A Study On The Influence Of The Company Value From Heavy Pollution Of Listed Companies Of Environmental Performance,the Reputation

The root cause of environmental pollution in China that is lack of the consciousness of environmental responsibility of heavy pollution industry and its pollution is more and more,leading to environmental responsibility performance that does not actively;Furthermore,of course,there are environmental problems become of the complex governance,the government and related departments of poor regulation,etc.The environmental pollution of heavy pollution industry,both ex ante and ex post company invisible brand reputation as a company,the core competencies of the potential factors will directly to the company’s important role in the survival and development,so the reputation of good or bad directly affect the enterprise the management status,and will have a significant impact on the value of the company.According to the laws of the past,Chinese companies are compared with the developed countries,the life of a relatively short life span,and because of the particularity and sensitivity of heavy pollution industry,relatively speaking,more short life cycle is resistance to more vulnerable in front of the great catastrophe.To solve the problem of serious environmental pollution,improve the management of the environmental problems and perfect the construction of corporate environmental responsibility heavy pollution,improve the company’s reputation,and promote the polluting company value has become the top priority.So this article selected the before 100 private former state-run listed company(including the brewery)2010-2015 years of heavy pollution industry as samples,studying the relations among the polluting company environmental performance,the company’s reputation and the value of the company in the relative system comprehensive theoretical analysis and empirical research.Firstly,the paper reviews the related literature and the research results at home and abroad,and study theoretical basis for environmental polluting company performance,and the the relation among the environmental performance,corporate reputation and the value of the company.On this basis,it is made the theoretical basis,research scope and research method more clear in this paper.Secondly,in order to further study of environmental performance,corporate reputation and the mutual relationship between the value of the company,this article selects the TobinQ value and net assets yield two indicators to measure the value of the company.And heavy pollution company environmental performance can be divided into the environmental costs and environmental fines of up to two dimensions.Company reputation is subdivided into six dimensions,including scale strength,growth characteristics,competitive factors,the relationship between Banks and enterprises,financial performance and long-term debt.Studying the relation among the environmental performance,the company’s reputation,and the value of the company,also through the role of the intermediary company reputation to explore the relationship between environmental performance and the value of the company.The paper used the unbalanced panel data to hierarchical regression analysis,in order to ensure the research conclusion of robustness and accuracy,and then the use of balanced panel data for robustness test at the same time.The main results were as follows:based on using the unbalanced panel data of the research results show that:The polluting company environmental performance has negative influence on corporate value,environmental performance has a positive effect on corporate reputation significantly;the company’s reputation in the environmental performance of complete mediation effect of the influence of the value of the company was established.And based on the balance under the panel,environmental performance,company reputation and value has a significant indicators,consistenting with the regression test present situation.And the level has decreased significantly,but does not affect the relationship between variables.Based on the research conclusion in this paper,combining our country present situation of heavily polluting companies about the environmental performance,reputation,and the value of the company,the paper put forward four countermeasures:first,to improve the environmental performance evaluation system of heavy pollution,strengthen environmental responsibility and environmental awareness.Second,to strengthen the construction of company’s reputation,in its environmental performance and play a mediating role between the value of the company.Third,establish and implement the corporate environmental responsibility supervision mechanism.Fourth,promote environmental pollution comprehensive treatment system construction.