卢静 赵丹

摘 要：伴随现代社会经济的快速发展，企业作为经济活动的主体，不仅要采取具体行动来节能减排与防治污染，还要向利益相关者披露高质量的环境会计信息，这是在生态环境建设的大环境下提高企业价值的重要环节。本文通过梳理国内外环境会计信息披露和公司内在价值研究成果，选用京津冀地区的122家上市工业企业2015—2017年的相关数据，建立相关实证模型，对环境信息披露指数与托宾Q值之间的关系进行了分析和论证，在企业盈利能力、偿债能力等都不变的情况下，环境会计信息披露对企业价值有显著的影响，即企业价值越大，信息相关者对企业披露的环境会计信息越为重视。最后对环境会计信息披露的改进和完善对与企业活动相关的各主体提出了具体的改进建议。

关 键 词：企业价值;环境会计;会计信息披露;相关性

DOI：10.16315/j.stm.2019.02.009

中图分类号： F234.3

文献标志码： A

Abstract：With the development of modern social economy， enterprises as the main body of economic activities must not only take concrete actions to save energy and reduce pollution， but also disclose high-quality environmental accounting information to stakeholders. This is a big ecological environment construction. An important part of improving corporate value in the environment. The purpose of this paper is based on this. By combing the domestic and international environmental accounting information disclosure and the companys intrinsic value research results， the relevant data of 122 listed industrial enterprises in the Beijing-Tianjin-Hebei region from 2015 to 2017 are selected to establish relevant empirical models. The relationship between the environmental information disclosure index and the Tobin Q value is analyzed and demonstrated. It is concluded that the environmental accounting information disclosure has a significant impact on the enterprise value， ie， the enterprise， when the companys profitability and solvency are unchanged. The greater the value， the more attention the information stakeholders have to the environmental accounting information disclosed by the company. Finally， according to the conclusion， the improvement and improvement of environmental accounting information disclosure puts forward specific improvement suggestions for each subject related to corporate activities.

Keywords：environmental accounting; accounting information disclosure; enterprise value; correlation analysis

随着我国经济社会的快速发展，自然环境也遭到破坏，生态系统逐渐失去平衡，很多地区资源环境与社会发展之间存在着尖锐的矛盾。企业作为产品的供给方和对各种自然资源的需求方，是污染物的主要排放者。很多工业企业排放大量的废水、废气、废物，如果对废物进行治理，企业会消耗大量的金钱、人力和物力，从而影响盈利水平;而且如果按照实际状况进行披露，会暴露企业未按照国家相关环保制度规定进行治理，进而社会形象也会受到负面影响，最终导致企业绩效的降低。……