环境保护与企业发展真的不可兼得吗?  

Is There Really a Trade-off Between Environmental Protection and Corporate Development?

作　　者：唐鹏程[1,2] 杨树旺 Tang Pengcheng;Yang Shuwang(Economics and Management College,China University of Geoscienees,Wuhan 430074;Economics and Environment Research Center,China University of Geosciences,Wuhan 430074)

机构地区：[1]中国地质大学(武汉)经济管理学院,武汉430074 [2]中国地质大学(武汉)资源环境经济研究中心,武汉430074

出　　处：《管理评论》2018年第8期224-234,共11页Management Review

基　　金：教育部哲学社会科学研究重大课题攻关项目(12JZD034);国家软科学研究计划项目(2013GXS4B067);中国地质大学(武汉)湖北省生态文明研究中心基金(SWSZK2015Z11)

摘　　要：无论是区域行业层面的环境规制效应还是企业层面的环境责任与企业表现均得出模糊甚至矛盾的结论,其根源在于对企业的异质性、情境因素的复杂性及模式的等效性关注不足。本文选取2013-2014年中国204个重污染上市公司作为研究样本,使用模糊定性比较分析回答了环境保护与企业发展能否共赢的问题。研究发现:忽视情境因素的作用,单一的环境保护既不能提升企业价值也不能降低企业价值;利益相关者间交互组合是实现环境保护与企业发展共赢的最优选择,但受制于资源的有限性及利益相关者感知的门槛而不必追求完备性;无论是提升还是降低企业价值均不存在唯一的组合形式,模式具有等效性;但是在以环境保护为基础的各组合中,投资者关系管理应该处于核心位置,要理清其层次性;国有企业的上市过程一定程度上削弱了其社会性目标,其模式也逐步趋向市场化,但仍然不如民营企业模式多样。本文的结论对于实现环境保护与企业发展共赢具有较强的指导意义。Ignoring the heterogeneity of firms, complexity of contingency factors and equivalence of the pattern often result in the conclusion of effects of environmental regulation from regional and industry level, or environment performance and corporate financial performance from firm level. This paper selects the data of 204 Chinese heavy pollution listed companies in 2013 to 2014 as research samples, by using fuzzyset Qualitative Comparative Analysis to answer the trade-off between environmental protection and corporate development. The study finds that investment in single environment protection cannot improve firm value effectively, while multidimensional combination is the optimal choice. But there is no need to pursue completeness due to the limited resources and threshold of the stakeholder perception. The pattern for enhancing or reducing the firm value is not unique and different patterns can result in the same effect. But among those patterns aimed at environmental protection, investor relationship management should be at the core position, and the level of stakeholders should be clarified. The listing process of state-owned enterprises has weakened social goals to some extent, but the patterns are not as diverse as non-state-owned enterprises. The conclusions of this paper have strong guiding significance for achieving a win-win situation for firms.

关 键 词：环境保护 企业发展 重污染企业 模糊定性比较分析 

分 类 号：F272[经济管理—企业管理] X22[经济管理—国民经济]