南京工业大学学报（社会科学版）2023，Vol.22Issue(6)：83-108,26.
"双碳"目标下的环保投资对企业价值的影响
The Impact of Environmental Protection Investment on Enterprise Value under the Dual Carbon Target:On the Regulatory Effect of Media Governance
摘要
Abstract
Based on the data of Shanghai and Shenzhen A-share listed companies from 2011 to 2020,this paper empirically analyzes the relationship among environmental protection investment,media governance and enterprise value.The results show that:Environmental protection investment is significantly positively correlated with enterprise value;Media governance has a significant positive regulatory effect on the positive correlation between environmental protection investment and enterprise value.The intermediary mechanism indicates that environmental investment promotes enterprise value growth through three mechanisms:accumulating reputation capital,promoting technological innovation,and improving enterprise performance.Further analysis reveals that the impact of environmental protection investment on enterprise value and the regulatory role of media governance are more significant in environment-friendly enterprises,heavily polluted industries,positive reports and highly competitive industries.The higher the level of internal control,the more significant the positive effect.Based on this,enterprises should enhance their awareness of environmental responsibility,strengthen investor education,improve the efficiency of environmental investment,and actively engage in environmental investment;Media governance should maintain objectivity and fairness,fully leverage the role of supervision and guidance,and promote the healthy growth of environmental investment scale.This paper explores the interactive coupling between"dual carbon"strategy and corporate social responsibility,systematically studies the mechanism and effect of effective coordination between corporate social responsibility and economic responsibility,and provides Chinese empirical evidence for improving the research on the economic consequences of corporate environmental protection investment behavior.关键词
双碳目标/环保投资/媒体治理/企业价值分类
管理科学引用本文复制引用
吴良海,胡芳芳,吴晗嫣.."双碳"目标下的环保投资对企业价值的影响[J].南京工业大学学报（社会科学版）,2023,22(6):83-108,26.基金项目
国家社会科学基金后期资助项目"现代企业公益性捐赠财务效应的实现路径研究"(19FJYB023) （19FJYB023）
