企业环保投资与财务绩效的相关性研究——以钢铁行业为例

Relevance between enterprise's environmental protection investment and financial performance——Taking the steel industry as an example

环境保护与治理作为社会责任的重要组成部分,一直都是公众和政府关注的焦点.这不仅是一系列宏观体制、外部环境和企业内部因素相互作用的结果,也是推动企业履行相关社会责任、提高其财务绩效的不竭动力,同时也是实现企业社会和经济职能的前提.分析了选题的背景和意义,国内外相关文献研究综述,利用2014-2017年国内钢铁行业上市公司的数据,探究环保投资对企业财务绩效的影响.研究发现,环保投资与企业财务绩效的相关性及其滞后性主要体现在总资产报酬率、每股收益以及Tobin's Q值上.这表明企业的环保投资从长远来看,有利于提高企业的财务绩效,并根据研究结论提出了相关建议.

Environmental protection and governance as an important part of social responsibility have always been the focus of the public and the government. This is not only the result of the interaction of a series of macro-systems, external environment and internal factors, but also an inexhaustible motive force for enterprises to perform related social responsibilities and improve their financial performance. It is also a precondition for the realization of corporate social and economic functions. This paper an- alyzes the background and significance of the topic selection, summarizes domestic and international research on related litera- ture ,and uses the data of listed companies in the domestic steel industry from 2014 to 2017 to explore the impact of environmen- tal protection investment on corporate financial performance. The research results show that the positive impact of corporate envi- ronmental protection investment on financial performance and its lag are mainly reflected in the return on total assets, earnings per share and Tobin＇s Q value. This shows that the company＇s environmental protection investment in the long run will help im- prove the company＇s financial performance. Some relevant recommendations are put forward,based on the research findings.