环境成本与企业绩效关系:来自重污染行业上市公司的证据

Research on the Relationship Between Environmental Cost and Firm Performance: Evidence from Listed Companies in Heavily Polluting Industries

随着社会发展及工业化进程的不断推进,环境问题愈发突出,作为污染的“制造者”及环境保护的“责任承担者”,企业为保护环境所付出的成本对企业绩效的影响也愈发受到关注。以企业环境成本为切入点,基于2013—2019年中国A股重污染行业上市公司平衡面板数据,采用双向固定效应模型进行面板回归,研究环境成本与企业绩效的关系。研究结果表明:当期环境成本对企业绩效无显著影响,但滞后一期环境成本则对企业绩效有着显著的促进作用。基于企业产权性质角度,较之国有企业,非国有企业环境成本对企业绩效的促进作用更加显著;基于企业所在区域角度,较之东部地区,中西部地区企业环境成本对企业绩效的促进作用更为明显;基于企业规模角度,较之大规模企业,小规模企业的企业绩效对环境成本的促进作用更为敏感。

With the continuous advancement of social and economic development and industrialization, environmental problems are getting more and more serious. As the "manufacturer" of pollution and the "responsibility bearer" of environmental protection, the impact of the cost incurred by enterprises to protect the environment on enterprise performance has drawn more attention. This paper takes enterprise environmental cost as the starting point, and uses two-way fixed effect model for panel regression to study the relationship between environmental cost and enterprise performance based on the balanced panel data of China’s A-share heavy pollution industry listed companies from 2013 to 2019. The results suggest that the current environmental cost investment has no significant impact on enterprise performance, and the lagged one-stage environmental cost investment has a significant role in promoting enterprise performance. Considering the nature of enterprise property rights, the environmental cost of non-state-owned enterprises plays a more significant role in promoting enterprise performance compared with state-owned enterprises. From the perspective of enterprise region, the promotion effect of enterprises in the central and western regions is more obvious than the ones in the eastern region. Under different firm size,compared with large-scale enterprises, the performance of small-scale ones is more sensitive to the promotion of environmental costs than large-scale ones.