摘要
随着可持续发展理念的不断深入,企业越来越重视自身环境责任的履行情况,如何在环保投入的同时提高财务绩效成为企业环境治理的重中之重。本文选取我国A股上市企业2012—2018年的数据,分析企业环保投入对财务绩效的影响,并根据企业产权性质的不同进行分组分析两者之间的关系。本文研究发现两者呈“U”型关系,当环保投入在拐点左侧时,两者呈负相关关系,环保投入在拐点右侧时,两者呈正相关关系,且在非国有企业中这种“U”型关系比在国有企业更为显著。研究结果有助于企业选择科学的环境战略,促进企业环保与财务绩效达到双赢效果。
With the continuous deepening of the concept of sustainable development,enterprises are paying more and more attention to th e fulfillment of their environmental responsibilities.How to improve financial performance while investing in environmental protection has become the top priority of corporate environmental governance.This paper selects the data of China's A-share listed companies from 2012 to 2018 to analyze the impact of environmental protection investment on financial performance,and analyzes the relationship between the two groups according to the different nature of enterprise property rights.This paper finds that there is a U-shaped relationship between the two.When the environmental protection investment is on the left side of the inflection point,there is a negative correlation between the two.When the environmental protection investment is on the right side of the inflection point,there is a positive correlation between the two.The results are helpful for enterprises to choose scientific environmental strategy,and promote environmental protection and financial performance to achieve a win-win effect.
作者
侍佳子
Jiazi Shi(Business School,Nanjing University of Information Science and Technology,Nanjing,Jiangsu,210044)
关键词
环保投入
财务绩效
产权性质
Investment in Environmental Protection
Financial Performance
Nature of Property Rights
