环境规制、技术资本与企业价值

Environmental Regulation,Technology Capital and Enterprise Value

以2008-2013年受污染行业深沪A股上市公司为研究样本,实证检验了环境规制对技术资本的影响、环境规制对企业价值的影响以及技术资本对企业价值的影响。研究结果表明:环境规制与企业当期及滞后期的技术资本显著正相关;技术资本与企业当期及滞后期价值显著正相关;环境规制与企业当期价值无明显相关性,仅与滞后期价值显著相关。以上结论不仅进一步支持了"波特假说",也对企业通过加强环保投入、促进技术资本积累来提升可持续价值提供了一定的借鉴意义。

Using 2008--2013 Shenzhen and Shanghai A--share listed company of heavily pollu ting industries as the study sample, this paper empirically tests the impact of environmental regula- tion on the technology capital , the impact of environmental regulation on enterprise value and the impact of technology capital on enterprise value. The research results show that environmental reg- ulation has a significant positive correlation with technology capital in the current and lag period and technology capital has a significant positive correlation with enterprise current and lag value. But environmental regulation has no significant correlation with enterprise current value, and only has a significant correlation with its lag value. The above conclusions not only further support Potter Hy- pothesis, but also provide certain reference significance to enterprises sustainable value promotion by strengthening environmental protection investment and promoting technology capital accumula- tion. Finally, according to the analysis, the author puts forward relevant suggestion.