企业环境责任与财务绩效的交互跨期影响及其作用机理研究

A Study on the Interactive and Intertemporal Influence and Mechanism of Corporate Environmental Responsibility and Financial Performance

如何使企业环境责任与财务绩效之间形成良性互动对于促进企业主动承担环境责任至关重要。目前学术界对于企业环境责任与财务绩效之间关系的实证研究尚未形成一致的结论。本文以我国2010-2017年深沪两市A股类国家重点监控的重污染行业上市公司为研究样本,考察了企业环境责任与财务绩效之间是否存在交互跨期影响以及企业内外部因素的调节作用。实证研究结果发现:(1)企业环境责任会正向影响财务绩效,而且这种正向影响在滞后一期和两期更显著;(2)企业财务绩效会正向影响环境责任,但这种影响不具有滞后性;(3)管理者预期任期、前瞻型环境战略和法律规制均在企业环境责任与财务绩效之间的交互跨期影响中起到了正向调节作用;(4)行业竞争在企业环境责任影响财务绩效中起到了正向调节作用,在企业财务绩效影响环境责任中起到了一定的负向调节作用。研究结论对企业用战略眼光来看待企业环境责任与财务绩效之间的关系提供了经验借鉴。

A constructive interaction between corporate environmental responsibility and financial performance is essential for a company to actively take on environmental responsibility.The existing empirical researches on the relationship between corporate environmental responsibility and financial performance have not yet reached a consensus.This paper takes A-share listed companies of Shenzhen and Shanghai Stock Exchanges in heavy polluting industries from 2010 to 2017 as the research sample,and examines whether there is interaction between the environmental responsibility and financial performance of enterprises and the moderation effect of internal and external factors.The empirical research results show that:(1)corporate environmental responsibility has a positive impact on financial performance,and this positive impact is more significant in one and two lagging periods;(2)corporate financial performance has a positive impact on environmental responsibility,but the impact is not lagging;(3)managers’tenure expectancy,forward-looking environmental strategy and legal regulation all play positive moderation roles in the relationship between corporate environmental responsibility and financial performance;(4)industry competition plays a positive moderation role in the impact of corporate environmental responsibility on financial performance,and plays a negative moderation role in the impact of financial performance on corporate environmental responsibility.The research conclusions provide an empirical reference for enterprises to look,from a strategic perspective,at the relationship between corporate environmental responsibility and financial performance.