浅析企业治理环境付出与企业市场价值之间的关系--以火力发电行业为例
首发时间:2019-03-20
摘要:本文以我国上海证券交易所、深圳证券交易所2013年-2017年火力发电行业37个上市公司为样本,研究了企业治理环境付出与企业价值的相关性问题。本文采用两阶段最小二乘法对问题进行分析,在第一阶段分析中,我们发现盈利能力越强、规模越大、对环境责任意识越强的企业越愿意为治理环境作出付出,在第二阶段我们发现企业为治理环境所付出的努力与企业存在着显著的负相关关系,说明企业为治理环境所付出的努力越大,企业的市场价值越低。
关键词: 管理学 企业环境责任 企业市场价值 两阶段最小二乘法 火力发电行业
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Dose Company\'s Paying for Environment Governance Matters: Evidences from Thermal Power Generation Industry
Abstract:Based on the sample of 37 listed companies in the thermal power generation industry in Shanghai Stock Exchange and Shenzhen Stock Exchange from 2013 to 2017, this paper studies the correlation between company\'s paying for environment governance and the market value of the enterprise. In this paper, the two-stage least squares method is used to analyze this problem. In the first stage analysis, we find that the stronger the profitability is, the larger the scale will be, and the stronger the sense of environmental responsibility is, the more willing to pay for the governance environment will be. In the second stage We find that the efforts of enterprises to manage the environment have a significant negative correlation with the enterprise value, indicating that the greater the efforts of enterprises paying to manage the environment, the lower the market value of the enterprise will be.
Keywords: Management Corporate environmental responsibility Enterprise market value Two-stage least squares method Thermal power generation industry
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浅析企业治理环境付出与企业市场价值之间的关系--以火力发电行业为例
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