance of corporate social responsibility needs motivation support such as maximizing corporate value. However, whether its mechanism is effective or not is particularly important for investors′ attention and interpretation, that is, “organizational visibility” plays an important role in the impact of environmental information disclosure on corporate value. Based on the samples of Listed Companies in China′s chemical industry from 2013 to 2017, this paper empirically tests the impact of environmental information disclosure on corporate value, measures organizational visibility from the perspectives of analysts′ attention level and media′s attention level, tests whether it has intermediary effect, and analyzes different results under the differences of ownership. The results show that environmental information disclosure can enhance enterprise value, and organizational visibility plays a part of intermediary effect in the process of the impact of environmental information disclosure on enterprise value. Further research found that when using analyst focus to measure organizational visibility, the intermediary role is only reflected in state-owned enterprises; when using media focus to measure organizational visibility, the intermediary role is only partially reflected in both types of enterprises. The original intention of enterprise environmental information disclosure policy is to promote enterprises to better perform their environmental and social responsibilities through its impact on the market value performance of enterprises. This paper reveals the intermediary role of organizational visibility, which is helpful to enlighten enterprises on their market value management, and the operation ideas of relevant management departments when guiding enterprises to perform environmental and social responsibilities.

Key words: Key words： environmental information disclosure, organizational visibility, enterprise value, intermediary effect