供给侧改革视域下企业环保投入与企业价值的关系研究

选取2012-2017年沪深A股披露环保投入额的上市公司作为研究对象,探究企业环保投入与企业价值之间的关系。研究表明:环保投资对企业价值具有提升作用且具有一定时间的延续效应;按产权性质、行业性质差异分组研究发现,相较于非国有企业,国有企业环保投资对企业价值的提升效果更明显;环保投入对企业价值的提升作用仅在重污染行业显著。从政府、企业双角度给出对策建议,推动企业在供给侧改革下的发展。

Research on Relationship between Enterprise Environmental Protection Investment and Enterprise Value under Supply-side Reform Perspective

This paper selected the listed companies that disclosed the environmental protection investment amount from Shanghai and Shenzhen A shares in 2012-2017 as the research objects,and explored the relationship between corporate environmental protection investment and corporate value.The empirical results showed that environmental protection investment was positively related to the value of the enterprise and had a continuation effect for a certain period of time.In addition,this paper also studied the effects of different property rights and different industry attributes on the two.It was found that compared with non-state-owned enterprises,the environmental protection investment of state-owned enterprises had a more obvious effect on the improvement of enterprise value.The effect of investment on corporate value was only significant in heavily polluting industries.Based on this,this paper gave countermeasures and suggestions at the angles from both the government and the enterprises to promote further development of the company.