制药行业环境信息披露对企业盈利能力的影响实证研究外文翻译资料

Empirical Study on the Impact of Environmental Information Disclosure in Pharmaceutical Industry on the Profitability of Enterprises

Cao Ruiyi¹, Zhao Lei²

School of Management, Wuhan University of Technology, Wuhan, P. R. China, 430070

970347494@qq.com

Abstract

The pharmaceutical industry is recognized as an industry with 'high pollution and high energy consumption'. In recent years, with the further promotion of national environmental protection policies, the responsibility of disclosure environmental information of pharmaceutical companies has also become the focus of attention. This paper narrates the correlation and action mechanism between the quality of environmental information disclosure in the pharmaceutical industry and the profitability of enterprises, and selects 19 representative enterprises in the pharmaceutical industry from 2012 to 2015 as research objects to make an empirical analysis. The analysis found that the disclosure level of environmental information in the pharmaceutical industry is highly positively correlated with the profitability of enterprises, that is, the higher the level of environmental information disclosure, the stronger the profitability of enterprises. In the increasingly serious environmental pollution situation, pharmaceutical companies should take the initiative to provide high-quality corporate environmental accounting information to enhance the profitability of enterprises.

Keywords: Pharmaceutical industry; environmental information disclosure; enterprise profitability

1. Introduction

As the largest producer of bulk pharmaceutical chemicals in the world, China, in particular, ranks the first in capacity and output of fermented pharmaceutical products. The current situation of pharmaceutical and environmental protection is more serious, for there has a large quantity of “three wastes” (wastes, waste water and waste gas), complex pollutants and low circulating utilization ration and tough difficulties in pollution treatment.

Faced with increasingly serious environmental problems, China has implemented a series of environmental protection policies in response to the pollution in the pharmaceutical industry. For example, in July 2010, the Ministry of Environmental Protection of Peoplersquo;s Republic of China released and fully enforced the Discharging Standard for Water Pollutants in Pharmaceutical Industry. In 2013, the Ministry of Environmental Protection of P.R.C would thoroughly investigate and deal with the environmental pollution in the pharmaceutical industry, as the third most important task in environmental protection activities. In April 2015, the manufacturing of bulk drug was listed as one of the ten key remediation sectors. In 2016, the Environmental Protection Tax Law was introduced to change the environmental protection fee into an environmental protection tax and a high-pollution industry like raw drug would be taxed greatly. With increasingly stringent environmental protection policies, the environmental management costs of pharmaceutical companies have been greatly increased, and their profitability has been severely frustrated. There are also some pharmaceutical companies that have been forced to limit or halt their entire production due to their non-compliance with environmental standards. Thus some of the enterprises that exceed the standard can hardly even survive. Meanwhile, due to the implementation of environmental protection policies and as one of the major heavily polluting industries, the environmental information disclosure in the pharmaceutical industry has also become the focus of attention.

Theoretically, according to the theory of 'green competitive advantage', many scholars believe that the fulfillment of corporate environmental responsibility is a source of competitive advantage and a good reputation of environmental responsibility can enhance the commercial value of the enterprise (Porteret.al., 1995; Brammer et al., 2004 [2]). According to the research results of Zhao Xuan (2017), there is a significant negative correlation between the disclosure level of environmental information of listed companies and the cost of equity capital, and good disclosure of environmental information reduces the investors#39; risk expectations, thus reducing the rate of return need for investment [3]. According to the existing research results, we can ask the following questions: What is the effect of environmental information disclosure strategy on enterprise, and whether there is a correlation between them? In response to above problems, this paper selects 19 representative enterprises in the pharmaceutical industry from 2012 to 2015 as the research objects, and makes an empirical analysis of the correlation between the quality of environmental information disclosure on pharmaceutical enterprise and the profitability of pharmaceutical companies.

The main contribution of this paper lies in following three points. Firstly, Relationship between enterprise environmental information disclosure, an independent variable, and the level of corporate profitability, dependent variables, are studied. Thus filling the study in sectors related to corporate environmental information disclosure and corporate profitability. Secondly, because most researches in China focus on the comprehensive research of heavy pollution industries at present, there are few researches on the subdivided industries. This article takes the pharmaceutical industry as the research object and complements the vacancy of the research on the subdivided industries. Thirdly, in view of the serious frustration of the profitability of the pharmaceutical industry at present, this paper puts forward some related suggestions on environmental in

制药行业环境信息披露对企业盈利能力的影响实证研究

【摘 要】制药行业是公认的“高污染、高能耗”行业，近年来，随着国家环保政策推行力度的进一步加大，制药企业的环境信息披露责任也成为了人们关注的焦点。本文从理论角度阐述了制药行业环境信息披露质量与企业盈利能力之间的相关关系以及作用机制，并选取2012年-2015年制药行业具有代表性的19家企业为研究对象，对制药企业环境信息披露质量和企业盈利能力之间的相关性进行实证分析，分析结果发现，制药行业的环境信息披露水平与企业盈利能力呈高度正相关，即环境信息披露水平越高，企业盈利能力越强。在环境污染日益严峻的形势下，制药企业应该主动提供高质量的企业环境会计信息，以增强企业盈利能力。

【关键词】制药行业；环境信息披露；企业盈利能力

1. 引言

我国是全球最大的原料药生产国家，尤其是发酵类药物产品的产能产量位列世界第一位，而原料药生产过程中的“三废”（废物、废水、废气）量大，且有着污染物复杂、循环利用率较低、污染治理难度大等特点，制药环保的现实情况较为严峻。

面对日益严重的环境问题，我国针对制药行业的污染情况推行了一系列环保政策。例如，2010年7月，环保部发布并全面强制实施《制药工业水污染物排放标准》；2013年，环保部将全面排查整治制药行业环境污染问题作为环保专项行动的第三大重点任务；2015年4月，原料药制造被列为十大重点整治行业之一；2016年，环境保护税法出台，将环保费改为环保税，原料药等高污染行业将课收重税。随着环保政策日益严格，制药企业的环境治理成本大幅提高，盈利能力严重受挫，不断有制药企业由于环保不达标而被要求限产或停顿整产，部分超标污染的企业甚至难以生存。同时，由于环保政策的推行，作为主要的重污染行业之一，制药行业的环境信息披露也成为了人们关注的焦点。

从理论方面来看，根据“绿色竞争优势”理论，许多学者认为，企业环境责任履行是竞争优势的来源，良好的环境责任声誉能够提高企业的商业价值（Porteret.al.，1995^[1]；Brammer et al.，2004^[2]）。而根据赵萱（2017）的研究结果，上市公司的环境信息披露水平与企业权益资本成本之间呈现显著的负相关关系，良好的环境信息披露降低了投资者的风险预期，从而降低了投资必要报酬率^[3]。根据现有研究结果，可以提出以下问题：采取环境信息披露策略对企业有何影响，两者之间是否存在相关关系？针对以上问题，本文选取2012年-2015年制药行业具有代表性的19家企业为研究对象，对制药企业环境信息披露质量和企业盈利能力之间的相关性进行实证分析。

本文的主要贡献在于以下三个方面。第一，以企业环境信息披露作为自变量，企业盈利能力水平指标作为因变量，研究两者间的相关关系，充实了企业环境信息披露与企业盈利能力相关领域的研究。第二，目前国内研究多为针对重污染行业的综合研究，细分行业的研究较少，本文以制药行业为研究对象，补充了细分行业研究的空缺。第三，本文针对目前制药行业盈利能力严重受挫的问题，提出了在环境信息披露方面的相关建议，以期为制药企业的发展提供一些参考。

1. 理论分析与研究假设

企业环境信息披露一方面塑造了企业积极履行环境责任的需要，另一方面则体现了企业对于利益相关者的重视。徐光华等人（2017^[4]）分析指出，从利益相关者的角度来看，环境信息的披露有利于解决企业与利益相关者之间的信息不对称问题，降低企业未来环境的不确定性风险，使得在同等条件下投资者更乐于投资披露环境信息的企业，从而使企业在资本市场上获得溢价收入。而从企业的角度来看，企业通过承担环境责任、积极参与环保事业、及时向利益相关者披露高质量的环境会计信息，有利于降低投资者的风险预期，降低必要的资本报酬率。对于重污染行业而言，其环境信息披露更加重要，原因在于，重污染行业本身就存在更大的环境风险。重污染企业较其他行业而言，其的经营风险与环境信息的相关程度更高。通过提高企业环境信息的披露水平，能提高利益相关者对企业的信心，降低企业经营风险。基于以上分析，提出本文假设：

企业环境信息披露水平与企业盈利能力存在正相关关系，并且基于此进行研究设计。

1. 研究设计
2. 数据来源及样本选择

本文选取重污染行业之一——制药行业为样本。在深沪两市主板以及深市中小板上市的制药公司中剔除了近三年存在重大事项变动的部分公司，最终选择了19家制药公司作为样本。考虑到2012-2015年我国环保政策的发布频率较高、实施力度较大，数据比较具有代表性；同时出于观察企业环境信息披露水平随时间的变化情况的目的，我们采集了2012-2015年，一共四年的数据进行分析。

1. 变量选取与计量标准

2.1被解释变量

本文被解释变量为企业盈利能力的综合评价指标。衡量企业盈利能力的指标有很多，本文选取权益净利率、销售净利率、每股收益、每股净资产、总资产净利率，共五个指标来代表企业盈利能力。用主成分分析法提取主成分并计算综合得分，并以综合得分作为衡量企业盈利能力的综合评价指标。

2.2解释变量

本文解释变量为企业环境信息披露指数EDI（Environmental Disclosure Index）。通过查阅现有文献可以发现，国内目前并没有统一规范的标准来衡量企业的环境信息披露水平，我们参考毕茜等人（2012^[5]）提出的评价方法，结合制药行业的特点，提出了本文环境信息披露水平评分体系（具体衡量标准见表2）。评分过程中我们主要参考企业发布的年度报告、社会责任报告相关内容对各项目的涉及程度和方式进行评价。得出各企业总分后，以该企业所得总分占最大可能得分的比例作为企业环境信息披露指数，具体公式如下：

EDI=

表2-企业环境信息披露水平评分体系

2.3控制变量

影响企业权益资本成本的影响因素很多，借鉴国内外相关学者的研究，考虑到其他因素可能对企业的盈利能力有所影响，本文选取资产规模、偿债能力为控制变量。

表3-变量类型及其衡量标准

1. 模型构建

为验证本文假设即企业盈利能力和企业环境信息披露水平之间存在正相关关系，建立回归模型：

EP=_{0 1} EDI ₂ SIZE ₃ DPA

1. 实证检验与结果分析
2. 盈利能力主成分分析

利用主成分分析法对前文中提到的五个盈利能力指标提取特征值，特征值选取标准为，累计方差贡献率达到90%以上。下文以2014年为例说明分析过程。下表为通过SPSS软件分析得到的结果。

您可能感兴趣的文章

• 哈佛分析框架下的企业经营管理分析：以迪斯尼公司为例外文翻译资料
• 某些财务指标对罗马尼亚能源部门股本回报率的影响——基于Dupont分析的竞争方法外文翻译资料
• 企业并购中的金融风险控制与规避措施外文翻译资料
• 马来西亚公司的企业风险管理做法外文翻译资料
• 伊斯兰金融机制下的中小企业融资困境分析——以苏丹伊斯兰银行为例外文翻译资料
• 塞尔维亚肉类行业盈利能力分析外文翻译资料
• 现金流量表与企业价值：来自台湾的证据外文翻译资料
• 企业价值最大化视角下的财务风险控制与防范研究外文翻译资料
• 财务报表舞弊的原因、后果及防范外文翻译资料
• 澳大利亚借壳上市:探索性分析外文翻译资料