企业环境绩效、公司治理与公司价值关系研究

In recent years, firms in polluting industries have seen a significant increase in stakeholder demands for better environmental performance, i.e. the extent to which a firm's economic activity is environmentally sustainable. In addition to an emerging consumer preference for 'green' products, these pressures include environmental activism from various external stakeholders such as environmental non-governmental organizations or the media, as well as increasingly stringent governmental regulations. All along, environmental stakeholders strongly demand managers to adopt ecologically legitimate activities. However, in spite of the fact that all corporate managers in polluting industries are subject to these visible requirements, it remains unclear why some managers choose to adhere to these demands while others do not. A lot of researchers have studied the relationship between corporate environmental performance and corporate performance(or corporate value) and the relationship between corporate governance and environmental performance or corporate performance. A few studies have recently explored the influence of corporate governance mechanisms on firms' environmental performance. These studies have focused on how some corporate governance mechanisms resolve the divergence of interests between firm owners and managers with respect to environmental practices. However, not only firm owners, but also other stakeholders have a clear and visible legitimate claim on the firm, especially when it comes to corporate environmental issues. In this study we try to explain this existing heterogeneity and we propose that corporate governance mechanisms explain to some extent whether managers attend to stakeholders' environmental claims or not. Our research is focused on the following topics: the factors influencing environmental information disclosure and corporate environmental performance, how to enhance the corporate environmental performance, the relationship between corporate governance structure and corporate environmental performance,the relationship between corporate environmental performance and corporate performance, the impact of environmental events on environmental performance and corporate short time performance in public listed companies. As well we study the impact of corporate governance on the relationship between environmental performance and corporate performance. In order to describe the influence of corporate governance on the relationship between environmental performance and corporate performance, we introduce structural equation model and use two stages least squares to result the endogenous problem in the variables. We hope that through this study we can find some reasonable means to enhance the environmental protection consciousness in public listed companies of our country. We also hope that through this study we can provide some guidance policy for the relevant government bodies.

环境问题已成为影响和制约我国经济发展的重要问题，作为资本市场主体的上市公司在环境问题上也面临着各方（利益相关者）压力，投资者特别是机构投资者对公司环境信息的需求在不断的增加，企业环境绩效已成为投资决策的重要依据，而如何评价和度量企业环境绩效依然是一个有待研究的课题。本研究欲从企业公司治理机制的角度出发，结合委托代理理论和利益相关者理论，分析环境绩效的概念框架和理论模型，在此基础上尝试构建企业环境绩效的评价指标，进一步探讨公司治理对环境绩效的影响、环境绩效对公司价值的影响，并深入分析和检验公司治理在环境绩效与公司价值关系中的调节和影响作用。从理论和实证两方面研究是否可通过良好的公司治理机制设计，使企业经营者在追求卓越的经营绩效，同时还能肩负起环境保护的责任，提升环境绩效，达到环境保护与企业价值最大化"双赢"的目标。同时，可为相关部门的环境绩效评估方法等的制定提供理论依据。

现代企业理论认为，企业经营的目的是为了最终实现股东财富的最大化，那么企业的环境保护措施是否会影响其最终目标的实现呢？这在很大程度上取决于企业的环保意识，而企业的环保意识在很大程度上又取决于股东、代表股东利益的董事、企业管理者、甚至其他利益相关者，从根本上来说取决于公司治理机制。从这个角度来说，公司治理首先决定了企业的环保意识和环境战略，从而进一步影响了企业的环境绩效，而企业环境绩效在一定程度上可能与公司价值存在相关性，这一相关性有可能是环境绩效自身与公司价值的联系，也可能是公司治理透过环境绩效影响了公司价值，当然，公司治理本身也与公司价值存在着相关性。基于这样的现实，本研究欲从企业公司治理机制的角度出发，结合委托代理理论和利益相关者理论，探讨公司治理、环境绩效与公司价值之间的关系，最终希望检验是否可通过良好的公司治理机制设计，使企业经营者在追求卓越的经营绩效同时，同时还能肩负起环境保护的责任，提升环境绩效，达到环境保护与企业价值最大化“双赢”的目标。.对于企业环境绩效方面的研究多集中在企业环境绩效与财务绩效的关系、企业环境信息披露的影响因素、环境信息披露的市场反应与公司价值关系等方面，较少有文献通过公司治理视角研究环境绩效与公司价值的内在联系。本研究预期通过深入挖掘公司治理机制影响企业环境战略的内在机理，分析和检验公司治理如何影响环境绩效，并如何进一步影响公司价值的，从该角度来看，该课题的研究具有十分明显的理论意义和学术价值。.此外，本研究从公司治理的视角出发，结合委托代理理论和利益相关者理论研究企业环境绩效、环境战略与企业价值之间的关系，将公司治理、会计信息披露、企业社会责任、环境保护和公司价值等问题有机的结合起来，研究成果将在一定程度上充实公司治理、会计信息披露、企业社会责任、环境会计等方面的相关研究文献。