环保企业股权集中度、投资效率与财务绩效关系的实证研究

An Empirical Study on the Relationship among Equity Concentration, Investment Efficiency and Financial Performance of Environmental Companies

针对企业股权集中度与财务绩效间的关系,以2017~2021年244家上市环保公司为样本,并引入投资效率作为中间变量,分别对三者之间的关系进行探讨.研究表明:股权集中度与投资效率均能正向促进企业财务绩效增长,其中股权集中度对投资效率正向促进财务绩效的作用具有加强效果;三者之间形成传导关系,其中投资效率作为中间变量,能够吸收股权集中度对于企业财务绩效的影响再传导作用于企业财务绩效上.

In this paper,the relationship between corporate equity concentration and financial performance is examined using a sample of 244 listed environmental protection companies from 2017~2021,and the investment efficiency as an intermediate variable is introduced to explore the relationship among the three respectively.The study shows that both equity concentration and investment efficiency can positively contribute to financial performance,and equity concentration can strengthen the positive contribution of investment efficiency to financial performance.There is a transmission relationship among the three,that is,the impact of equity concentration on financial performance is first reflected in investment efficiency,and then acts on financial performance through investment efficiency.