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论文针对13个重污染行业在2008—2015年年报和社会责任报告中的披露信息进行面板数据模型分析,结果表明公司进行环境信息披露对公司溢价存在直接和间接的影响。进行环境信息披露的公司溢价平均水平显著高于不进行环境信息披露公司且较稳定,环境信息披露的质量与公司溢价水平呈现显著的正相关关系。另外,进行环境信息披露会降低规模对公司溢价产生的负面影响以及成长性对公司溢价产生的正向影响,而不进行环境信息披露的情况则相反。
The panel analyzes the disclosed information of 13 heavily polluting industries in the 2008-2015 annual report and social responsibility report. The results show that the company’s environmental information disclosure has a direct and indirect impact on the company’s premium. The average premium of the companies that disclosed environmental information was significantly higher than that of the companies without environmental disclosure and the quality of environmental information disclosure positively correlated with the company premium. In addition, disclosure of environmental information will reduce the negative impact of scale on the company’s premium and the positive effect of growth on the company’s premium, but not the case of environmental disclosure.