环境管理能力提升能否改善环境绩效与财务绩效?——基于A股上市公司的实证分析

Can Improvement of Environmental Management Ability Improve Environmental Performance and Financial Performance? An Empirical Analysis Based on China’s Listed Companies

国家绿色发展战略要求企业提升环境管理能力,但企业环境管理能力的提升是否改善环境绩效与财务绩效仍存争议,企业在末端治理与清洁生产等环境管理决策间踌躇不定。以A股上市公司2011—2017年相关数据为样本进行实证研究,探讨我国上市公司企业环境管理能力、环境绩效和财务绩效三者的关系。研究表明:我国企业环境管理水平普遍不高,企业环境管理能力与环境绩效、财务绩效之间存在明显的正相关关系;重污染企业环境绩效与财务绩效正相关,非重污染企业环境绩效与财务绩效之间无明显相关性。因此,企业提升环境管理能力有助于实现保护环境与提高经济效益的统一;企业应重视环境管理对企业绩效的积极作用,加大对环保技术的投入,提高企业创新能力。

National green development strategy requires companies to improve their environmental management ability,but there are still disputes over whether improvement of companies'environmental management ability can improve their environmental and financial performances,and companies are hesitant to make environmental management decisions such as end-treatment and clean production.Using China's A-share listed firms from 2011 to 2017,this paper discusses relationship among environmental management ability,environmental performance and financial performance respectively.Results show that environmental management level of enterprises in China is at a low level.Moreover,there is an obvious positive correlation between environmental management ability of enterprises and their environmental and financial performances.There is a positive correlation between environmental performance and financial performance of heavily polluting enterprises,while there is no obvious correlation between environmental performance and financial performance of non-heavily polluting enterprises.Therefore,strengthening construction of environmental management capacity of enterprises can help realize unification of environmental protection and economic efficiency.Enterprises should attach importance to the positive role of environmental management in their enterprise performance,increase investment in environmental protection technology,and improve their innovation ability.