The Research On The Influence Of Environmental Performance On Enterprise Value

In recent years, environmental issues are becoming increasingly serious along with China's rapid economic development. As the main polluters of the environment, enterprises face increasing pressure on the environmental,environmental performance has been more attention.At present, more and more enterprises begin to attach importance to environmental performance information disclosures.Among them, listed companies in the heavy polluting industries give to a high degree of attention about disclosure,and information of their environmental is specific disclosured year by year.The reason,partly because of the growing sound environmental laws and regulations,more stricter environmental law enforcement and punishment;The other hand,the government,consumers,investors,creditors, business owners,the general public and other stakeholders demand enterprises to disclosure more and more invironmental information.Environmental issues will also affect the financial position,operating resultsand further affect the enterprise value.In this paper,heavy polluting industries listed as an example, in order to study the influence of environmental performance on enterprise value, and put forward a number of proposals to improve the value-driven role of environmental performance on enterprise value.This paper summarizes literature at home and abroad that the influence of environmental performance on enterprise value.Based on this,it elaborates the theory of the influence and summarizes the environmental performance measurement.Considering the actual situation of the environment disclosure in our contry,this paper uses disclosure quality of corporate environmental information to measure corporate environmental performance, uses the data of 134 listed companies in 2009 to study the influence of environmental performance on enterprise value. First,Tobin'Q value is interpreted as a variable,the quality of corporate environmental information disclosure is interpreted as explanatory variables and corporate environmental performance obtained negative correlation between the value of the conclusions, and the original assuming the opposite.Then,Costdebt value is interpreted as a variable, the quality of corporate environmental information disclosure is interpreted as explanatory variables and corporate environmental performance obtained negative correlation between the value of the conclusions, and the original assuming the opposite.The results show that environmental performance is negatively correlated with corporate value,which is opposite the original assuming. Finally,the paper analyzes the reasons based on empirical results, and put forward a number of proposals to improve the value-driven role of environmental performance on enterprise value.