会计学院知识库

随着全球资本市场对上市公司披露环境信息的日益关注，环境信息披露对于评估公司的可持续发展和价值创造具有重要意义。自从2012年香港交易所公布《环境、社会及管治报告指引》后，ESG披露在我国资本市场上得到了快速的发展，但从目前的情况来看，ESG信息评估系统在我国资本市场上的应用并不普遍，企业披露的信息也不能完全满足市场上各利益相关方的需要，所以，ESG评估系统和披露指标仍然处在一个比较完善的阶段，不管是企业、市场还是监管部门对于ESG的关注都没有得到很好的体现。

为此，本课题拟通过对国内外有关ESG披露的研究，通过信号传递理论、合法性理论和利益相关者理论，综合分析企业发布ESG报告的行为动机，以贵州茅台为典型样本，运用回归分析、Tobin-Q等方法，探索ESG披露的现实动机，并在此基础上，对贵州茅台的ESG披露的市场反应、企业价值等方面进行回归研究，最终，在回归分析的基础上，对当前的ESG披露制度的构建提出相应的对策和建议，以期丰富和发展ESG报告发展体系，同时，也为我国ESG报告公开制度的建立健全提供分析。

本文数据分析结果表明：首先，在贵州茅台公开发布ESG报告后，市场对该事件有积极反应，表明ESG报告的公开发布能够向市场传达企业良好运行发展的信息；其次，贵州茅台公开发布ESG报告后，其Tobin-Q数值逐步上升，验证了贵州茅台通过ESG披露最终提升了企业的价值。

在此基础上，文章从企业、市场和政府三个层面对我国证券市场的发展进行了分析和探讨。从公司的角度来看，公司应根据公司的发展战略，对公司的环境保护信息进行合理化、规范化的披露；在市场层次上，要加大环境保护和环境保护的力度，完善环境保护指数体系；在规制方面，要加快环境保护制度的构建，并引进第三方监督。

With the increasing attention of global capital markets to the disclosure of environmental information by listed companies, environmental information disclosure is of great significance for evaluating the sustainable development and value creation of companies. Since the HKEX released the ESG Reporting Guidelines in 2012, ESG disclosure has developed rapidly in China's capital market, but from the current situation, the application of ESG information assessment system in China's capital market is not widespread, and the information disclosed by enterprises cannot fully meet the needs of various stakeholders in the market, so ESG evaluation system and disclosure indicators are still in a relatively perfect stage, whether it is for enterprises, markets or regulatory authorities None of the ESG concerns are well represented.

To this end, this project intends to comprehensively analyze the behavioral motivation of enterprises to publish ESG reports through the research on ESG disclosure at home and abroad, through signal transmission theory, legitimacy theory and stakeholder theory, take Kweichow Moutai as a typical sample, study the actual motivation of ESG disclosure through empirical analysis and Tobin-Q and other methods, and on this basis, use regression analysis, Tobin-Q and other methods to explore the actual motivation of ESG disclosure, and on this basis, Kweichow Moutai Empirical research on the market response and enterprise value of ESG disclosure is carried out, and finally, on the basis of empirical analysis, corresponding countermeasures and suggestions are put forward for the construction of the current ESG disclosure system, in order to enrich and develop the ESG reporting development system, and at the same time, it also provides analysis for the establishment and improvement of China's ESG reporting disclosure system.

The data analysis results show that, firstly, after the public release of the ESG report in Guizhou Moutai, the market reacted positively to the event, indicating that the public release of the ESG report can convey the information of the good operation and development of the enterprise to the market. Secondly, after Kweichow Moutai publicly released its ESG report, its Tobin-Q value gradually increased, which verified that Kweichow Moutai passed ESG disclosure and ultimately enhanced the value of the enterprise.

On this basis, this paper analyzes and discusses the development of China's securities market from the three levels of enterprises, markets and governments. From the company's point of view, the company should rationalize and standardize the disclosure of the company's environmental protection information according to the company's development strategy; At the market level, it is necessary to increase the intensity of environmental protection and environmental protection, and improve the environmental protection index system; In terms of regulation, it is necessary to accelerate the construction of environmental protection systems and introduce third-party supervision.