企业环境文化、环境管理与财务绩效:言而行,行有报吗?  

Corporate Environmental Culture,Corporate Environmental Management and Financial Performance:Do Words Meet Actions and Actions Produce Return?

作　　者：李慧 温素彬 焦然 Li Hui;Wen Subin;Jiao Ran(School of Economics&Management,Nanjing University of Science and Technology,Nanjing 210094;School of Accounting,Nanjing Audit University,Nanjing 211815)

机构地区：[1]南京理工大学经济管理学院,南京210094 [2]南京审计大学会计学院,南京211815

出　　处：《管理评论》2022年第9期297-312,共16页Management Review

基　　金：国家自然科学基金项目(71372008)。

摘　　要：环境污染、资源约束、生态系统退化问题仍然突出,生态文明建设已成为社会各界关注的热点问题。企业作为社会经济发展的主体,是践行生态文明战略的主要力量。企业关于环境的言、行、报的一致性将直接影响生态文明建设的推进效果。企业环境文化的“言”是否能够通过环境管理的“行”而获得财务绩效的“报”?即企业在环境方面能否形成“以思想驱使行动,以行动收获回报”的良性循环?是一个非常值得研究的问题。针对这一问题,本文分析了企业环境文化对财务绩效的影响以及企业环境管理在二者之间的中介作用,并以中国沪深上市公司的500强企业为样本进行了实证检验。研究结果表明:(1)企业环境文化对资产收益率(ROA)和净资产收益率(ROE)具有显著的正向影响作用;(2)企业环境管理在企业环境文化对财务绩效的正向影响关系中具有显著的中介作用。该研究结论可为企业环境文化建设和环境管理提供理论依据和实践指导。Environmental pollution,resource constraints and ecosystem degradation are still acute problems,and ecological civilization construction has become a focus of concern among all walks of life.As the main body of national economic development,enterprises are the main force in practicing the strategy of ecological civilization.The consistency of words,actions and performance of corporate environment bears directly on the process of ecological civilization construction.Can the“words”of the corporate environmental culture obtain the“return”of financial performance through the“action”of environmental management?That is,does the corporate environment form a virtuous circle of“thought-driven action,action-rewarded return”?It is an important question.In response to this question,this paper analyzes the impact of corporate environmental culture on financial performance and the intermediary role of corporate environmental management,and conducts an empirical test based on the sample of the top 500 listed companies in Shanghai and Shenzhen.The results show that:(1)Corporate environmental culture has a significant positive impact on return on assets(ROA)and return on equity(ROE);(2)Corporate environmental management has a significant intermediary role in the relationship between corporate environmental culture and financial performance.The conclusion can provide theoretical basis and practical guidance for corporate environmental culture construction and environmental management.

关 键 词：企业环境文化 企业环境管理 财务绩效 中介作用 言-行-报 

分 类 号：F832.51[经济管理—金融学] F275[环境科学与工程—环境工程] X322