煤炭企业环境绩效对财务绩效的影响研究

Research on the impact of environmental performance of coal enterprises on financial performance

经济的高速发展的同时,环境问题越来越突出,近年来环境污染事件频发,解决环境问题刻不容缓。选取2012—2018年我国煤炭上市企业的相关数据,构建企业环境绩效与财务绩效的理论模型,分别以内部经营性指标净资产收益率和外部市场价值指标托宾Q值作为衡量企业财务绩效的因变量,以环境绩效为自变量,边际利润、资产年限、资产负债率和企业规模为控制变量,运用面板回归模型分析了在企业规模和产权异质性两个调节效应下,环境绩效对企业财务绩效的不同影响。结果表明:环境绩效对不同产权性质和规模的煤炭企业内部财务绩效负向影响均不显著;而环境绩效对不同产权性质和规模的煤炭企业外部财务绩效均具有正向影响,调解效应表现各有不同,在此基础上提出了相关的政策建议。

At the same time as the rapid economic development,environmental problems have become increasingly prominent.In recent years,environmental pollution incidents have occurred frequently,and it is urgent to resolve environmental problems.Selecting the relevant data of China′s coal listed enterprises from 2012 to 2018,a theoretical model of enterprise environmental performance and financial performance were built,taking the internal operating index return on equity and external market value index Tobin Q as the dependent variables to measure the financial performance of enterprises,and taking environmental performance as independent variable,marginal profit,asset life,asset liability ratio and enterprise scale as control variables,the panel regression model was used to analyze the different effects of environmental performance on enterprise financial performance under the regulatory effects of enterprise scale and property heterogeneity.The results showed that environmental performance has no significant negative impact on the internal financial performance of coal companies with different property rights and sizes,and environmental performance has a positive impact on the external financial performance of coal companies with different property rights and sizes,and mediation effects have different performance,relevant policy recommendations are put forward based on this.