摘要 以2010—2019年我国能源行业上市公司数据为样本,利用内容分析法探讨了环境信息披露质量对能源企业价值的影响。结果发现:①能源企业环境信息披露质量与企业价值呈正相关关系。②非货币性环境信息披露质量对企业价值的正向影响更加显著。③市场化程度对环境信息披露质量与企业价值的正相关关系具有增强作用。④市场化程度对非货币性环境信息披露质量与企业价值之间关系的正向调节作用更强。⑤环境信息披露质量能够降低权益资本成本,提高预期现金流量,形成影响企业价值的传导机制。 based on the data of Listed Companies in China′s energy industry from 2010 to 2019,using content analysis method,this paper studied the influence of environmental information disclosure quality on the value of energy enterprises.The results showed that:①The environmental information disclosure quality of energy enterprises was positively correlated with the enterprise value.②The non-monetary environmental information disclosure quality had a more significantly positive impact on enterprise value.③The degree of marketization enhanced the positive relationship between disclosure quality and enterprise value.④The degree of marketization had a stronger positive regulatory effect on the relationship between the quality of non-monetary disclosure and corporate value.⑤The quality of environmental information disclosure could reduce the cost of equity capital and increase expected cash flow,forming a transmission mechanism that affects corporate value.
机构地区 东北石油大学经济管理学院 嘉兴学院商学院
出处 《资源开发与市场》 CAS 2021年第4期435-444,共10页 Resource Development & Market
基金 国家社会科学基金项目(编号:14BJY072) 黑龙江省哲学社会科学研究规划项目(编号:20GLE395) 浙江省哲学社会科学研究规划项目(编号:20NDJC154YB)。
关键词 能源企业 市场化程度 环境信息披露质量 企业价值 energy enterprise marketization degree quality of environmental information disclosure enterprise value
分类号 F275 [经济管理—企业管理]
