煤炭企业环保投入、融资约束与企业生产率研究

Research on environmental investment, financing constraints and productivity of coal enterprises

以2011—2020年中国煤炭上市公司的非平衡面板数据作为研究样本,对环保投入与企业生产率的关系进行实证分析,并将融资约束引入二者的研究关系中。结果表明:煤炭企业环保投入与生产率呈U型曲线关系,且融资约束对环保投入与企业生产率的关系具有负向调节效应,并使曲线拐点向右移动。此研究为煤炭企业正确认识环保投入与经济绩效的关系提供经验支持,对煤炭企业重视环保责任的承担,提高生产率具有重要的指导作用。

Taking the unbalanced panel data of China’ s listed coal companies from 2011 to 2020 as the research sample, this paper makes an empirical analysis on the relationship between environmental investment and enterprise productivity, and introduces the financing constraint into the research relationship between them. The results show that there is a U-shaped curve relationship between environmental investment and productivity in coal enterprises, and the financing constraint has a negative adjustment effect on the relationship between environmental investment and productivity, and makes the inflection point of the curve move to the right. This paper provides experience support for coal enterprises to correctly understand the relationship between environmental investment and economic performance, and plays an important guiding role for coal enterprises to attach importance to environmental protection responsibility and improve productivity.