[1]肖雁飞,廖双红,吴艳萍.不同类型环境法调整机制对企业财务绩效的影响研究[J].常州大学学报(社会科学版),2020,21(04):30-40.[doi:10.3969/j.issn.2095-042X.2020.04.004]
　Xiao Yanfei,Liao Shuanghong,Wu Yanping.A Study of the Influences of Different Environmental Laws' Adjustment Mechanisms on Enterprises' Financial Performance[J].Journal of Changzhou University(Social Science Edition),2020,21(04):30-40.[doi:10.3969/j.issn.2095-042X.2020.04.004]
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不同类型环境法调整机制对企业财务绩效的影响研究()
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常州大学学报(社会科学版)[ISSN:2095-042X/CN:32-1821/C]

卷:
第21卷
期数:
2020年04期
页码:
30-40
栏目:
环境法专题研究
出版日期:
2020-08-31

文章信息/Info

Title:
A Study of the Influences of Different Environmental Laws' Adjustment Mechanisms on Enterprises' Financial Performance
作者:
肖雁飞; 廖双红; 吴艳萍
Author(s):
Xiao Yanfei; Liao Shuanghong; Wu Yanping
关键词:
环境法调整机制;  财务绩效;  研发投入;  中介效应
Keywords:
environmental laws' adjustment mechanisms;  financial performance;  R&; D input;  mediating effects
分类号:
DF468; X322; F275
DOI:
10.3969/j.issn.2095-042X.2020.04.004
文献标志码:
A
摘要:
环境法实施会增加排污企业的生产成本,企业要实现“遵守法律与财务绩效”双赢局面,应当明确不同类型的环境法调整机制对企业财务绩效的影响性质与程度,甄别相关影响的中介因素。选取研发投入的中介关键作用,比较分析不同类型的环境法调整机制对企业财务绩效的影响,以重污染行业为例,选取251家A股企业为研究样本,构建不同类型环境法调整机制的实施强度、研发投入、企业绩效三者间的中介效应模型,实证结果表明:市场激励型环境法调整机制对企业短期财务绩效有显著的负向影响,研发投入在其中发挥部分中介作用,并对企业长期财务绩效存在正向影响,但影响不显著; 命令-控制型环境法调整机制对企业长期财务绩效有显著的负向影响,而研发投入的中介效应不显著。研究结果具有政策指导价值,不同类型环境法调整机制的有效组合是政府实现企业与环境保护双赢的有力保障。
Abstract:
The enforcement of environmental laws increases the production costs of sewage enterprises. To realize a win-win situation of “abiding by laws and financial performance” for enterprises, it is necessary to make clear the nature and degrees of influences of different environmental laws' adjustment mechanisms on enterprises' financial performance and distinguish the intermediary factors of relevant influences. Based on the key intermediary role of R&D input, different environmental laws' adjustment mechanisms on enterprises' financial performance are compared and analyzed. Taking the heavy pollution industry as an example, selecting 251 listed A-share companies as research samples, this article constructs the model of mediating effects among the implementation strength, R&D input and enterprises' performance of different environmental laws' adjustment mechanisms. Empirical results show that the market incentive environmental law's adjustment mechanism has significant negative impacts on the short-term financial performance of the enterprises, while R&D input plays an intermediary role and has significant yet unconspicuous positive impacts on the long-term financial performance of the enterprises; command-control type environmental law's adjustment mechanism exerts obvious negative impacts on the long-term financial performance of the enterprises with the unconspicuous intermediary effect of R&D input. The research results provide value of policy guidance. The effective combination of different environmental laws' adjustment mechanisms is the powerful guarantee for the win-win of enterprise and environmental protection by the government.

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备注/Memo

备注/Memo:
作者简介:肖雁飞,经济学博士,湖南科技大学商学院教授、硕士研究生导师; 廖双红,湖南科技大学体育学院讲师; 吴艳萍,湖南科技大学商学院硕士研究生。
基金项目:湖南省社会科学基金一般项目“环境规制下产业链区际分工演化机制及协同减排模式研究”(16YBA150); 湖南省教育厅科学研究重点项目“环境规制趋同下‘区域绿色创新悖论'的化解机制及湖南对策研究”(18A190)。
更新日期/Last Update: 2020-08-31