胡俊南,王宏辉.重污染企业环境责任履行与缺失的经济效应对比分析[J].南京审计学院学报,2019,(6):
重污染企业环境责任履行与缺失的经济效应对比分析
  
DOI:
中文关键词:  企业环境责任  经济效应  盈余质量  市场价值  市场份额  财务风险  环境信息披露  债务融资
英文关键词:corporate environmental responsibility (CER)  economic effect  earnings quality  market value  market share  fimancial risk  environmental information disclosure  debt financing
基金项目:国家自然科学基金项目(71662010);国家自然科学基金青年项目(41501133);江西省社会科学“十二五”规划项目(15GL20)
作者单位
胡俊南,王宏辉 华东交通大学 经济管理学院江西 南昌 330013 
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中文摘要:
      基于2010—2016年828家重污染上市公司的面板数据,采用固定效应模型从盈余质量、市场价值、市场份额三个方面对比分析重污染企业环境责任履行与缺失的经济效应,探究财务风险、高管持股比例、产权性质、企业规模与履行环境责任的交互效应,并通过配对分组进行谨慎性检验。研究结果表明:履行环境责任的重污染企业其盈余质量、市场价值与市场份额更高;具有较低财务风险的重污染企业履行环境责任能显著促进其盈余质量和市场价值提升;高管持股比例较低的重污染企业履行环境责任能显著促进其盈余质量和市场份额提升;国有性质的重污染企业履行环境责任能显著促进其盈余质量提升;规模较大的重污染企业履行环境责任能显著促进其市场价值提升。
英文摘要:
      Based on the data of 828 listed heavily polluting companies between 2010 and 2016,the paper uses the fixed effect model to analyze the economic effects of performance and absence of environmental responsibility of heavily polluting companies from three aspects: earnings quality,market value and market share. In addition,it explores the interaction effects between financial risk,executive stock ownership,property right character,scale and environmental responsibility performance. Furthermore,it makes a conservatism test by the paired grouping method. The findings indicate that: It’s obviously that fulfilling CER can improve earnings quality,market value and market share. Under lower financial risk,fulfilling CER can significantly improve earnings quality and market value. Under lower executive stock ownership,fulfilling CER can significantly improve earnings quality and market share.With state-owned nature,fulfilling CER can significantly improve earnings quality. With larger size, fulfilling CER can significantly improve market value.
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