In order to maximize enterprise value, effective financial management is needed. Therefore, it really matters to conduct a study of the relation between asset-liability ratio and enterprise value. This paper chooses the data of Guoted Companies in China from 2016 to 2018, do the studies of the correlation between asset-liability ratio and enterprise value with the threshold regression, and analyzes the debt-to-assets ratio that affects on enterprise value .Through empirical analysis, the asset-liability ratio of enterprises has a positive effect on the value of enterprises, but there is a threshold of asset-liability ratio. Therefore, the increase of the enterprise's asset-liability ratio can improve the value of the enterprise, but it can not increase the enterprise's debt-to-assets ratio indefinitely. Therefore, enterprises should borrow money rationally for the sake of maximizing the worth of enterprises.
Water is a valuable resource in the world, and water resource management is an important aspect of corporate social responsibility. Does water resource management affect corporate financial performance? What is the influencing path? To find the potential relationship and influencing mechanism between water resource management and corporate financial performance, based on configuration thinking, we selected 259 A‐share listed manufacturing corporates from 2015 to 2021 as research samples, using fuzzy set qualitative comparative analysis method (fsQCA) to explore the configuration and influencing path of water resource management affecting financial performance. Then we analyzed it with the configuration that CSR score (excluding “environmental responsibility”) affects financial performance. Our results show that: (1) poor water management and low CSR score will lead to bad corporate financial performance, but the former's severity of negative impact on corporate financial performance is more than that of the latter. Specific configurations indicate that companies with little water‐related concrete actions implemented and technology innovation will severely hurt the financial performance. (2) Good water resources management cannot directly achieve high financial performance while high CSR score can make it, indicating that water resource management is a necessary but not sufficient condition for high corporate financial performance. Our research has unmasked the "black box" influencing mechanism of water resource management on corporate financial performance to some extent, which makes the configuration relationship between water resource management and financial performance clearer, therefore owns certain theoretical significance and practical value in the field of CSR and environmental management.
This study explores factors that drive environmental accounting information disclosure (EAID) among corporations in China. Using a sample of 200 A-shared listed firms, we apply a structural equation model (SEM) and multiple linear regressions to examine how, and to what extent, external pressure, corporate performance and corporate governance affects the EAID of corporations. The results show that external pressure and corporate performance can significantly and positively affect corporate EAID. Regarding external pressure, government regulations, media pressure and loans are the most important driving factors, whereas profitability and sales ability are the most important ones among corporate performance factors. However, we found that governance factors have no significant impact on EAID. This paper enriches research on environmental accounting information disclosure and provides important insights for Chinese regulators into effective ways of fostering disclosures of environmental accounting information and raising corporate awareness of CSR fulfillment to ensure sustainable development.
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