基于Meta分析的企业环境绩效与财务绩效关系研究

The Influencing Factors of the Relationship between Corporate Environmental Performance and Corporate Financial Performance:Based on a Meta-Analysis Concerned with Measuring and Situational Factors

通过构建一个综合理论模型,并采用多层次线性模型的Meta分析技术,定量综合了国内外51项实证研究的58个独立样本,考察企业环境绩效与财务绩效之间的关系及其影响因素。研究显示,企业环境绩效与财务绩效之间具有显著的正向关系,并存在互为因果的双向作用机制;不同企业的环境绩效测量方法与财务绩效测量方法之间均呈显著正相关关系,且过程基础型企业环境绩效与会计基础型财务绩效的相关程度最高;企业环境绩效与财务绩效关系呈现情境差异,环境战略类型、国家发达程度、行业、研究时间点和数据类型等因素调节二者间关系,但影响效果不尽相同。

Despite the tremendous number of studies on the relationship between corporate envi- ronmental performanee （CEP） and corporate financial performance （CFP）, inconsistent empirical findings exist. Drawing on a hybrid theoretical framework, this study conducts a meta-analysis of Hi- erarchical Linear Model to analyze the relationship between CEP and CFP by quantitatively integrating the 58 independent samples of 51 domestic and foreign empirical studies. The results confirm that there is a positive and bidirectional relationship between CEP and CFP, and the moderators＇ analysis reveals that the relationship is significantly influenced by the measuring and situational factors, such as the CEP and CFP measures, the environmental strategy types, the developed level of countries, the industry, the research time and the data types.