An Empirical Research On The Influence Of Environmental Behavior On Corporate Value

Since the1930s, the Problems of environmental pollution have become increasingly prominent, and people have paid more attention to environmental problems. People begin to realize that, the enterprise, as the biggest beneficiaries of the social environment, is also the cause of environmental problems at the same time, which has an inescapable responsibility for the environmental pollution. However, the enterprise, as an organization to pursue maximum economic benefits, do not take active environmental protection measures for simply fulfilling the obligation to protect the environment, because it would increase the spending, unless the environment act is relevant to the value of the enterprise, it can bring benefits to the enterprise, or reduce losses. Therefore, many scholars have attempted to study the correlation of environmental behavior and corporate value.Environmental accounting is being concerned by academic circles since the1970s. In recent years, with the proposal of the sustainable development strategy, people’s environmental awareness is gradually increased, environmental accounting today has become the research focus of the scholars. Environment act as a bridge between the enterprise and environment, is the chief component of environmental accounting, naturally become the focus of scholars’attention. China’s research on environmental accounting started late, it is still at a preliminary stage in this field of research, mainly in these aspects:study on the present situation of environmental behavior of listed companies, empirical study of influence factors in the behavior of listed companies and so on, in addition, the correlation study of environmental accounting and enterprise value mainly concentrates in the environmental information disclosure and corporate value, but the empirical research on the Influence of environmental behavior on corporate value is very few. This article believes the environmental behavior and information disclosure are two different concepts, environmental behavior can directly reflect the environmental attitude, environmental efforts, the results of environmental efforts. Therefore the research on the correlation of environmental behavior and corporate value is meaningful.This paper, is on the basis of the related theoretical analysis, combines with the actual disclosed situation of china’s listed companies, explores on the influence of environmental behavior on corporate value from sewage charges and environmental benefits, makes policy recommendations, encourages enterprises to adopt good environmental behavior, enhances corporate image, social acceptance, and increases enterprise value. Details are as follows:The first part is the introduction. This part introduces research background, research significance, research methods, research ideas and main contents and so on.The second part is summary literature review on the influence of environmental information disclosure on corporate value. This section reviews the research literature at home and abroad, summarizes existing literature research and research results.The third part is the definition and theoretical analysis. This part introduces the concept of environmental information and environmental behavior, laws and regulations, elaborates the basic theory:the theory of decision-making services, the theory of external pressure, the theory of social responsibility, and carries on the thorough analysis.The fourth part is the empirical research on the influence of environmental behavior on corporate value. This is the focus of this article, it builts research framework based on the front of theoretical analysis, sets the research hypothesis, collates and analyzes the sample data, finally, draws the conclusion in the influence of environmental behavior on corporate value. Author, after screening, determines the final samples, there is85samples in the model (1) and131samples in the model (2). The empirical analysis mainly includes these parts:the descriptive statistical analysis, correlation analysis, regression analysis, variables robust test. This paper mainly discusses the lag of influence between explain variables (2008) and explained variables (2009,2010).The fifth part is the policy proposal. From the sample selection process, corporate disclosure of environmental behavior is not sufficient, specifications, and this will affect the information users to make the right decisions. In this regard, in order to improve corporates’enthusiasm of environmental behavior and the quality of corporate environmental information disclosure, this article makes four policy recommendations.The sixth part is conclusion. This part mainly analyzes the conclusions of empirical research, combines with the article’s own shortcomings, and advance the outlook for future research.The main contribution of this paper is reflected in the following areas:(1)The innovation of content. In china, the factors affecting enterprise value more concentrated ownership structure, growth opportunities, the level of investment, cross-industry management, executive compensation, and social responsibility information disclosure, etc., the study of the relationship between environmental behavior and corporate value is few.(2)The innovation of research way. In this paper, author uses previously different explanatory variables to study, on the basis of previous studies, imports sewage charges and owners’equity ratio (Pwfb) and environmental benefits of income and owners’equity ratio (Bzsrb) into the model to empirical analysis, and tests more direct relationship, between environmental behavior and the enterprise value.(3)The innovation of research point. From the research point of view of the existing environmental information disclosure and corporate financial performance, most discussion of the environmental information disclosed in the financial performance of the year. In this paper, the author is from the lag perspective to study.Lack of this paper is mainly reflected in:(1)Because of the limit of author’s own knowledge level, there are many shortcomings in research framework, empirical model and data processing, Mainly reflected the relative subjectivity in the selection of variables, which may affect the reliability of empirical results.(2)Although the primary sample size, enterprises are mainly based on voluntary to disclose environmental information, Therefore, the number of company which disclose specific sewage expenses and environmental benefits is small, however, In this paper, these two indicators are as the standard to screen study sample, and ultimately lead to the study sample less, which may affect the accuracy of the empirical results.