环境处罚能否真正影响企业价值?

Can Environmental Punishment Really Affect Enterprise Value?

企业是否会采取环境保护措施,提高环境绩效,取决于市场。如果市场对企业环境行为十分关心,企业环境绩效就能体现在其市场价值中,企业就有动力保护环境;否则企业就缺乏保护环境的动力,也会因环境违规行为而受到处罚。环境处罚对当期企业价值没有明显影响,但对滞后两期的企业价值均有负面影响。因此,企业应积极改善企业绩效,在可持续发展以及绿色金融政策背景下建立良好的企业形象,维持长期稳定的企业价值。

Whether enterprises will take environmental protection measures to improve environmental performance depends on the market. If the market is very concerned about the enterprise’s environmental behavior,the enterprise’s environmental performance can be reflected in its market value,and the enterprise will have the power to protect the environment;otherwise,the enterprise will lack the power to protect the environment,and will be punished for environmental violations. Environmental penalty has no obvious effect on the current enterprise value,but it has a negative impact on the enterprise value lagging behind two periods. Therefore,enterprises should actively improve their performance,establish a good corporate image in the context of sustainable development and green financial policy,and maintain long-term stable corporate value.