环境绩效、绿色技术创新与企业价值-基于重污染行业上市公司

改革开放以来,我国工业取得了突飞猛进的发展,但也由此带来了一系列高污染、高排放和资源高消耗的环境能源问题,使我们的生态环境遭到严重破坏.企业作为维护社会绿色发展的主要成员之一,应当率先履行其相应的环境保护义务,但在履行义务的同时,企业需要在环境管理上加大投入,这可能导致企业最终无法实现股东财富最大化的目标.因此本研究选取了沪深两市A股在2010～2016年社会责报告中所披露的在环保和污染费用投入方面比较典型的重污染企业作为样本,着重分析了环境绩效、绿色技术创新和企业价值三者之间的相互关系,结果表明:(1)企业环境绩效对企业价值存在负向引导作用;(2)绿色技术创新能力可以提升企业环境绩效;(3)绿色技术创新水平会削弱环境绩效与企业价值的负面影响;(4)与非国有企业相比,国有企业的这种抑制性关系更加显著.

Environmental Performance, Innovation Input and Enterprise Value: Based on Listed Companies in Heavy Pollution Industries

Since the reform and opening up, our country has achieved rapid development in industry. At the same time, it has also brought about a series of environmental and energy problems with high pollution, high emissions, and high resource consumption, which has severely damaged our ecological environment. As one of the main members of maintaining the green development of society, enterprises should take the lead in fulfilling their corresponding environmental protection obligations. However, while fulfilling their obligations, enterprises need to increase investment in environmental management, which may lead to the ultimate failure of the company to maximize shareholder wealth The goal. Therefore, this paper selects the typical heavily polluting enterprises in terms of environmental protection and pollution expenditures disclosed in the 2010-2016 Social Responsibility Reports of Shanghai and Shenzhen A shares as the research samples, focusing on environmental performance, green technology innovation and enterprises The relationship between the three values, the study found: (1) Corporate environmental performance has a negative guiding effect on corporate value; (2) Green technological innovation capability can improve corporate environmental performance; (3) Green technological innovation level will weaken the environment The negative impact of performance and enterprise value; (4) Compared with non-state-owned enterprises, the inhibitory relationship of state-owned enterprises.