企业环境成本内部化动因:合规还是利益?——来自重污染行业上市公司的经验证据  

The Motivation of the Environmental Costs Internalization: Is It for Policy Compliance or for Profits?——Empirical Evidence from Chinese Listed Companies in Heavy Polluting Industries

作　　者：吉利[1] 苏朦[1] 

机构地区：[1]西南财经大学会计学院,611130

出　　处：《会计研究》2016年第11期69-75,共7页Accounting Research

基　　金：国家自然科学基金项目(71302184;71172228);教育部人文社会科学研究项目(13YJC790054);财政部"全国会计领军(后备)人才(学术类)培养项目";西南财经大学中央高校基本科研业务费专项资金(JBK130508;JBK1507036)的资助

摘　　要：在环境形势严峻的今天,企业通过内部化环境成本来承担环保责任的现状如何?什么因素驱动了企业的环境成本内部化行为?本文利用我国重污染行业上市公司的经验数据回答了上述问题,对我国企业环境管理决策和政府环境监管政策制定具有重要的启示作用。研究发现,企业所属地区环境质量越差,企业环境成本内部化的可能性越小,程度越低;企业面临的监管压力越大,企业环境成本内部化的可能性越大,程度越高;企业环境成本内部化与财务绩效或企业价值并未呈现显著正相关关系。研究表明,企业的环境成本内部化行为是出于合规性的目的而非经济利益的驱动。With today's grim environmental situation,what is the current status of the environmental costs internalization through which companies take the environmental responsibilities? What factors have driven them to internalize environmental costs? Based on empirical data of Chinese listed companies in heavy polluting industries,this paper explores the above questions,helping the environmental decision-making of both companies and the government. We find that the worse the circumjacent environmental quality is,companies are less likely to internalize environmental costs and they will also pay less on it.While the greater the regulation pressure is,companies are more likely to internalize environmental costs and they will also pay more on it. However,environmental costs internalization is not significantly positive with either the financial performance or the enterprise value. The findings show that it is policy compliance rather than profits that motivates companies to internalize the environmental costs.

关 键 词：环境成本内部化 环境质量 监管压力 财务绩效 企业价值 

分 类 号：F275[经济管理—企业管理]