摘要
目前上市公司环境信息披露的研究成果丰硕,但对具有"绿色"特征的林业上市公司的研究相对较少,且林业企业作为经济效益、社会效益、生态效益的集合体,其环境信息披露与企业价值的关系,以及社会公众对该关系的影响值得进一步探讨。文章选取2015至2019年43家A股林业上市公司为研究样本,探究环境信息披露对林业企业价值的影响,并引入媒体关注这一变量,分析其对环境信息披露和企业价值的调节作用。研究发现:环境信息披露对企业价值在1%的水平上有显著正向作用,且该作用在重污染林业企业中仍为1%的水平上显著正向相关,而在非重污染林业企业中不显著;媒体关注变量在该关系中起到正向调节效应,且非负面报道的调节效应更为显著。综合研究结论及资料整理后认为,林业企业自身应自觉提升环境责任履行质量和信息披露水平,并不断优化战略实现企业增值,为承担环境责任提供经济保障;媒体关注等外部监督因具有调节效应,故应充分发挥其在企业环境信息披露中的治理作用,以正确引导中小投资者的决策;我国应进一步完善环境信息披露制度、指标和监督机制,以促进企业提升环境信息披露水平和质量,并不断丰富披露事项使其随行业不同而不断特征化。同时,随着环境信息披露事项的不断拓展和创新,林业企业也应不断丰富披露事项和内容,提高环境信息披露"含金量"。
At present,there are abundant research results on environmental information disclosure of listed companies,but for the listed forestry companies with"green"characteristics,the research is relatively small.As a combination of economic benefit,social benefit and ecological benefit,the relationship between environmental information disclosure and enterprise value of forestry enterprises,as well as the influence of society on the relationship,is worth further discussion.This paper selects 43 A-share forestry listed companies from 2015 to 2019 as research samples to explore the impact of environmental information disclosure on enterprise value,and introduces the variable of media attention to analyze its moderating effect on environmental information disclosure and enterprise value.The results show that environmental information disclosure has a significant positive effect on enterprise value at the confidence level of 1%,and this effect has a significant positive correlation at the confidence level of 1%in the heavily polluted forestry enterprises,but is not significant in the non-heavily polluted forestry enterprises.Media attention had a positive moderating effect on the relationship,and the moderating effect of non-negative reports was more significant.After summarizing the research conclusions and data collection,it is concluded that forestry enterprises themselves should consciously improve the quality of environmental responsibility performance and information disclosure,and constantly optimize the strategy to realize enterprise value increment to provide economic guarantee for undertaking environmental responsibility.External supervision such as media attention should give full play to its governance role in enterprise environmental information disclosure because of its moderating effect so as to correctly guide the decision of medium and small investors.Relevant departments should further improve the mechanism,indicators and supervision mechanism of environmental information disclosure to promote enterprises
作者
葛源
张岩
程宝栋
GE Yuan;ZHANG Yan;CHENG Baodong(School of Economics and Management,Beijing Forestry University,Beijing 100083)
出处
《林业经济》
北大核心
2021年第3期52-64,共13页
Forestry Economics
基金
国家自然科学基金项目“中国木材加工业转移粘性、集聚与产业升级研究”(编号:71873016)。
关键词
林业企业
环境信息披露
企业价值
媒体关注
forestry enterprise
environmental information disclosure
enterprise value
media attention
