摘要
资本性环保支出是发挥环境治理的前端污染防治功能、实现企业可持续发展的重要保障。文章以2012—2018年中国重污染行业上市公司为研究样本,实证检验企业资本性环保支出对企业价值的影响以及公众环境诉求的调节作用。研究发现:资本性环保支出与企业价值呈“U”型关系,当支出水平达到一定规模时,能够实现环境保护和经济效益的双赢局面,且从长期来看,这一关系仍然成立;公众环境诉求对资本性环保支出与企业价值的关系具有积极的调节作用;资本性环保支出对企业价值的影响机制通过企业创新和企业声誉实现,费用性支出则未能对企业价值起到显著作用。研究结果为政府加大环境规制力度、引导公众参与环境治理以及为企业管理层转变对环保投资的认识、科学选择环境战略提供参考。
Capital environmental protection expenditure is an important measure to realize the front-end pollution preven⁃tion and control function of China's environmental governance,and realize the sustainable development of enterprises.Based on the 2012—2018 listed companies in China's heavy pollution industry,this paper empirically examines the im⁃pact of capital environmental protection expenditure on enterprise value and the regulatory role of public environmental demand.We found that capital environmental protection expenditure and enterprise value are“U”-type relationship,when the level of expenditure reaches a certain scale,can achieve a win-win situation of environmental protection and economic benefits,and in the long run,this relationship is still established;public environmental demand plays a positive role in regulating the relationship between capital environmental protection expenditure and enterprise value;the impact mechanism of capital environmental protection expenditure on enterprise value is realized through enterprise innovation and enterprise reputation,while expense expenditure fails to play a significant role in enterprise value.The research re⁃sults provide a reference for the government to strengthen environmental regulation,guide the public to participate in envi⁃ronmental governance,and for the enterprise management to change their understanding of environmental protection in⁃vestment and scientifically choose environmental strategy.
作者
李世辉
程宸
LI Shihui;CHENG Chen(School of Business,Central South University,Changsha 410083,China)
出处
《华东经济管理》
CSSCI
北大核心
2022年第5期66-78,共13页
East China Economic Management
基金
国家自然科学基金青年项目“企业环境失责的财务效应:环保督查动态响应视角”(71904208)
湖南省自然科学基金青年项目“涉矿类环境规制对矿业绿色发展的影响机制研究”(2021JJ40796)。
关键词
资本性环保支出
企业价值
公众环境诉求
环保投资
capital environmental protection expenditure
enterprise value
public environmental demand
environmental investment
作者简介
李世辉(1967—),男,湖南益阳人,教授,博士,研究方向:环境会计,财务与会计理论;程宸(1998—),女,安徽池州人,硕士研究生,研究方向:环境会计。
