摘要
以2009—2013年我国制造业A股上市公司为样本,采用混合截面层次回归法和分组检验法,检验了企业环保投资和财务绩效之间的关系,以及股权结构对两者间关系的调节作用。研究发现,企业环保投资与财务绩效显著负相关,股权制衡度的提高可以减弱企业环保投资对财务绩效的负向影响,而股权集中度的提高会加强企业环保投资对财务绩效的负向影响。
Based on the data from 2009 to 2013 of A - share listed companies of manufacturing industry in China,the paper uses hierarchical regression model and grouping test to explore the relationship between the corporate environmental investment and the financial performance,and further verifying the ownership structure effect on this relationship. The results indicate that the corporate environmental investment is negatively related to the financial performance,and the improvement of equity restric-tion plays a negative role in the above relationship, while the improvement of ownership concentration plays a positive role in the above relationship.
出处
《武汉理工大学学报（信息与管理工程版）》
CAS
2016年第6期735-739,共5页
Journal of Wuhan University of Technology：Information & Management Engineering
关键词
企业环保投资
财务绩效
股权制衡
股权集中
corporate environmental investment
financial performance
equity restriction
ownership concentration
