绿色发展对企业财务绩效的影响研究——基于企业规模的调节效应

Research on the Impact of Green Development on the Financial Performance of Enterprises——Firm Size Based Moderating Effect

基于可持续发展理论以及资源效益理论,以2015年-2021年沪深A股上市公司为研究样本,通过上市公司公开财务数据以及社会责任报告中的环境信息披露数据,采用实证方法检验上市公司环境绩效对财务绩效的影响以及企业规模对两者关系发挥的作用机制。得出结论:企业环境绩效与财务绩效之间呈显著正相关关系;企业规模加入弱化了环境绩效与财务绩效之间的正向关系,具有负向调节作用。为进一步促进企业绿色发展,从政府、企业自身两个角度提出相应对策建议。

Based on the theory of sustainable development and the theory of resource efficiency,using the A-share listed companies in Shanghai and Shenzhen from 2015 to 2021 as the research sample,the impact of environmental performance of listed companies on financial performance and the mechanism of the role of enterprise scale on the relationship played by the two are examined empirically through the public financial data of listed companies and the data of environmental information disclosure in social responsibility reports.It is finally concluded that there is a significant positive relationship between environmental performance and financial performance of enterprises;the addition of enterprise scale weakens the positive relationship between environmental performance and financial performance and has a negative moderating effect.Meanwhile,in order to further promote the green development of enterprises,corresponding countermeasures are proposed from two perspectives of government and enterprises themselves.