企业转型与节能环保的财务绩效逻辑——基于高能耗、高污染上市公司的实证研究
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摘要
以高耗能、高污染企业为样本,选择国内电力和钢铁行业的典型上市公司为研究对象,对2010～2016年的节能减排数据和财务绩效数据采用面板数据回归模型进行实证分析。结果显示,企业能耗水平和排放水平的降低对财务绩效起到了正向影响作用,且该影响存在一定的滞后性,从而为企业积极落实节能减排政策提供依据和建议。
By taking the high energy consumption and heavy pollution enterprises as an example and by taking the typical listed companies of electric power and iron and steel industries in our country as a research object, the paper makes a demonstration analysis by adopting panel data regression model on energy-saving and emission reduction data and financial performance data for the years of 2010～2016. The result shows that the decrease of energy consumption level and emission level has a positive impact on the financial performance, and this effect has a certain lag effect, so as to provide evidences and suggestions for the enterprises to actively implement energy saving and emission reduction policies.
By taking the high energy consumption and heavy pollution enterprises as an example and by taking the typical listed companies of electric power and iron and steel industries in our country as a research object, the paper makes a demonstration analysis by adopting panel data regression model on energy-saving and emission reduction data and financial performance data for the years of 2010～2016. The result shows that the decrease of energy consumption level and emission level has a positive impact on the financial performance, and this effect has a certain lag effect, so as to provide evidences and suggestions for the enterprises to actively implement energy saving and emission reduction policies.
引文
[1]陆钟武,毛建素.穿越“环境高山”—论经济增长过程中环境负荷的上升和下降[J].中国工程科学,2003,5(12):36-42.
[2]张小蒂,罗堃.中国高能耗、高污染产业节能减排的可持续性—兼论新型清洁发展机制[J].学术月刊,2008(11):79-86.
[3]陈诗一.节能减排与中国工业的双赢发展:2009-2049[J].经济研究,2010(3):129-143.
[4] Chan D.Y.L., Yang K. H., Hsu C.H., et al. Current situation of energy conservation in high energy--consuming industries in Taiwan[J].Energy policy,2007(1):202-209.
[5]何伟,秦宁,何玘霜,王雁,徐福留.节能减排绩效及其与经济效益协调性的监控和评估[J].环境科学学报,2010(7):1499-1509.
[6]张国兴,张振华,管欣,方敏.我国节能减排政策的措施与目标协同有效吗?—基于1052条节能减排政策的研究[J].管理科学学报,2017(3):161-181.
[7] Porter M.America’s green strategy[J].Business and the Environment. Earth scan,London,1996:33-35.
[8] Clemens B.Economic incentives and small firms:does it pay to be green?[J].Journal of Business Research,2006(4):492-500.
[9] Walley N., Whitehead B. It’s Not Easy Being Green[J]. Harvard Business Review,1994(3):46-51.
[10] Gingrich N., Pious R M. To Renew America[M]. New York:HarperCollins, 1995.
[11] Schaltegger S.,Synnestvedt T. The link between green and economic success:environmental management as the crucial trigger between environmental and economic performance[J].Journal of environmental management,2002 (4):339-346.
[12]邢璐,石磊,Athar Hussain.节能减排目标下的企业应对行为研究[J].北京大学学报(自然科学版),2010(3):465-470.
[13]梁广华.中国节能减排政策对企业绩效的影响——基于上市公司的数据[J].企业经济,2013(10):10-15.
[14]姜秀娟,侯贵生.基于面板数据模型的煤炭企业转型能力与转型绩效关系的实证分析[J].资源开发与市场,2015(1):35-39.
[15]程时雄,柳剑平,龚兆鋆.中国工业行业节能减排经济增长效应的测度及影响因素分析[J].世界经济,2016(3):166-192.
[16]胡曲应.上市公司环境绩效评价研究[M].北京:中国社会科学出版社,2015.
[2]张小蒂,罗堃.中国高能耗、高污染产业节能减排的可持续性—兼论新型清洁发展机制[J].学术月刊,2008(11):79-86.
[3]陈诗一.节能减排与中国工业的双赢发展:2009-2049[J].经济研究,2010(3):129-143.
[4] Chan D.Y.L., Yang K. H., Hsu C.H., et al. Current situation of energy conservation in high energy--consuming industries in Taiwan[J].Energy policy,2007(1):202-209.
[5]何伟,秦宁,何玘霜,王雁,徐福留.节能减排绩效及其与经济效益协调性的监控和评估[J].环境科学学报,2010(7):1499-1509.
[6]张国兴,张振华,管欣,方敏.我国节能减排政策的措施与目标协同有效吗?—基于1052条节能减排政策的研究[J].管理科学学报,2017(3):161-181.
[7] Porter M.America’s green strategy[J].Business and the Environment. Earth scan,London,1996:33-35.
[8] Clemens B.Economic incentives and small firms:does it pay to be green?[J].Journal of Business Research,2006(4):492-500.
[9] Walley N., Whitehead B. It’s Not Easy Being Green[J]. Harvard Business Review,1994(3):46-51.
[10] Gingrich N., Pious R M. To Renew America[M]. New York:HarperCollins, 1995.
[11] Schaltegger S.,Synnestvedt T. The link between green and economic success:environmental management as the crucial trigger between environmental and economic performance[J].Journal of environmental management,2002 (4):339-346.
[12]邢璐,石磊,Athar Hussain.节能减排目标下的企业应对行为研究[J].北京大学学报(自然科学版),2010(3):465-470.
[13]梁广华.中国节能减排政策对企业绩效的影响——基于上市公司的数据[J].企业经济,2013(10):10-15.
[14]姜秀娟,侯贵生.基于面板数据模型的煤炭企业转型能力与转型绩效关系的实证分析[J].资源开发与市场,2015(1):35-39.
[15]程时雄,柳剑平,龚兆鋆.中国工业行业节能减排经济增长效应的测度及影响因素分析[J].世界经济,2016(3):166-192.
[16]胡曲应.上市公司环境绩效评价研究[M].北京:中国社会科学出版社,2015.