企业环保投资结构及其分布特征研究——来自A股上市公司2008—2011年的经验证据

Structure and Distribution Characteristics of Corporate Environmental Investment: Empirical Evidence from A-Share Listed Companies

以企业环保投资为研究对象,基于中国资本市场的经验数据,尝试性地对企业环保投资结构进行界定与分析,并从多角度探讨企业环保投资的分布特征。研究发现:"环保设施及系统的投入与改造支出"既是企业环保投资的主要内容,也是企业环保投资资金配置的主要方向;企业环保投资总额占其总投资额、营业收入、总资产的比例均偏低,绝大多数企业的环保投资规模处于低水平状态;企业环保投资规模具有不同程度的行业差异、地区差异、产权差异和股权差异。

The paper,based on the perspectives of corporate environmental investment and the statistics of Chinese capital market,attempts to define and analyze the structure of corporate environmental investment,and then explores its distribution characteristics from some perspectives.The findings are as follows: both the main content and the main direction of this investment are reflected from the expenditures on environmental facilities and systems;In addition to environmental taxes,other environmental investments are put up by many companies as the main direction of environmental investment,and the majority of companies have their own emphasis of environmental investment.The proportion of the amounts of corporate environmental investment to the total amounts of investment,operating income and total assets are low,so the majority of companies' environmental investments are at a low level.The amounts of corporate environmental investment are more or less different in terms of industries,regions,properties and ownerships.