企业环保投资与经济绩效——基于企业异质性视角

Environmental Investment and Economic Performance——Based on Firm Heterogeneity

企业环保投资是否一定降低其经济绩效?企业异质性是否影响二者之间的关系?对上述问题的回答有助于帮助企业科学选择环境战略,在迎合政府环境规制的同时达到经济绩效的“双赢”。文章基于我国A股上市公司2008-2017年的经验数据,研究发现:企业环保投资规模与经济绩效呈显著的“U”型曲线关系,当环保投资规模较低时,环保投资与经济绩效负相关;当环保投资规模达到并超过“门槛”界限后,环保投资与经济绩效正相关。基于企业异质性的研究同时发现,这种关系在重污染行业和国有企业中更为显著。研究拓展了企业投资和环境会计领域的研究视野,也为检验中国情境下的“波特假说”提供了经验证据。

Will corporate environmental investment necessarily reduce its economic performance? Does firm heterogeneity af fect the relationship between them? The answers to the above questions will help firms to choose the environmental strategy and achieve“ win-win”situation as well as regulatory compliance. Based on the empirical data of A-share listed companies in China from 2008 to 2017, this study found that there is a“ U”curve relationship between corporate environmental investment and economic performance. When environmental investment is less,it will reduce the corporate economic performance;While the scale of environmental investment reaches and exceeds the“ threshold”,it will improve economic performance. At the same time,based on the heterogeneity of enterprises,the relationship is more significant in high-polluting industries and state- owned firms. The empirical results extended the research field of corporate investment and environmental accounting,and pro vided empirical evidence to test the“ Porter hypothesis”in China.