企业环保投资与经济绩效——基于企业异质性视角
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摘要
企业环保投资是否一定降低其经济绩效?企业异质性是否影响二者之间的关系?对上述问题的回答有助于帮助企业科学选择环境战略,在迎合政府环境规制的同时达到经济绩效的"双赢"。文章基于我国A股上市公司2008-2017年的经验数据,研究发现:企业环保投资规模与经济绩效呈显著的"U"型曲线关系,当环保投资规模较低时,环保投资与经济绩效负相关;当环保投资规模达到并超过"门槛"界限后,环保投资与经济绩效正相关。基于企业异质性的研究同时发现,这种关系在重污染行业和国有企业中更为显著。研究拓展了企业投资和环境会计领域的研究视野,也为检验中国情境下的"波特假说"提供了经验证据。
Will corporate environmental investment necessarily reduce its economic performance? Does firm heterogeneity affect the relationship between them? The answers to the above questions will help firms to choose the environmental strategy and achieve"win-win"situation as well as regulatory compliance. Based on the empirical data of A-share listed companies in China from 2008 to 2017,this study found that there is a"U"curve relationship between corporate environmental investment and economic performance. When environmental investment is less,it will reduce the corporate economic performance;While the scale of environmental investment reaches and exceeds the"threshold",it will improve economic performance. At the same time,based on the heterogeneity of enterprises,the relationship is more significant in high-polluting industries and stateowned firms. The empirical results extended the research field of corporate investment and environmental accounting,and provided empirical evidence to test the"Porter hypothesis"in China.
Will corporate environmental investment necessarily reduce its economic performance? Does firm heterogeneity affect the relationship between them? The answers to the above questions will help firms to choose the environmental strategy and achieve"win-win"situation as well as regulatory compliance. Based on the empirical data of A-share listed companies in China from 2008 to 2017,this study found that there is a"U"curve relationship between corporate environmental investment and economic performance. When environmental investment is less,it will reduce the corporate economic performance;While the scale of environmental investment reaches and exceeds the"threshold",it will improve economic performance. At the same time,based on the heterogeneity of enterprises,the relationship is more significant in high-polluting industries and stateowned firms. The empirical results extended the research field of corporate investment and environmental accounting,and provided empirical evidence to test the"Porter hypothesis"in China.
引文
[1]沈红波,谢越,陈峥嵘.企业的环境保护、社会责任及其市场效应——基于紫金矿业环境污染事件的案例研究[J].中国工业经济,2012(1):141-151.
[2]唐国平,李龙会,吴德军.环境管制、行业属性与企业环保投资[J].会计研究,2013(6):83-89.
[3]KING A A,LENOX M J. Does It Really Pay to Be Green?An Empirical Study of Firm Environmental and Financial Performance[J]. Journal of Industrial Ecology,2001,5(1):105-116.
[4]WAGNER M. How to Reconcile Environmental and Economic Performance to Improve Corporate Sustainability:Corporate Environmental Strategies in The European Paper Industry[J]. Journal of Environmental Management,2005,76(2):105-118.
[5]AL-TUWAIJRI S A,CHRISTENSEN T E,HUGHES II K E.The Relations Among Environmental Disclosure,Environmental Performance,and Economic Performance:A Simultaneous Equations Approach[J]. Accounting,Organizations and Society,2004,29(5):447-471.
[6]BARNETT M,SALOMON R. Does it pay to be really good?addressing the shape of the relationship between social and financial performance[J]. Strategic Management. 2012,33(11):1304-1320.
[7]NAKAMURA E.Does Environmental Investment Really Contribute to Firm Performance? An Empirical Analysis Using Japanese Firms[J]. Eurasian Business Review,2011,1(2):91-111.
[8]PEKOVIC S,GROLLEAU G,MZOUGHI N. Environmental invstment:Too much of a good thing?[J]. International Journal of Production Economics,2018,197(3):297-302.
[9]潘飞,王亮.企业环保投资与经济绩效关系研究[J].新会计,2015(4):6-11.
[10]王鹏,张婕.股权结构、企业环保投资与财务绩效[J].武汉理工大学学报,2016(12):735-739.
[11]彭妍,岳金桂.基于投资结构视角的企业环保投资与财务绩效[J].环境保护科学,2016(2):64-69.
[12]WALLEY N,WHITEHEAD B. It’s Not Easy Being Green[J]. Harvard Business Review,1994,72(3):46-52.
[13]JAGGI B,FREEDMAN M. An Examination of The Impact of Pollution Performance on Economic and Market Performance:Pulp and Paper Firms[J]. Journal of Business Finance and Accounting. 1992,19(5):697-713.
[14]SUEYOSHI T,GOTO M. Can environmental investment and expenditure enhance financial performance of US electric utility firms under the clean air act amendment of1990?[J]. Energy Policy,2009,37(11):4819–4826.
[15]PORTER M E. America’s Green Strategy[J]. Scientific American,1991,264(4):168-173.
[16]PORTER M E,VAN DER LINDE C. Green and Competitiveness:Ending the stalemate[J]. Harvard Business Review,1995,73(5):120-134.
[17]HART S L,AHUJA G. Does It Pay to be Green? An Empirical Examination of the Relationship between Emission Reduction and Firm Performance[J]. Business Strategy and the Environment,1996,5(1):30–37.
[18]CLARKSON P M,LI Y,RICHARDSON G D,et al. Does It Really Pay to Be Green? Determinants and Consequences of Proactive Environmental Strategies[J]. Journal of Accounting and Public Policy,2011,30(2):122-144.
[19]AMBEC S,LANOIE P. Does It Pay to Be Green? A Systematic Overview[J]. Academy of Management Perspectives,2008,22(4):45-62.
[20]NEHRT C. Timing and Intensity Effects of Environmental Investments[J]. Strategic Management Journal,1996,17(7):535-547.
[21]B?HRINGER C,MOSLENER U,OBERNDORFER U,et al. Clean and productive? Empirical evidence from the German manufacturing industry[J]. Research Policy,2012,41(3):442-451.
[22]LEE K H,MIN B,YOOK K H. The impacts of carbon(CO2)emissions and environmental research and development(R&D)investment on firm performance[J]. International Journal of Production Economics,2015,16(9):1-11.
[23]LUNDGRENA T,ZHOU W C. Firm performance and the role of environmental management[J]. Journal of Environmental Management,2017,203(12):330-341.
[24]GARCéS-AYERBE C,CA?óN-DE-FRANCIA J. The Relevance of Complementarities in the Study of the Economic Consequences of Environmental Proactivity:Analysis of the Moderating Effect of Innovation Efforts[J]. Ecological Economics,2017,142(12):21-30.
[25]CLARKSON P M,LI Y,RICHARDSON G D. The Market Valuation of Environmental Capital Expenditures by Pulp and Paper Companies[J]. The Accounting Review,2004,79(4):329-353.
[26]WATSON K,KLINGENBERG B,POLITO T,et al.,Impact of Environmental Management System Implementation on Financial Performance[J]. Management of Environmental Quality:An International Journal,2004,15(6):622-628.
[27]IWATA H,OKADA K.How Does Environmental Performance Affect Financial Performance? Evidence from Japanese Manufacturing Firms[J]. Ecological Economics,2011,70(9):1691-1700.
[28]FUJII H,IWATA K,KANEKO S,MANAGI S. Corporate Environmental and Economic Performance of Japanese Manufacturing Firms:Empirical Study for Sustainable Development[J]. Business Strategy and the Environment,2013,22(3):187-201.
[29]唐国平,李龙会.企业环保投资结构及其分布特征研究——来自A股上市公司2008-2011年的经验证据[J].审计与经济研究,2013(4):94-103.
[30]Lanoie P,Laurent-Lucchetti J,Johnstone N,et al.,Environmental Policy,Innovation and Performance:New Insights on the Porter Hypothesis[J]. Journal of Economics&Management Strategy,2011,20(3):803-842.
[31]HART S L. A natural-resource-based View of The Firm.Academy of Management Review,1995,20(4):986-1014.
[32]SHARMA S. Managerial Interpretations and Organizational Context as Predictors of Corporate Choice of Environmental Strategy. Academy of Management Journal,2000,43(4):681-697.
[33]林毅夫,李志赟.政策性负担、道德风险与预算软约束[J].经济研究,2004(2):17-27.
[34]张功富.政府干预、环境污染与企业环保投资——基于重污染行业上市公司的经验证据[J].经济与管理研究,2013(9):38-44.
[35]WAGNER N. The role of corporate sustainability performance for economic performance:A firm-level analysis of moderation effects[J]. Ecological Economics,2010,69(7):1553-1560.
(1)《中国21世纪议程》(1994)中对“清洁生产”定义为:既可满足人们的需要又可合理使用自然资源并保护环境的实用生产方法和措施,其实质是通过对物料、能耗和产品进行全过程的规划与管理,最终实现废物减量化、资源化和无害化,甚至将污染物消灭于生产过程之中。
(2)我国于2018年1月1日起施行《中华人民共和国环境保护税法》,依照该法规定征收环境保护税,不再征收排污费。本文数据截止2016年,因此文中涉及的仍为排污费。
(3)2014年环保部取消了上市环保核查工作,目的是减少行政审批,加强市场化管理。
(4)归属于重污染行业的行业代码(名称)具体如下:B06煤炭开采和洗选业、B07石油和天然气开采业、B08黑色金属矿采选业、B09有色金属矿采选业、B10非金属矿采选业、B11开采辅助活动、C13农副食品加工业、C14食品制造业、C15酒、饮料和精制茶制造业、C17纺织业、C19皮革、毛皮、羽毛及其制品和制鞋业、C22造纸和纸制品业、C25石油加工、炼焦和核燃料加工业、C26化学原料和化学制品制造业、C27医药制造业、C28化学纤维制造业、C29橡胶和塑料制品业、C30非金属矿物制品业、C31黑色金属冶炼和压延加工业、C32有色金属冶炼和压延加工业、C33金属制品业、D44电力、热力生产和供应业。
(5)U型曲线拐点处环保投资规模为:0.643÷5.253÷2=0.061;15.652÷146.581÷2=0.053。
(6)参考陈强,《高级计量经济学及Stata应用》(第二版),北京:高等教育出版社,2014:P90。
[2]唐国平,李龙会,吴德军.环境管制、行业属性与企业环保投资[J].会计研究,2013(6):83-89.
[3]KING A A,LENOX M J. Does It Really Pay to Be Green?An Empirical Study of Firm Environmental and Financial Performance[J]. Journal of Industrial Ecology,2001,5(1):105-116.
[4]WAGNER M. How to Reconcile Environmental and Economic Performance to Improve Corporate Sustainability:Corporate Environmental Strategies in The European Paper Industry[J]. Journal of Environmental Management,2005,76(2):105-118.
[5]AL-TUWAIJRI S A,CHRISTENSEN T E,HUGHES II K E.The Relations Among Environmental Disclosure,Environmental Performance,and Economic Performance:A Simultaneous Equations Approach[J]. Accounting,Organizations and Society,2004,29(5):447-471.
[6]BARNETT M,SALOMON R. Does it pay to be really good?addressing the shape of the relationship between social and financial performance[J]. Strategic Management. 2012,33(11):1304-1320.
[7]NAKAMURA E.Does Environmental Investment Really Contribute to Firm Performance? An Empirical Analysis Using Japanese Firms[J]. Eurasian Business Review,2011,1(2):91-111.
[8]PEKOVIC S,GROLLEAU G,MZOUGHI N. Environmental invstment:Too much of a good thing?[J]. International Journal of Production Economics,2018,197(3):297-302.
[9]潘飞,王亮.企业环保投资与经济绩效关系研究[J].新会计,2015(4):6-11.
[10]王鹏,张婕.股权结构、企业环保投资与财务绩效[J].武汉理工大学学报,2016(12):735-739.
[11]彭妍,岳金桂.基于投资结构视角的企业环保投资与财务绩效[J].环境保护科学,2016(2):64-69.
[12]WALLEY N,WHITEHEAD B. It’s Not Easy Being Green[J]. Harvard Business Review,1994,72(3):46-52.
[13]JAGGI B,FREEDMAN M. An Examination of The Impact of Pollution Performance on Economic and Market Performance:Pulp and Paper Firms[J]. Journal of Business Finance and Accounting. 1992,19(5):697-713.
[14]SUEYOSHI T,GOTO M. Can environmental investment and expenditure enhance financial performance of US electric utility firms under the clean air act amendment of1990?[J]. Energy Policy,2009,37(11):4819–4826.
[15]PORTER M E. America’s Green Strategy[J]. Scientific American,1991,264(4):168-173.
[16]PORTER M E,VAN DER LINDE C. Green and Competitiveness:Ending the stalemate[J]. Harvard Business Review,1995,73(5):120-134.
[17]HART S L,AHUJA G. Does It Pay to be Green? An Empirical Examination of the Relationship between Emission Reduction and Firm Performance[J]. Business Strategy and the Environment,1996,5(1):30–37.
[18]CLARKSON P M,LI Y,RICHARDSON G D,et al. Does It Really Pay to Be Green? Determinants and Consequences of Proactive Environmental Strategies[J]. Journal of Accounting and Public Policy,2011,30(2):122-144.
[19]AMBEC S,LANOIE P. Does It Pay to Be Green? A Systematic Overview[J]. Academy of Management Perspectives,2008,22(4):45-62.
[20]NEHRT C. Timing and Intensity Effects of Environmental Investments[J]. Strategic Management Journal,1996,17(7):535-547.
[21]B?HRINGER C,MOSLENER U,OBERNDORFER U,et al. Clean and productive? Empirical evidence from the German manufacturing industry[J]. Research Policy,2012,41(3):442-451.
[22]LEE K H,MIN B,YOOK K H. The impacts of carbon(CO2)emissions and environmental research and development(R&D)investment on firm performance[J]. International Journal of Production Economics,2015,16(9):1-11.
[23]LUNDGRENA T,ZHOU W C. Firm performance and the role of environmental management[J]. Journal of Environmental Management,2017,203(12):330-341.
[24]GARCéS-AYERBE C,CA?óN-DE-FRANCIA J. The Relevance of Complementarities in the Study of the Economic Consequences of Environmental Proactivity:Analysis of the Moderating Effect of Innovation Efforts[J]. Ecological Economics,2017,142(12):21-30.
[25]CLARKSON P M,LI Y,RICHARDSON G D. The Market Valuation of Environmental Capital Expenditures by Pulp and Paper Companies[J]. The Accounting Review,2004,79(4):329-353.
[26]WATSON K,KLINGENBERG B,POLITO T,et al.,Impact of Environmental Management System Implementation on Financial Performance[J]. Management of Environmental Quality:An International Journal,2004,15(6):622-628.
[27]IWATA H,OKADA K.How Does Environmental Performance Affect Financial Performance? Evidence from Japanese Manufacturing Firms[J]. Ecological Economics,2011,70(9):1691-1700.
[28]FUJII H,IWATA K,KANEKO S,MANAGI S. Corporate Environmental and Economic Performance of Japanese Manufacturing Firms:Empirical Study for Sustainable Development[J]. Business Strategy and the Environment,2013,22(3):187-201.
[29]唐国平,李龙会.企业环保投资结构及其分布特征研究——来自A股上市公司2008-2011年的经验证据[J].审计与经济研究,2013(4):94-103.
[30]Lanoie P,Laurent-Lucchetti J,Johnstone N,et al.,Environmental Policy,Innovation and Performance:New Insights on the Porter Hypothesis[J]. Journal of Economics&Management Strategy,2011,20(3):803-842.
[31]HART S L. A natural-resource-based View of The Firm.Academy of Management Review,1995,20(4):986-1014.
[32]SHARMA S. Managerial Interpretations and Organizational Context as Predictors of Corporate Choice of Environmental Strategy. Academy of Management Journal,2000,43(4):681-697.
[33]林毅夫,李志赟.政策性负担、道德风险与预算软约束[J].经济研究,2004(2):17-27.
[34]张功富.政府干预、环境污染与企业环保投资——基于重污染行业上市公司的经验证据[J].经济与管理研究,2013(9):38-44.
[35]WAGNER N. The role of corporate sustainability performance for economic performance:A firm-level analysis of moderation effects[J]. Ecological Economics,2010,69(7):1553-1560.
(1)《中国21世纪议程》(1994)中对“清洁生产”定义为:既可满足人们的需要又可合理使用自然资源并保护环境的实用生产方法和措施,其实质是通过对物料、能耗和产品进行全过程的规划与管理,最终实现废物减量化、资源化和无害化,甚至将污染物消灭于生产过程之中。
(2)我国于2018年1月1日起施行《中华人民共和国环境保护税法》,依照该法规定征收环境保护税,不再征收排污费。本文数据截止2016年,因此文中涉及的仍为排污费。
(3)2014年环保部取消了上市环保核查工作,目的是减少行政审批,加强市场化管理。
(4)归属于重污染行业的行业代码(名称)具体如下:B06煤炭开采和洗选业、B07石油和天然气开采业、B08黑色金属矿采选业、B09有色金属矿采选业、B10非金属矿采选业、B11开采辅助活动、C13农副食品加工业、C14食品制造业、C15酒、饮料和精制茶制造业、C17纺织业、C19皮革、毛皮、羽毛及其制品和制鞋业、C22造纸和纸制品业、C25石油加工、炼焦和核燃料加工业、C26化学原料和化学制品制造业、C27医药制造业、C28化学纤维制造业、C29橡胶和塑料制品业、C30非金属矿物制品业、C31黑色金属冶炼和压延加工业、C32有色金属冶炼和压延加工业、C33金属制品业、D44电力、热力生产和供应业。
(5)U型曲线拐点处环保投资规模为:0.643÷5.253÷2=0.061;15.652÷146.581÷2=0.053。
(6)参考陈强,《高级计量经济学及Stata应用》(第二版),北京:高等教育出版社,2014:P90。
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