环保投资对重污染上市公司经营绩效影响研究

The Impact of Environmental Protection Investment on the Business Performance of Heavy Polluting Companies

基于2012—2017年16个重污染行业531家A股上市公司面板数据,分析了环保投资对重污染上市公司经营绩效的当期与滞后一期影响。研究结果表明:重污染上市公司当期的环保投资对经营绩效有显著的负面影响;重污染上市公司滞后一期的环保投资与经营绩效为正相关;相较于非国有企业,国有企业环保投资对当期与滞后一期绩效影响效果更佳。最后针对重污染上市公司的公司治理和国家环保政策的实施作出建议,丰富了投资与绩效的关系研究,为施行环境管制提供微观经验支持。

Based on the panel data of 531 A-share listed companies in 16 heavily polluting industries from 2012 to 2017,this paper analyzes the current and lagging effects of environmental protection investment on the performance of heavily polluting listed companies.The results show that:The current environmental protection investment of heavily polluting listed companies has a significant negative impact on operating performance;The lagging period of environmental protection investment of heavily polluting listed companies is positively correlated with operating performance;Compared with non-state-owned enterprises,state-owned enterprises'environmental protection investment has a better impact on current and lagging performance.Finally,suggestions are made on the corporate governance of heavily polluting listed companies and the implementation of national environmental protection policies.This article makes up for deficiencies in related fields,enriches the research on the relationship between investment and performance,and provides micro-experience support for the implementation of environmental regulation.