企业环境责任对企业价值的影响研究

Research on the Impact of Corporate Environmental Responsibility on Corporate Value

以2010-2018年我国沪深A股矿业上市公司为研究样本,实证研究企业环境责任与企业价值之间的关系,并引入研发创新和分析师关注检验二者的中介效应。研究结果表明,企业环境责任与企业价值存在显著的正相关关系。进一步通过中介效应分析发现,企业环境责任会促进研发创新,研发创新在企业环境责任与企业价值的关系中发挥部分中介作用;企业环境责任促进分析师关注,分析师关注在企业环境责任与企业价值的关系中发挥部分中介作用。即发现了企业环境责任-研发创新-企业价值、企业环境责任-分析师关注-企业价值两条实现企业环境责任转换为企业价值的路径。文章将丰富企业环境责任的理论研究,并对企业环境责任和创新实践具有现实指导意义。

Taking China's Shanghai and Shenzhen A-share mining companies from 2010 to 2018 as a research sample,the relationship between corporate environmental responsibility and corporate value was empirically studied,and R&D innovation and analyst attention were introduced to test the mediating effect of the two.The research results show that there is a significant positive correlation between corporate environmental responsibility and corporate value.Furthermore,through the analysis of the intermediary effect,it is found that corporate environmental responsibility promotes R&D innovation,and R&D innovation plays a part of the intermediary role in the relationship between corporate environmental responsibility and corporate value;the corporate environmental responsibility promotes the analysts'attention,and the analysts play the part of intermediary role in focusing on corporate environmental responsibility and enterprise's value;that is,two paths to realize the conversion of corporate environmental responsibility into corporate value have been discovered:corporate environmental responsibility-R&D innovation-corporate value,corporate environmental responsibility-analyst attention-corporate value,which will enrich the theoretical research on corporate environmental responsibility and have practical guiding significance for corporate environmental responsibility and innovative practices.