企业环保投资的驱动力研究
摘要
近年,随着经济的快速增长,我国政府、企业、民众都开始关心环保问题,我国环保投资金额也在逐年增大。但是,仔细分析我国环保投资的现状,并将其与环保事业较为发达的国家相比,就会发现有以下几个特点：一、环保结构过于单一,政府财政性支出占较大一部分。二、企业、社会等参与环保投资的积极性不高,特别是作为环境污染主要责任承担者的企业,自主性环保投资较少。
纵观国内外文献以及发达国家环保事业的发展,企业作为主体进行环保投资是未来解决环境问题的主要趋势。因此本文试图通过建立企业环保投资影响因素模型,来寻找刺激企业进行环保投资的驱动力,从而激发企业的环保投资热情。
在实证研究之前,需对环保投资进行定义。参考了其他学者的研究以及结合本文研究的需要,本文支持“投资”学派的学说,认为环保投资在本质上也是一种投资,定义环保投资为“企业进行的重大项目的环保投资,其数额会在企业在建工程或则固定资产中列示”。本文选择logistic模型检验我国上市公司2008、2009、2010年的数据,发现环保组织、环境补贴、环境报告、企业规模、债权人监督这五个因素较为稳定得对企业环保投资发生了显著的作用。并对模型进行了稳定性检验,发现本文模型可以很好地,稳定地预测企业环保投资的发生。根据实证结果,本文分析了各个因素对企业环保投资的驱动机理,并提出相关的政策建议,以期促进企业进行环保投资的自主性。
In recent years, with the fast growing economy, China's government, enterprises and people are all concerned about the environmental protection question, and China's environmental protection investment amount increases year by year. But, after carefully analyzing the present situation of China's environmental protection investment, and taking this compare with these country whose environmental protection industry are more developed, we will find the following characteristics: Firstly, the structure of environmental protection investment is too onefold, and the government fiscal expenditure is occupied very big one part. Secondly, enterprises and society's enthusiasm of participating environmental protection investment is not high, especially very little of the enterprises who should take the main responsibility of the environment pollution spontaneously make investment in environmental protection industry.
After surveying of domestic and foreign researches and development of environmental protection industry, we think the enterprise playing the leading role in environmental protection investment is the main trend of solutions to environmental problems in the future. Therefore this paper tried to establish enterprise environmental investment influence factors model, to look for the driving forces of stimulating enterprise to made more environmental protection investment.
Before empirical research, we need to define "environmental protection". Consulting of other researches, combing with the need of this study, this paper support the doctrine of the "investment" school, believe environmental investment in essence is also a kind of investment, and define environmental investment as "large、 major project of environmental investment made by enterprise, these account will be displayed on Project under construction and Fixed assets. This article choose logistic model to examine the data of the listed companies in2008,2009,2010years, find environmental groups, environmental subsidies, environment report, the scale of the enterprise, the financial status of the enterprises, these five factors have a significant role on promoting the enterprises to carry on the environmental investment. Through the stability test of the model, it's found that the present model can well and steadily predict the happening of the environmental investment.
According to the empirical results, this paper analyzed the every factors'driving mechanism on the environmental protection investment, at last gave some relevant policy and suggestions, in order to promote enterprise's autonomy on environmental investment.
纵观国内外文献以及发达国家环保事业的发展,企业作为主体进行环保投资是未来解决环境问题的主要趋势。因此本文试图通过建立企业环保投资影响因素模型,来寻找刺激企业进行环保投资的驱动力,从而激发企业的环保投资热情。
在实证研究之前,需对环保投资进行定义。参考了其他学者的研究以及结合本文研究的需要,本文支持“投资”学派的学说,认为环保投资在本质上也是一种投资,定义环保投资为“企业进行的重大项目的环保投资,其数额会在企业在建工程或则固定资产中列示”。本文选择logistic模型检验我国上市公司2008、2009、2010年的数据,发现环保组织、环境补贴、环境报告、企业规模、债权人监督这五个因素较为稳定得对企业环保投资发生了显著的作用。并对模型进行了稳定性检验,发现本文模型可以很好地,稳定地预测企业环保投资的发生。根据实证结果,本文分析了各个因素对企业环保投资的驱动机理,并提出相关的政策建议,以期促进企业进行环保投资的自主性。
In recent years, with the fast growing economy, China's government, enterprises and people are all concerned about the environmental protection question, and China's environmental protection investment amount increases year by year. But, after carefully analyzing the present situation of China's environmental protection investment, and taking this compare with these country whose environmental protection industry are more developed, we will find the following characteristics: Firstly, the structure of environmental protection investment is too onefold, and the government fiscal expenditure is occupied very big one part. Secondly, enterprises and society's enthusiasm of participating environmental protection investment is not high, especially very little of the enterprises who should take the main responsibility of the environment pollution spontaneously make investment in environmental protection industry.
After surveying of domestic and foreign researches and development of environmental protection industry, we think the enterprise playing the leading role in environmental protection investment is the main trend of solutions to environmental problems in the future. Therefore this paper tried to establish enterprise environmental investment influence factors model, to look for the driving forces of stimulating enterprise to made more environmental protection investment.
Before empirical research, we need to define "environmental protection". Consulting of other researches, combing with the need of this study, this paper support the doctrine of the "investment" school, believe environmental investment in essence is also a kind of investment, and define environmental investment as "large、 major project of environmental investment made by enterprise, these account will be displayed on Project under construction and Fixed assets. This article choose logistic model to examine the data of the listed companies in2008,2009,2010years, find environmental groups, environmental subsidies, environment report, the scale of the enterprise, the financial status of the enterprises, these five factors have a significant role on promoting the enterprises to carry on the environmental investment. Through the stability test of the model, it's found that the present model can well and steadily predict the happening of the environmental investment.
According to the empirical results, this paper analyzed the every factors'driving mechanism on the environmental protection investment, at last gave some relevant policy and suggestions, in order to promote enterprise's autonomy on environmental investment.
引文
[1]张坤民.中国环境保护投资报告(第一版)北京：靖华大学出版社.1992.
[2]鹏峰,李本东.环境保护投资概念辨析.环境科学与技术.2005.5.
[1] C. Pigu. The Economics of Welfare. Fourth edition.1932.
[1]帕累托最优状态：指社会资源得到最优的配置,使得社会产出最优,全民福利最大化的状态。
[2] Coase. The Problem of Social Cost. Journal of Law and Economics. 1960.
[3] Hank C. Alewine, Dan N. Stone. How Does Environmental Accounting Information Influence Attention and Investment?. http://ssrn.com.2010.8.
[1]尹希果,陈刚,付翔.环保投资运行效率的评价与实证研究.当代财经.2005.7
[2]王金南.环境税收政策和及其实施战略.北京：中国环境科学出版社.2006版.
[3]王世汶.2009年中国环境投资回顾environmental economy.2010.3
[1] Jan Erik Askildsen、Uwe Jirjahn and Stephan C. Smith. Works Councils and Environmental Investment: Theory and Evidence form German Panel Data.http:\\ssrn.com.2002.10.
[1] Rob Gray. Jan Bebbington. Accounting for the Environment,2006.
[2]刘礼.对增进我国环保投资和提高效益问题的探索.经济经纬.1998
[1]陈君.促进环保投资发展的财政政策取向.经济参考研究.2002.
[2]汀洋,屠梅曾.我国环保投资结构分类的修正.环境经济.2004.
[3]杨东宁,周长辉.企业自愿采用标准化环境管理体系的驱动力：理论框架及实证分析.管理世界.2005(2).
[1]郑伟.中国环保投融资机制研究.北京工业大学硕士论文.2008.
[2]石淑华.日本的环境管理体系及其启示.浙江师范大学学报.2007.9.
[3]国冬梅.美国环保产业发展战略分析与启示.环境保护.2006.7
[1]欧阳鹏.促进我国企业环保投资的机制与对策研究.2009.4.
[1]朱庆华.绿色供应链管理.北京：化学工业出版社2007.10.12.
[2] Harrison Hong,Marcin Kacperczyk.The price of sin:the effects of social norms on markets. Journal of Financial Economics.2009,15-36.
[3] Eugene F. Fama, Kenneth R. French. Disagreement, taste, and asset price. Journal of Financial Economics.2007.667-689.
[1] Anderw. Corporate social disclosure comparative international analysis[J].Journal of Advance in public interest Accounting.1998.3:159-176.
[2] Khanna et al. Toxics Release Information: A Policy Tool for Environmental Protection. Journal of Environmental Economics and Management. 1998(36):324-266.
[3] S.Aroa, S.Gangopadhyay. Towards a theoretical model of voluntary overcompliance. Journal of Econ. Behav. Organ.1995(28):289-309.
[4] Khanna. Environmental disclosure in corporate annual report in WesternEurope, in Owen, D.L.d. Green Reporting: The challenge of the Nineties, Chapman&Hall, London, 1992.139-165.
[1] DigMaggio, Paul J, Walter W. Powell. The Iron Cage Revisited: Institutional Isomorphism and Collective Rationality in Organization Fields. American Sociological Review.1983.:147-160.
[2] Oliver.C. Strategic Responses to Institutional processes. Academy of Management Review.1991.145-179.
[3] Scott, W. R. The Adolescence of Institutional Theory: Problem and Potentials for Organization Analysis. Administrative Science Quarterly.1987.(32):493-512.
[4] Scott, W. R. Institutions and Organizations, Thousand Oaks,CA:Sage.1995.
[5] Powell, W. Commentary on the Nature of Institutional Embeddedness. Advances in Strategic Management.1996,(13):293-300.
[6] Delmas,M. The Diffusion of Environmental Standards in Europe and in the United States:An institutional perspective. Policy Science.2002.(35):91-119.
[7] King A, Lenox M. Does it Really Pay to Green? An Empirical Study of Finn Environmental and Financial Performance. Journal of Industrial Ecology.2001.(5):105-116
[8] Jonathan M. Karpoff, et al. The Reputational Penalties For Environmental Violations: Empirical Evidence. [EB/OL]. Ssrn working paper.
[9] Maxwell et al. Voluntary Environmental Investment and Regulatory Flexibility. Working Paper, Department of Business Economics and Public Policy. Kelly School of Business, Indian University.1998.
[10] Hansen L G. Environmental Regulation Through Voluntary Agreements, in C.Carraro and F. Leveque(eds) Voluntary Approachs in Environmental Policy[M]. Kluwer Academic Publising, Dordrecht.1999.
[1] Susmita Dasgupta, et al. Capital Market Responses to Environmental Performance in Developing Countries. World Bank Policy Research Working Paper 1909.2005.
[2] Madhu Khanna, Lisa Damon. EPA'sVoluntary 33\50 Program: Impact on Toxic Releases and Economic Performance of Finns. Journal of Environmental Economics and Management.1999.1.1-25.
[3] Poter,M.E. Van der Linder, C.Green and Competitive:Ending the Stalemate. Harvard Business Review(73).120-134.
[4] Dietrich Earnhart. Effects of permitted effluent limits on environmental compliance levels. Ecological Economics. 2007.2.178-193.
[5] Mimi Alciatore, Carol Callaway Dee, Peter Easton. Changes in environmental regulation and reporting: The case of the petroleum industry form 1989-1998. Journal of Accounting and Public Policy. 2004.8.295-304.
[1] Levy D. The Environmental practices and performance of Transnational Corporation. Transnational Corporations.1995(2):44-67.
[2] Henriques, Sadorsky. The Determinants of an Environmentally Responsive firm: An Embirical Approach. Journal of Environmental economics and Management.1996(30):381-395.
[1]张坤民.中国环境保护投资报告(第一版)北京：清华大学出版社.1992.
[2]鹏峰,李本东.环境保护投资概念辨析.环境科学与技术.2005.5(3)：72-74.
[3]C. Pigu. The Economics of Welfare. Fourth edition.1932.
[4]Coase. The Problem of Social Cost. Journal of Law and Economics.1960.
[5]Hank C. Alewine, Dan N. Stone. How Does Environmental Accounting Information Influence Attention and Investment?, http://ssrn.com.2010.8.
[6]王世汶.2009年中国环境投资回顾.环境经济.2010.3(75)：30-34.
[7]王金南.环境税收政策和及其实施战略.北京：中国环境科学出版社.2006版.
[8]尹希果,陈刚,付翔.环保投资运行效率的评价与实证研究.当代财经.2005(7)：89-92.
[9]Jan Erik Askildsem Uwe Jirjahn and Stephan C. Smith. Works Councils and Environmental Investment:Theory and Evidence form German Panel Data.http:\\ ssrn.com.2002.10.
[10]Rob Gray. Jan Bebbington. Accounting for the Environment.2006.
[11]刘社.对增进我国环保投资和提高效益问题的探索.经济经纬.1998
[12]陈君.促进环保投资发展的财政政策取向.经济参考研究.2002(95)：14-15.
[13]汪洋,屠梅曾.我国环保投资结构分类的修正.环境经济.1999.9.40-43..
[14]杨东宁,周长辉.企业自愿采用标准化环境管理体系的驱动力：理论框架及实证分析.管理世界.2005(2)：85-107.
[15]石淑华.日本的环境管理体系及其启示.徐州师范大学学报.2007.9(5)：101-105.
[16]国冬梅.美国环保产业发展战略分析与启示.环境保护.2004.6.54-58.
[17]欧阳鹏.促进我国企业环保投资的机制与对策研究.[重庆大学硕士论文].2009.
[18]朱庆华.绿色供应链管理,北京：化学工业出版社.2007.10.12.
[19]Harrison Hong,Marcin Kacperczyk.The price of sin:the effects of social norms on markets. Journal of Financial Economics.2009.5-36.
[20]Eugene F. Fama, Kenneth R. French. Disagreement, taste, and asset price. Journal of Financial Economics.2007.667-689.
[21]Anderw. Corporate social disclosure comparative international analysis [J]. Journal of Advance in public interest Accounting.1998.3.159-176.
[22]Khanna et al. Toxics Release Information:A Policy Tool for Environmental Protection. Journal of Environmental Economics and Management.1998(36):324-266.
[23]S.Aroa, S.Gangopadhyay. Towards a theoretical model of voluntary overcompliance[J]. Journal of Econ. Behav. Organ.1995(28):289-309.
[24]Khanna. Environmental disclosure in corporate annual report in WesternEurope, in Owen, D.L.d. Green Reporting:The challenge of the Nineties, Chapman&Hall, London,1992.139-165.
[25]DigMaggio, Paul J, Walter W. Powell. The Iron Cage Revisited:Institutional Isomorphism and Collective Rationality in Organization Fields. American Sociological Review.1983.147-160.
[26]Oliver,C. Strategic Responses to Institutional processes. Academy of Management Review.1991.145-179.
[27]Scott, W. R. The Adolescence of Institutional Theory. Problem and Potentials for Organization Analysis. Administrative Science Quarterly.1987.(32):493-512.
[28], Scott, W. R. Institutions and Organizations, Thousand Oaks,CA:Sage.1995.
[29]Powell, W. Commentary on the Nature of Institutional Embeddedness. Advances in Strategic Management.1996.(13):293-300.
[30]Delmas,M. The Diffusion of Environmental Standards in Europe and in the United States:An institutional perspective. Policy Science.2002.(35):91-119.
[31]King A, Lenox M. Does it Really Pay to Green? An Empirical Study of Firm Environmental and Financial Performance. Journal of Industrial Ecology. 2001.(5):105-116.
[32]Jonathan M. Karpoff, et al. The Reputational Penalties For Environmental Violations:Empirical Evidence. [EB/OL]. ssrn working paper.
[33]Maxwell et al. Voluntary Environmental Investment and Regulatory Flexibility. Working Paper, Department of Business Economics and Public Policy. Kelly School of Business, Indian University.1998.
[34]Hansen L G. Environmental Regulation Through Voluntary Agreements, in C.Carrara and F. Leveque(eds) Voluntary Approachs in Environmental Policy. Kluwer Academic Publising, Dordrecht.1999.
[35]Susmita Dasgupta, et al. Capital Market Responses to Environmental Performance in Developing Countries. World Bank Policy Research Working Paper 1909.2005.
[36]Madhu Khanna, Lisa Damon. EPA'sVoluntary 33\50 Program:Impact on Toxic Releases and Economic Performance of Firms. Journal of Environmental Economics and Management.1999.1.1-25.
[37]Poter,M.E. Van der Linder, C.Green and Competitive:Ending the Stalemate. Harvard Business Review(73):120-134.
[38]Dietrich Earnhart. Effects of permitted effluent limits on environmental compliance levels. Ecological Economics.2007.2.178-193.
[39]Mimi Alciatore, Carol Callaway Dee, Peter Easton. Changes in environmental regulation and reporting: The case of the petroleum industry form 1989-1998. Journal of Accounting and Public Policy.2004.8.295-304.
[40]Levy D. The Environmental practices and performance of Transnational Corporation. Transnational Corporations.1995(2):44-67.
[41]Henriques, Sadorsky. The Determinants of an Environmentally Responsive firm: An Embirical Approach. Journal of Environmental economics and Management. 1996(30):381-395.
[42]王子郁.中美环境投资机制的比较与我国的改革之路.安徽大学学报.2011.11.7-12
[43]伍中信,龚慧云.现代产权与绿色会计.中国发展.2005(3)：13-16.
[44]杨晓玲,朱艳,王亚楠.探析会计信息披露.集团经济研究.2006(5)：221.
[45]张劲松.环境会计的国际国内比较研究.商业研究.2006(18)：161-163.
[2]鹏峰,李本东.环境保护投资概念辨析.环境科学与技术.2005.5.
[1] C. Pigu. The Economics of Welfare. Fourth edition.1932.
[1]帕累托最优状态：指社会资源得到最优的配置,使得社会产出最优,全民福利最大化的状态。
[2] Coase. The Problem of Social Cost. Journal of Law and Economics. 1960.
[3] Hank C. Alewine, Dan N. Stone. How Does Environmental Accounting Information Influence Attention and Investment?. http://ssrn.com.2010.8.
[1]尹希果,陈刚,付翔.环保投资运行效率的评价与实证研究.当代财经.2005.7
[2]王金南.环境税收政策和及其实施战略.北京：中国环境科学出版社.2006版.
[3]王世汶.2009年中国环境投资回顾environmental economy.2010.3
[1] Jan Erik Askildsen、Uwe Jirjahn and Stephan C. Smith. Works Councils and Environmental Investment: Theory and Evidence form German Panel Data.http:\\ssrn.com.2002.10.
[1] Rob Gray. Jan Bebbington. Accounting for the Environment,2006.
[2]刘礼.对增进我国环保投资和提高效益问题的探索.经济经纬.1998
[1]陈君.促进环保投资发展的财政政策取向.经济参考研究.2002.
[2]汀洋,屠梅曾.我国环保投资结构分类的修正.环境经济.2004.
[3]杨东宁,周长辉.企业自愿采用标准化环境管理体系的驱动力：理论框架及实证分析.管理世界.2005(2).
[1]郑伟.中国环保投融资机制研究.北京工业大学硕士论文.2008.
[2]石淑华.日本的环境管理体系及其启示.浙江师范大学学报.2007.9.
[3]国冬梅.美国环保产业发展战略分析与启示.环境保护.2006.7
[1]欧阳鹏.促进我国企业环保投资的机制与对策研究.2009.4.
[1]朱庆华.绿色供应链管理.北京：化学工业出版社2007.10.12.
[2] Harrison Hong,Marcin Kacperczyk.The price of sin:the effects of social norms on markets. Journal of Financial Economics.2009,15-36.
[3] Eugene F. Fama, Kenneth R. French. Disagreement, taste, and asset price. Journal of Financial Economics.2007.667-689.
[1] Anderw. Corporate social disclosure comparative international analysis[J].Journal of Advance in public interest Accounting.1998.3:159-176.
[2] Khanna et al. Toxics Release Information: A Policy Tool for Environmental Protection. Journal of Environmental Economics and Management. 1998(36):324-266.
[3] S.Aroa, S.Gangopadhyay. Towards a theoretical model of voluntary overcompliance. Journal of Econ. Behav. Organ.1995(28):289-309.
[4] Khanna. Environmental disclosure in corporate annual report in WesternEurope, in Owen, D.L.d. Green Reporting: The challenge of the Nineties, Chapman&Hall, London, 1992.139-165.
[1] DigMaggio, Paul J, Walter W. Powell. The Iron Cage Revisited: Institutional Isomorphism and Collective Rationality in Organization Fields. American Sociological Review.1983.:147-160.
[2] Oliver.C. Strategic Responses to Institutional processes. Academy of Management Review.1991.145-179.
[3] Scott, W. R. The Adolescence of Institutional Theory: Problem and Potentials for Organization Analysis. Administrative Science Quarterly.1987.(32):493-512.
[4] Scott, W. R. Institutions and Organizations, Thousand Oaks,CA:Sage.1995.
[5] Powell, W. Commentary on the Nature of Institutional Embeddedness. Advances in Strategic Management.1996,(13):293-300.
[6] Delmas,M. The Diffusion of Environmental Standards in Europe and in the United States:An institutional perspective. Policy Science.2002.(35):91-119.
[7] King A, Lenox M. Does it Really Pay to Green? An Empirical Study of Finn Environmental and Financial Performance. Journal of Industrial Ecology.2001.(5):105-116
[8] Jonathan M. Karpoff, et al. The Reputational Penalties For Environmental Violations: Empirical Evidence. [EB/OL]. Ssrn working paper.
[9] Maxwell et al. Voluntary Environmental Investment and Regulatory Flexibility. Working Paper, Department of Business Economics and Public Policy. Kelly School of Business, Indian University.1998.
[10] Hansen L G. Environmental Regulation Through Voluntary Agreements, in C.Carraro and F. Leveque(eds) Voluntary Approachs in Environmental Policy[M]. Kluwer Academic Publising, Dordrecht.1999.
[1] Susmita Dasgupta, et al. Capital Market Responses to Environmental Performance in Developing Countries. World Bank Policy Research Working Paper 1909.2005.
[2] Madhu Khanna, Lisa Damon. EPA'sVoluntary 33\50 Program: Impact on Toxic Releases and Economic Performance of Finns. Journal of Environmental Economics and Management.1999.1.1-25.
[3] Poter,M.E. Van der Linder, C.Green and Competitive:Ending the Stalemate. Harvard Business Review(73).120-134.
[4] Dietrich Earnhart. Effects of permitted effluent limits on environmental compliance levels. Ecological Economics. 2007.2.178-193.
[5] Mimi Alciatore, Carol Callaway Dee, Peter Easton. Changes in environmental regulation and reporting: The case of the petroleum industry form 1989-1998. Journal of Accounting and Public Policy. 2004.8.295-304.
[1] Levy D. The Environmental practices and performance of Transnational Corporation. Transnational Corporations.1995(2):44-67.
[2] Henriques, Sadorsky. The Determinants of an Environmentally Responsive firm: An Embirical Approach. Journal of Environmental economics and Management.1996(30):381-395.
[1]张坤民.中国环境保护投资报告(第一版)北京：清华大学出版社.1992.
[2]鹏峰,李本东.环境保护投资概念辨析.环境科学与技术.2005.5(3)：72-74.
[3]C. Pigu. The Economics of Welfare. Fourth edition.1932.
[4]Coase. The Problem of Social Cost. Journal of Law and Economics.1960.
[5]Hank C. Alewine, Dan N. Stone. How Does Environmental Accounting Information Influence Attention and Investment?, http://ssrn.com.2010.8.
[6]王世汶.2009年中国环境投资回顾.环境经济.2010.3(75)：30-34.
[7]王金南.环境税收政策和及其实施战略.北京：中国环境科学出版社.2006版.
[8]尹希果,陈刚,付翔.环保投资运行效率的评价与实证研究.当代财经.2005(7)：89-92.
[9]Jan Erik Askildsem Uwe Jirjahn and Stephan C. Smith. Works Councils and Environmental Investment:Theory and Evidence form German Panel Data.http:\\ ssrn.com.2002.10.
[10]Rob Gray. Jan Bebbington. Accounting for the Environment.2006.
[11]刘社.对增进我国环保投资和提高效益问题的探索.经济经纬.1998
[12]陈君.促进环保投资发展的财政政策取向.经济参考研究.2002(95)：14-15.
[13]汪洋,屠梅曾.我国环保投资结构分类的修正.环境经济.1999.9.40-43..
[14]杨东宁,周长辉.企业自愿采用标准化环境管理体系的驱动力：理论框架及实证分析.管理世界.2005(2)：85-107.
[15]石淑华.日本的环境管理体系及其启示.徐州师范大学学报.2007.9(5)：101-105.
[16]国冬梅.美国环保产业发展战略分析与启示.环境保护.2004.6.54-58.
[17]欧阳鹏.促进我国企业环保投资的机制与对策研究.[重庆大学硕士论文].2009.
[18]朱庆华.绿色供应链管理,北京：化学工业出版社.2007.10.12.
[19]Harrison Hong,Marcin Kacperczyk.The price of sin:the effects of social norms on markets. Journal of Financial Economics.2009.5-36.
[20]Eugene F. Fama, Kenneth R. French. Disagreement, taste, and asset price. Journal of Financial Economics.2007.667-689.
[21]Anderw. Corporate social disclosure comparative international analysis [J]. Journal of Advance in public interest Accounting.1998.3.159-176.
[22]Khanna et al. Toxics Release Information:A Policy Tool for Environmental Protection. Journal of Environmental Economics and Management.1998(36):324-266.
[23]S.Aroa, S.Gangopadhyay. Towards a theoretical model of voluntary overcompliance[J]. Journal of Econ. Behav. Organ.1995(28):289-309.
[24]Khanna. Environmental disclosure in corporate annual report in WesternEurope, in Owen, D.L.d. Green Reporting:The challenge of the Nineties, Chapman&Hall, London,1992.139-165.
[25]DigMaggio, Paul J, Walter W. Powell. The Iron Cage Revisited:Institutional Isomorphism and Collective Rationality in Organization Fields. American Sociological Review.1983.147-160.
[26]Oliver,C. Strategic Responses to Institutional processes. Academy of Management Review.1991.145-179.
[27]Scott, W. R. The Adolescence of Institutional Theory. Problem and Potentials for Organization Analysis. Administrative Science Quarterly.1987.(32):493-512.
[28], Scott, W. R. Institutions and Organizations, Thousand Oaks,CA:Sage.1995.
[29]Powell, W. Commentary on the Nature of Institutional Embeddedness. Advances in Strategic Management.1996.(13):293-300.
[30]Delmas,M. The Diffusion of Environmental Standards in Europe and in the United States:An institutional perspective. Policy Science.2002.(35):91-119.
[31]King A, Lenox M. Does it Really Pay to Green? An Empirical Study of Firm Environmental and Financial Performance. Journal of Industrial Ecology. 2001.(5):105-116.
[32]Jonathan M. Karpoff, et al. The Reputational Penalties For Environmental Violations:Empirical Evidence. [EB/OL]. ssrn working paper.
[33]Maxwell et al. Voluntary Environmental Investment and Regulatory Flexibility. Working Paper, Department of Business Economics and Public Policy. Kelly School of Business, Indian University.1998.
[34]Hansen L G. Environmental Regulation Through Voluntary Agreements, in C.Carrara and F. Leveque(eds) Voluntary Approachs in Environmental Policy. Kluwer Academic Publising, Dordrecht.1999.
[35]Susmita Dasgupta, et al. Capital Market Responses to Environmental Performance in Developing Countries. World Bank Policy Research Working Paper 1909.2005.
[36]Madhu Khanna, Lisa Damon. EPA'sVoluntary 33\50 Program:Impact on Toxic Releases and Economic Performance of Firms. Journal of Environmental Economics and Management.1999.1.1-25.
[37]Poter,M.E. Van der Linder, C.Green and Competitive:Ending the Stalemate. Harvard Business Review(73):120-134.
[38]Dietrich Earnhart. Effects of permitted effluent limits on environmental compliance levels. Ecological Economics.2007.2.178-193.
[39]Mimi Alciatore, Carol Callaway Dee, Peter Easton. Changes in environmental regulation and reporting: The case of the petroleum industry form 1989-1998. Journal of Accounting and Public Policy.2004.8.295-304.
[40]Levy D. The Environmental practices and performance of Transnational Corporation. Transnational Corporations.1995(2):44-67.
[41]Henriques, Sadorsky. The Determinants of an Environmentally Responsive firm: An Embirical Approach. Journal of Environmental economics and Management. 1996(30):381-395.
[42]王子郁.中美环境投资机制的比较与我国的改革之路.安徽大学学报.2011.11.7-12
[43]伍中信,龚慧云.现代产权与绿色会计.中国发展.2005(3)：13-16.
[44]杨晓玲,朱艳,王亚楠.探析会计信息披露.集团经济研究.2006(5)：221.
[45]张劲松.环境会计的国际国内比较研究.商业研究.2006(18)：161-163.