中国人口·资源与环境2012，Vol.22Issue(6)：23-32,10.DOI:10.3969/j.issn.1002-2104.2012.06.005
上市公司环境绩效与财务绩效的相关性研究
Research on Relationship Between Environmental Performance and Financial Performance of Chinese Listed Companies
摘要
Abstract
After reviewing the worldwide studies on the relationship between the environmental performance and financial performance, the pollution charge and its annual increment are recommended for the first time as the proxy variables for the environmental performance of an enterprise, and an empirical examination of the relationship between environmental performance and financial performance as represented by the Tobin-Q value is performed. The methodological approach of this study mainly includes descriptive statistics, Granger causality test and OLS regression analysis. The sample data are collected from the annual reports of the A-share listed companies between 2006 and 2009, and various control variables such as corporation size are considered during the regression analysis. The study shows that, the just end-of-pipe pollution control approach does not necessarily improve the financial performance, indicating uncertain relativity between the environmental performance and financial performance. However, proactive pollution prevention management should be benefitial to both environmental and financial performance, leading to significant positive relationship between the two. Furthermore, the effect of environmental performance on financial performance may be subject to the law of diminishing marginal utility. It also indicates that the pollution charge should be a good starting point for the study of the relationship between environmental performance and financial performance particularly in the situation of lack of environmental information disclosure. Our results are useful to the managers in that they show that active environmental prevention management can help improve the company' s competitive advantage.关键词
财务绩效/环境绩效/相关性/排污费Key words
financial performance/ environmental performance/ relationship/ pollution charge分类
管理科学引用本文复制引用
胡曲应..上市公司环境绩效与财务绩效的相关性研究[J].中国人口·资源与环境,2012,22(6):23-32,10.基金项目
国家自然科学基金项目"基于循环经济理念的社会责任会计体系创新研究"(编号:70872110) （编号:70872110）
中南民族大学中央高校基本科研业务费专项资金项目"上市公司环境绩效评价研究"(编号:CSQH038). （编号:CSQH038）
