企业环境战略对竞争优势的动态影响研究  

Research on the Dynamic Influence of Corporate Environmental Strategy on Competitive Advantages

作　　者：钱晓燕 许长新[1] QIAN Xiao-yan;XU Chang-xin(Hehai University,Nanjing 211100;NanjingVocational University of Industry Technology,Nanjing 210046,China)

机构地区：[1]河海大学商学院,江苏南京211100 [2]南京工业职业技术大学经济管理学院,江苏南京210046

出　　处：《当代财经》2022年第12期89-98,共10页Contemporary Finance and Economics

基　　金：国家社会科学基金重点项目“长江经济带创新空间分异及创新驱动模式研究”(15AGL079);江苏省高校哲学社会科学基金项目“绿色创新视角下环境治理与企业可持续发展的影响机理与路径研究”(2022SJYB0563)。

摘　　要：企业环境战略在提升合法性的同时是否有助于保持竞争优势是企业和社会一直关注的问题。基于重污染行业上市公司2008—2019年的数据,构建动态面板自回归模型,通过企业环境投资变化对财务绩效增长的可持续性影响机制验证企业环境战略与竞争优势的动态关系。研究表明,财务绩效增长具有均值回归现象;当财务绩效正增长时,积极的环境战略有利于企业保持竞争优势;而当财务绩效负增长时,积极的环境战略并不能加速财务困境企业的恢复;通过Koyck模型量化企业环境战略对竞争优势的持续时间差异发现,当财务绩效正增长时,企业环境投资提高一个单位可将财务绩效增长的持续时间延长20%至50%;与没有实施环境战略的企业相比,进行环境投资的企业能将财务绩效增长的持续时间延长数月。Whether corporate environmental strategy can help maintain competitive advantage while enhancing legitimacy has been a concern of enterprises and the society. Based on the data of listed companies in the heavy pollution industry from 2008 to 2019, this paper constructs a dynamic panel autoregression model to verify the dynamic relationship between corporate environmental strategy and competitive advantage through the mechanism of sustainable impact of changes in corporate environmental investment on financial performance growth. The findings show that the growth of financial performance has a mean regression phenomenon: when the financial performance is growing positively,an active environmental strategy will help the enterprises maintain their competitive advantages;when the financial performance is negatively growing, the active environmental strategy cannot accelerate the recovery of enterprises in financial distress. By quantifying the difference in the duration of corporate environmental strategy on competitive advantage through Koyck model, it is found that when financial performance is growing positively, an increase in corporate environmental investment by one unit can extend the duration of financial performance growth by 20% to 50%. Compared with the enterprises that do not implement environmental strategies, enterprises that make environmental investments can extend the duration of financial performance growth by several months.

关 键 词：企业环境战略 竞争优势 财务绩效增长 增长启示 动态影响 持续时间差异 

分 类 号：F270.7[经济管理—企业管理]