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MBA论文_媒体负面关注、企业环保举措与企业市场价值研究

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摘要
自从工业革命开始,全球环境逐步恶化。面对越来越严峻的环境问题,国
内外政府积极应对。但面临如此严重的环境污染问题,仅靠政府努力是不够的,
还应当有媒体、企业、投资者的共同参与。站在媒体的角度:虽然媒体报道企
业负面新闻会直接影响公众态度,但也有可能会因为盈利问题而选择对新闻内
容进行错报、漏报;站在企业的角度:环境属于公共物品,容易由于其外部性
造成企业“搭便车”现象,但是面对更严格的环保政策和更广泛的环保监督,
企业也可能会通过主动实施环保举措来提高企业形象;站在投资者的角度:投
资者投资具有环保偏好的企业显然是最优抉择,但也有可能会由于信息收集不
全面而导致投资失败。
因此本文以媒体、企业、投资者为切入点,以沪深两市 2015年-2020年重
污染行业上市公司的数据为样本,以信号传递理论、利益相关者理论、委托代
理理论、企业社会责任理论为基础,通过设置媒体负面关注为解释变量,企业
环保举措为中介变量,企业市场价值为被解释变量,研究三者之间的关系。本
文首先通过穷举,将企业在环保方面所能采取的举措分为两点——披露企业环
保信息与追加企业环保投资。而后通过理论分析,得出了来自媒体对企业环境
的负面新闻报道会通过影响企业的环境信息披露程度以及企业的环保投资水平,
从而对企业市场价值产生影响这一结论。之后又通过实证分析发现:(1)媒体
负面关注会降低企业市场价值;(2)企业环保信息披露在“媒体负面关注——
企业环保信息披露——企业市场价值”的关系中具有中介效应;(3)企业环保
投资水平在“媒体负面关注——企业环保投资水平——企业市场价值”的关系
中具有滞后的中介效应。最后,从以下几方面提出建议:(1)媒体应不谎报不
瞒报,全面报道事实真相;(2)企业应提高反应速度,加强环保工作;(3)投
资者应全方面收集信息,关注企业长远发展(4)政府应健全相关制度,加强环
保政策的宣传。
关键词:媒体负面关注;企业环保举措;企业市场价值
I

Abstract
Since the beginning of the Industrial Revolution, the global environment has
gradually deteriorated. Facing more and more serious environmental problems,
governments at home and abroad actively respond. However, governments can not
solve such a serious environmental pollution problem alone. It needs the joint
participation of the media enterprises and investors. From the perspective of the media,
although the media reports the negative news of enterprises and surely can directly
affect the public attitude, it may also choose to misreport or omit the news content
because of the problem of profit; From the perspective of enterprises, the environment
belongs to public goods, which is easy to cause the phenomenon of "free riding" of
enterprises due to its externalities. However, in the face of stricter environmental
protection policies and broader environmental protection supervision, enterprises may
also take the initiative to implement environmental protection measures to improve
their corporate image; From the perspective of investors, it is obviously the best choice
for investors to invest in enterprises with environmental protection preference, but it
may also lead to investment failure due to incomplete information collection.
Therefore, this paper takes the media, enterprises and investors as the starting point,
takes the data of Listed Companies in heavy pollution industries in Shanghai and
Shenzhen from 2015 to 2020 as the sample, and studies the relationship between the
three on the basis of signal transmission theory, stakeholder theory, principal-agent
theory and corporate social responsibility theory by setting the negative attention of the
media as the explanatory variable, enterprise environmental protection measures as the
intermediary variable and enterprise market value as the explanatory variable. Firstly,
through exhaustive, this paper divides the measures that enterprises can take in
environmental protection into two points - disclosing enterprise environmental
protection information and increasing enterprise environmental protection investment.
Then, through theoretical analysis, it is concluded that the negative news reports from
the media on the enterprise environment will affect the market value of the enterprise
by affecting the degree of environmental information disclosure and the level of
environmental protection investment. Then through empirical analysis, it is found that:
(1) negative media attention will reduce the market value of enterprises; (2)
Environmental information disclosure of enterprises has intermediary effect in the
relationship between "negative media attention - Environmental Information
II
。。。以下略