股权集中度视角下环保投入对企业价值的影响研究

企业的环保投入额对其企业价值会产生怎样的影响?股权集中度是否会对企业环保投入额与其企业价值的影响存在调节的作用?回答上述问题有助于更好地了解企业的环保投入行为为企业创造的价值,并明确股权集中度的有效性。本文以沪深两市2009年至2017年度企业社会责任报告中披露环保投入的A股重污染上市公司为样本,实证分析了企业的环保投入与企业价值之间的关系。研究发现:企业的环保投入的增加不利于提升的企业价值;股权集中度有利于促进企业的环保投入;相比于股权集中度低的企业,在股权集中度高的企业中环保投入与企业价值的负向影响会被削弱。

Study on the Impact of Environmental Investment on Enterprise Value from the Perspective of Equity Concentration

How will the enterprise"s environmental investment affect its enterprise value? Will equity concentration have a regulatory effect on the enterprise"s environmental investment and its enterprise value? Answering the above questions will help to better understand the value created by the enterprise"s environmental input behavior, and clarify the effectiveness of the equity concentration. Based on the sample of A-share heavy-pollution listed companies disclosed in the CSR report of Shanghai and Shenzhen from 2009 to 2017, this paper empirically analyzes the relationship between environmental protection input and enterprise value. The study found that the increase of environmental protection investment of enterprises is not conducive to the promotion of enterprise value, equity concentration is conducive to promoting the enterprise"s environmental investment, compared with enterprises with low equity concentration, the negative impact of environmental protection input and enterprise value in enterprises with high equity concentration will be weakened.