流域生态补偿区的建立对企业经营绩效影响研究——以福建省为例

Research on the Impact of the Establishment of River Basin Ecological Compensation Zone on Business Performance——Take Fujian Province as an Example

通过理论分析建立生态补偿区可能会对企业经营绩效产生的影响,以福建省上游上市公司为实验组,下游上市公司为对照组,选取2011-2018年上市公司数据共584个观测值进行实证检验。研究表明:福建省流域生态补偿区的建立提高了上游企业的绩效。进一步分析其主要原因可能是:财政转移支付向上游地区倾斜促进上游环保建设;企业R&D投入的加强;企业资本结构的改变。最后从政策和企业层面提出建议,以实现流域生态补偿政策的可持续性。

It thought that the establishing an ecological compensation area might have impact on business performance through theoretical analysis.Taking the upstream listed companies in Fujian Province as the experimental group and the downstream listed companies as the control group,it empirically tested a total of 584 observations of listed company data from 2011 to 2018.The research showed that the establishment of the ecological compensation zone in Fujian Province improved the performance of upstream enterprises.According to the further analysis of the main reasons,it thought that the reason might be fiscal transfer payments were tilted to upstream areas to promote upstream environmental protection construction,enterprise R&D investment was strengthened;enterprise capital structure changed.Finally,from the policy and enterprise level it made suggestions to realize the sustainability of the ecological compensation policy in the basin.