从系统管理视角看环境信息披露与企业价值的关系

本文研究对象为复旦大学经济研究中心发布的2016-2017年《企业环境信息披露指数》中的上市公司,从系统管理视角出发,通过实证研究,辩证地看清了企业价值和环境信息披露的关系,检验了企业风险对环境信息披露和企业价值的中介效应。通过实证研究发现,环境信息披露与企业价值Tobin’Q在1%显著水平下呈负相关,经营风险在企业价值与环境信息披露的关系之间存在中介效应,对二者的负相关关系有加强的作用。本文从系统外部及系统管理内部两个层面提出改善环境信息披露水平及提高披露效果作用于企业价值的建议,将经营风险控制在合理的范围内,有利于提高企业价值。

On the Relationship Between Environmental Information Disclosure and Corporation Value from the Perspective of System Management

The research object of this paper is the listed companies in the 2016-2017 enterprise environmental information disclosure index released by the economic research center of Fudan university.The empirical study and analysis of the relationship between enterprise value and environmental information disclosure are conducted to test the intermediary effect of enterprise risk on environmental information disclosure and enterprise value from the perspective of system management. Through empirical studies,it is found that environmental information disclosure is negatively correlated with enterprise value Tobin’Q at a significant level of 1%,and operational risk has a mediating effect on the relationship between enterprise value and environmental information disclosure,which strengthens the negative correlation between them. This paper puts forward suggestions on improving the level of environmental information disclosure and improving the effect of disclosure on enterprise value from both external and internal levels,and controls the operation risk within a reasonable range,which is conducive to improving enterprise value from the perspective of system management..