企业环境责任承担能够提升企业价值吗？——基于工业企业的经验证据

Does Environmental Responsibility Taking Add Enterprise Value? Based on Empirical Evidence from Industrial Enterprises

以2010~2017年中国A股工业企业为样本,基于社会责任和企业价值关系的两种主流观点以及实物期权理论,本文考察了环境责任承担对企业价值的影响。研究表明,环境责任承担可提升企业价值。作用机制分析发现,环境责任承担的价值提升效应可通过提高企业预期现金流与降低债务资本成本两种方式实现,但未发现通过改善股票投资者的风险预期对企业价值产生正向影响的证据。截面异质性分析发现,环境责任承担对企业价值的影响主要体现在非重污染行业/绿色发展水平较低的地区。本文拓展与丰富了企业价值的影响因素与社会责任承担的经济后果研究,为政府监管部门如何进一步激励企业积极承担环境责任,实现高质量可持续发展提供有益启示与经验证据。

This paper systematically examines the impact of environmental responsibility on enterprise value based on the two mainstream viewpoints on whether CSR activities improve enterprise value and real options theory,using samples of China A-share listed industrial enterprises from 2010 to 2017.We find that environmental responsibility is conducive to enterprise value creation mainly by improving the expected cash flow and reducing the cost of debt capital.However,there is no evidence that it has impacts on the value of enterprise by improving the risk expectation of stock investors effectively.The analysis of cross-sectional heterogeneity shows that the influence of environmental responsibility on enterprise value is mainly reflected in the non-heavy pollution industry or areas with low green development level.Not only does this paper expand and enrich the research on the influencing factors of enterprise value creation and economic consequences of social responsibility taking,but it also provides useful enlightenment and empirical evidence for government regulators to further motivate enterprises to take environmental responsibility actively and achieve high quality and sustainable development.