环境管理对企业价值影响研究——来自宝钢股份的实证

Studies on the Environment Management's Influence on the Enterprise Value——From the Example of Baoshan Iron & Steel Co.,ltd.

本文以钢铁行业里的领先者宝钢股份有限公司为例,选取其2003年—2012年的数据作为样本,运用回归模型对环境管理指标与企业价值进行了实证分析。文中衡量企业价值的指标包括财务价值(ROA)、市场价值(Tobin Q)、研发创新活动(R&D)。结果表明,环境管理有助于企业开展研发活动,加快技术创新,对市场价值指标有正向影响,虽然当年的环境管理绩效对当年的财务绩效有负影响,但对未来一年的财务绩效有提升作用。

Based on the iron and steel industry leader--the Baoshan Iron & Steel Co.,Ltd.,authors select the data of the 2003-2012 as sample and analyze the relationship between environmental management and corporate value by using the regression model in this paper.The value of the company can be measured by financial value(ROA),market value(TbQ) and R&D and innovation activities.The results show that the environmental management can promote enterprises to carry out R&D activities,to accelerate technological innovation and to make a positive effect on market value index.The environmental management performance has a negative effect on the current financial performance,but a positive effect on the next year.