摘要
本文研究了国内外关于环境信息披露质量(EIDQ)与企业价值关系的研究成果。利用2010年至2018年中国重污染行业上市公司的面板数据,通过控制企业规模、杠杆水平、成长性和公司治理水平,构建固定效应模型,探讨环境信息披露与企业价值之间的关系。还深入分析了年报文本长度、文本相似度、文本可读性等文本特征对环境信息披露与企业价值关系的调节作用。本研究的主要结果如下。实证结果表明,重污染行业的EIDQ水平与企业价值之间存在正相关关系。年报正文的长度和可读性对环境信息披露水平与公司绩效的关系具有正向调节作用。年报文本相似度对EIDQ水平与公司绩效之间的关系具有反向调节作用。
This study summarizes the results of domestic and international studies on the relationship between Environmental Information Disclosure (EID) and firm value through a literature review. Using panel data collected from listed Chinese firms in heavily polluting industries from 2010 to 2018. A fixed-effects model is constructed to explore the relationship between environmental information disclosure and firm value by controlling for firm size, leverage level, growth, and corporate governance level. Also provides an indepth analysis of the moderating effects of text characteristics such as length of annual report text, text similarity, and text readability on the relationship between environmental information disclosure and firm value. The main findings of this study are as follows. The empirical results reveal a positive relationship between the EID level and firm value in heavily polluting industries. The length and Readability of the annual report text have a positive moderating effect on the relationship between the level of environmental information disclosure and company performance. Annual report text similarity has an inverse moderating effect on the relationship between EID levels and firm performance.
出处
《国际会计前沿》
2024年第2期145-148,共14页
Frontiers of International Accounting
