沪市制造业企业环境管理与财务绩效关系研究——基于面板数据联立方程组模型的实证分析

本文构建环境管理指数衡量了沪市制造业企业的环境管理水平,以305家沪市制造业上市企业作为样本,利用面板数据联立方程组模型,研究了企业环境管理与财务绩效的关系。实证结论显示:第一,制造业平均环境管理水平虽逐年提升但整体水平较低,且各子行业之间存在较大差异,即使同一行业内也相差甚远;第二,重污染行业企业展现出更高的环境管理水平;第三,环境管理水平对企业财务绩效有负面影响,而企业财务绩效对环境管理水平有正面影响;第四,企业规模与经营年限显著正向影响环境管理水平。

The paper constructs environmental management indexes to measure the level of environmental management in manufactur- ing enterprises in Shanghai Stock Market, selects 305 listed enterprises as samples and employs panel- data simultaneous equations to study the relationship between environmental management and financial performance. Empirical results show that, firstly, although the level of environmental management is rising year after year, it is still low and among the sub - industries enterprises even in the same sub- industry, there are significant differences. Secondly, heavy polluting indus- tries show higher levels of environmental management. Thirdly, the level of environmental management negatively impacts financial performance, and financial performance positively impacts the level of environmental management. Fourthly, firm size and operation period are shown to be positively correlated with the level of environmental management.