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MBA硕士毕业论文_信息披露、媒体关注与企业价值PDF

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低碳经济背景下,企业碳信息披露成为政府和社会各界的关注焦点,碳信息 披露对利益相关者的经济决策,碳交易市场的平稳运行,乃至我国碳减排目标的 实现具有重大意义。已有研究显示目前我国企业碳信息披露积极性不高,根本原 因在于碳信息披露能否为企业创造收益,提升企业价值?学术界对碳信息披露 的价值相关性尚未定论。媒体作为信息传播中介和外部监督者,对企业碳信息披 露行为及其价值效应具有何种影响?现有研究较少探讨媒体关注这一外部因素 的作用。为此本文对碳信息披露、媒体关注与企业价值三者间的关系进行研究。 本文以自愿披露理论、利益相关者理论、合法性理论和制度理论为基础,剖 析碳信息披露、媒体关注与企业价值三者关系的作用机理并提出研究假设,选取 沪深A股高碳行业企业为研究样本,采用内容分析法和熵权-TOPSIS法衡量并 评价我国企业碳信息披露水平。在此基础上,实证检验媒体关注对企业碳信息披 露水平的影响、碳信息披露水平对企业价值的影响以及媒体关注在碳信息披露 与企业价值关系中的调节作用。最后,结合本文研究成果,分别对企业、媒体及 政府提出碳信息披露的相关建议,并指出本文研究的不足及未来的改进方向。 研究表明:(1)我国高碳行业企业总体碳信息披露水平偏低,信息的可比 性、相关性和可靠性较差,碳信息披露质量有待改善。(2)媒体关注与碳信息 披露水平显著正相关,媒体通过声誉机制、合法性和议程设置影响企业碳信息披 露行为。(3)碳信息披露水平与企业价值显著负相关,这一关系在非国有企业 和中西部地区企业中更明显。自愿性碳信息披露初期,企业采取的防御性披露战 略阻碍了碳信息披露价值效应的发挥。(4)媒体关注在碳信息披露与企业价值 关系中具有正向调节作用。媒体关注能够有效的缓解利益相关者的有限关注、理 性忽视和信息不对称现象,降低利益相关者的逆向选择和管理者的道德风险,从 而促进碳信息披露的价值转化过程,正向调节碳信息披露与企业价值的关系。 本文的创新之处体现在:引入媒体这一外部因素,探讨媒体关注对企业碳信 息披露行为及其价值效应的影响,丰富了研究视角。借鉴国际组织和国内外学者 的研究,基于相关性、可靠性和科学性原则构建了企业碳信息披露水平评价指标 体系,采用内容分析法和熵权-TOPSIS法综合评价企业碳信息披露水平。 关键词:碳信息披露,企业价值,媒体关注,熵权-TOPSIS法 II Abstract In the context of a low-carbon economy, carbon disclosure has become the focus of governments and all sectors of society. Carbon disclosure plays an important role in the decision-making of stakeholders, the stable operation of the carbon trading market, and even the realization of China's carbon emission reduction goals. Existing research shows that the enthusiasm of China's corporates for carbon disclosure is not high at present. The fundamental reason is whether carbon disclosure can enhance corporate value? The value relevance of carbon disclosure in academia has not yet been determined. As an information intermediary and external monitor, what kind of influence does the media have on carbon disclosure and its value effect? Existing researches rarely discuss the role of media. To this end, this thesis studies the relationship among carbon disclosure, media attention and corporate value. Based on voluntary disclosure theory, stakeholder theory, legitimacy theory and institutional theory, this thesis analyzes the mechanism of the relationship between carbon disclosure, media attention and corporate value, and then proposes research hypotheses. The paper selects Shanghai and Shenzhen A-share high carbon industry companies as the research sample, and uses the content analysis method and the entropy weight-TOPSIS method to measure and evaluate the carbon information disclosure level of Chinese corporates. On this basis, the research tests the impact of media attention on corporate carbon disclosure, the impact of carbon disclosure on corporate value, and the mediating role of media attention in the impact of carbon disclosure on corporate value. Finally, this thesis puts forward suggestions on carbon disclosure from corporates, the media and government departments. And the thesis points out the shortcomings of this research and the directions of future research. The research shows that: (1) The overall carbon information disclosure level of China's high-carbon industries is low. The comparability, relevance and reliability of information is poor. The quality of corporate carbon information disclosure needs to be improved. (2) There is a positive correlation between media attention and carbon information disclosure level. The media influence the level of corporate carbon information disclosure through reputation mechanism, legitimacy and agenda setting. (3) Carbon information disclosure level is significantly negatively related to corporate III value, and this negative correlation is more pronounced in non-state-owned corporates and corporates in the central and western regions. At the beginning of voluntary carbon information disclosure, defensive disclosure strategies adopted by corporates have limited the value effect of carbon disclosure. (4) Media attention has a positive regulatory role in the relationship between carbon disclosure and corporate value. Media attention can effectively alleviate the limited attention, rational neglect and information asymmetry of stakeholders, reduce the adverse selection of stakeholders and the moral hazard of managers, thereby promoting the value conversion process of carbon disclosure and its value effect The innovation is that the study introduces the external factor of the media, explores the impact of media attention on corporate carbon disclosure behavior and its value effect, which enriches the research perspective. The study draws on the research of international organizations and scholars at home and abroad, and then based on the principles of relevance, reliability and scientificity to construct carbon information disclosure level evaluation index system. At the same time, the content analysis method and entropy weight-TOPSIS method are used to comprehensively evaluate the corporate's carbon information disclosure level. Keywords: Carbon disclosure, Corporate value, Media attention, Entropy weight- TOPSIS method IV 目 录 摘要 ........................................................................................................................... I Abstract ....................................................................................................................... II 第1章 导论 ................................................................................................................. 1 1.1 研究目的及意义 ............................................................................................. 1 1.1.1 研究目的 ............................................................................................... 1 1.1.2 研究意义 ............................................................................................... 2 1.2 文献综述 ......................................................................................................... 3 1.2.1 碳信息披露 ........................................................................................... 3 1.2.2 碳信息披露与企业价值的关系 ........................................................... 6 1.2.3 媒体关注在碳信息披露与企业价值关系中的作用 ........................... 7 1.2.4 研究述评 ............................................................................................... 9 1.3 研究内容和研究方法 ................................................................................... 10 1.3.1 研究内容 ............................................................................................. 10 1.3.2 研究方法 ............................................................................................. 11 1.3.3 技术路线 ............................................................................................. 12 第2章 概念界定与理论分析 ................................................................................... 13 2.1 概念界定 ....................................................................................................... 13 2.1.1 碳信息披露 ......................................................................................... 13 2.1.2 媒体关注 .............................................