“双碳”目标下的环保投资对企业价值的影响——兼论媒体治理的调节效应

The Impact of Environmental Protection Investment on Enterprise Value under the Dual Carbon Target:On the Regulatory Effect of Media Governance

本文基于中国2011—2020年沪、深A股上市公司数据,实证分析了环保投资、媒体治理与企业价值3者之间的关系,结果表明:环保投资与企业价值显著正相关;媒体治理对环保投资与企业价值之间的正相关关系具有显著的正向调节作用。中介作用机制表明,环保投资通过积累声誉资本、促进技术创新以及提升企业绩效3种作用机制促进企业价值增长。进一步分析得出,环保投资对企业价值的影响以及媒体治理的调节作用在环境友好型企业、重污染行业、正面报道和高竞争行业组中更加显著;内部控制水平越高,正向作用越显著。据此,企业应提高环境责任意识,加强对企业成员的教育引导,提升企业环保投资效率,积极进行环保投资;媒体治理应保持客观公正,充分发挥监督和引导作用,推动环保投资规模的良性增长。本文探索“双碳”目标与企业社会责任的互动耦合,系统研究企业社会责任与经济责任有效协同的机理与效应,为完善企业环保投资经济后果领域的研究提供中国经验。

Based on the data of Shanghai and Shenzhen A-share listed companies from 2011 to 2020,this paper empirically analyzes the relationship among environmental protection investment,media governance and enterprise value.The results show that:Environmental protection investment is significantly positively correlated with enterprise value;Media governance has a significant positive regulatory effect on the positive correlation between environmental protection investment and enterprise value.The intermediary mechanism indicates that environmental investment promotes enterprise value growth through three mechanisms:accumulating reputation capital,promoting technological innovation,and improving enterprise performance.Further analysis reveals that the impact of environmental protection investment on enterprise value and the regulatory role of media governance are more significant in environment-friendly enterprises,heavily polluted industries,positive reports and highly competitive industries.The higher the level of internal control,the more significant the positive effect.Based on this,enterprises should enhance their awareness of environmental responsibility,strengthen investor education,improve the efficiency of environmental investment,and actively engage in environmental investment;Media governance should maintain objectivity and fairness,fully leverage the role of supervision and guidance,and promote the healthy growth of environmental investment scale.This paper explores the interactive coupling between"dual carbon"strategy and corporate social responsibility,systematically studies the mechanism and effect of effective coordination between corporate social responsibility and economic responsibility,and provides Chinese empirical evidence for improving the research on the economic consequences of corporate environmental protection investment behavior.