Environmental Performance,Characteristics Of Top Management Team And Corporate Value

The environmental performance of heavy pollution industry of our country is still in the specification and improvement stage,the environmental problems is our urgent need to solve a big problem,and in recent years has become increasingly prominent in the haze weather is let us truly feel the environmental pollution in the keenly felt pain.Heavy pollution industry as an important driving force of China's economic growth,production and management process directly affect the ecological environment,environmental protection and governance are inescapable responsibility.As the most important issue of enterprises is the promotion of corporate value,how can we reduce pollution and improve the environmental performance of enterprises in the context of sustainable development,and what is the impact on corporate value? And the improvement of environmental performance and the promotion of company value are inseparable from the attitude and specific measures of executives,corporate governance,and then what is the impact of TMT characteristics on environmental performance and corporate value? The study of the relationship between the three will not only help improve environmental performance and improve internal governance,but also contribute to the long-term development of enterprises.First,based on the domestic and abroad on environmental performance,enterprise top management team characteristics and the company's value of the relationship between the three,under the guidance of sustainable development theory,theory of circular economy,the high order echelon theory and principal-agent theory,on China's heavy pollution industry environmental performance status of exploring,and constructs the evaluation system of environmental performance.Secondly,on the basis of theory research proposed hypotheses,data from 152 companies in Shenzhen and Shanghai listed in 2013 to 2015 as the research object.This paper analyzes the impact of environmental performance on corporate value.And then from the homogeneity and heterogeneity of the two aspects of executive team characteristics on environmental performance and corporate value adjustment effect.Finally,the corresponding countermeasures and suggestions are put forward according to the research conclusion,including establish and improve the environmental performance of the system of laws and regulations,through the authority of institutions of heavily polluting industries for effective supervision,strengthen the selection of senior executives,strengthen enterprise's incentive mechanism and strengthen ring business protection consciousness,expected to sewage directly listed companies for activities related to the practice to provide theoretical guidance.