我国上市建筑施工企业环境绩效与财务绩效关系实证研究  

Relationship Between Environmental Performance and Financial Performance of China Listed Construction Company

作　　者：苏鑫[1] 王培欣[1] 

机构地区：[1]哈尔滨工业大学经济与管理学院,黑龙江哈尔滨150006

出　　处：《工程管理学报》2015年第3期142-147,共6页Journal of Engineering Management

基　　金：国家自然科学基金项目(71172156;71473058)

摘　　要：在对国内外有关环境绩效与财务绩效关系的实证研究进行分析总结的基础上,以单位营业收入排污费及其年度增量作为环境绩效的代理变量,以Tobin-q值作为企业财务绩效的代理变量,选取我国上市建筑施工企业2010~2014年的有关数据作为样本,综合运用了格兰杰因果关系检验、相关性分析、多元线性回归分析等方法,对我国上市建筑施工企业环境绩效与财务绩效的关系进行探究。研究表明积极有效的环境预防管理可带来环境和财务绩效的共赢,环境绩效与财务绩效表现出显著的正相关关系,环境绩效的财务绩效边际效益是递减的。研究还说明在我国当前环境信息披露严重缺乏的情况下,创新性地选择单位营业收入排污费作为环境绩效的代理变量是一个很好的选择。结论有助于鼓励我国建筑业企业积极主动地开展环境预防管理,从而保持和提升企业的竞争力优势。Based on theoretical and empirical research on the relationship between environmental performance and financial performance,sewage charge per unit operate income and its annual increment sewage charges are regarded as proxy variances for environmental performance and Tobin-q enterprise value as a proxy variance for financial performance. Taking data from 2010-2014 of China＇s listed construction companies, Granger causality test,correlation analysis methods and multiple linear regression analysis are used. The results show that environmental performance and financial performance of China＇s listed construction companies have a positive correlation relationship. The financial performance of the marginal benefit of environmental performance is decreasing. The research shows that the method used is good. 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：环境绩效 财务绩效 单位排污费 Tobin-q 

分 类 号：X196[环境科学与工程—环境科学]