企业战略差异度对环保投资的影响研究

The Influence of Corporate Strategic Deviance on Environmental Investment

企业战略差异作为企业战略发展过程中较为普遍的现象之一,其如何影响环保投资备受关注,基于此,通过对中国资本市场2008—2017年的A股上市公司数据进行研究,实证分析了企业战略差异度对环保投资的影响。研究发现:企业战略差异度促进了环保投资行为;重污染行业性质强化了企业战略差异度与环保投资之间的正相关关系;国有企业产权性质强化了企业战略差异度与环保投资之间的正相关关系。从企业战略视角丰富了环保投资影响因素文献,有助于深入理解中国情境下企业战略差异度的经济后果问题。

Strategic deviance is one of the common phenomena in development process of corporate strategy,and how it affects environmental investment has attracted much attention.Based on this,the article uses data of A-share listed companies in China from 2008 to 2017,and analyzes the impact of strategic deviance on environmental investment.The study finds that:Strategic deviance enhances environmental investment significantly.The nature of heavy pollution industry strengthens the positive relation between strategic deviance and environmental investment;state ownership strengthens the positive relation between strategic deviance and environmental investment.The article enriches literature on the influential factors of environmental investment from strategy perspective,and can help understand economic consequence of strategic deviance in China.