摘要
在“双碳”目标背景下,实现资源型企业经济、生态效益的共赢,是当前学术界值得关注的重要课题。本文基于线性关系假设及双向固定效应回归模型,以2010-2021年A股上市资源型企业面板数据为样本,实证检验并理论挖掘纵向产业链延伸与CSR(企业社会责任)对资源型企业绩效的协同影响效应。研究结果显示:(1)纵向产业链延伸对资源型企业市场绩效产生正向影响,对未来一期的财务绩效产生正向影响。(2)CSR调节增强了纵向产业链延伸对资源型企业市场绩效、未来一期财务绩效的正向影响,抑制了纵向产业链延伸对当期财务绩效的负向影响。(3)进一步检验发现:市场化水平、环境规制更高的地区,纵向产业链延伸与CSR对资源型企业市场绩效的协同正向影响更加显著,且两者对企业财务绩效的协同正向影响不随制度环境异质性发生改变。基于此,企业应合理利用CSR优化纵向产业链延伸方式;政府应优化营商环境,以强化CSR和纵向产业链延伸的正向协同影响。
Under the background of“dual carbon”target,it is worthwhile for the current academic circles to realize the win-win situation of economic and ecological benefits of resource-based enterprises.Based on the linear relationship hypothesis and the two-way fixed effect regression model,this paper takes the panel data of A-share listed resource-based enterprises in 2010-2021 as samples.Empirical test and theoretical mining the synergistic effect of vertical industrial chain extension and CSR(corporate social responsibility)on resourcebased enterprises.The results show that:(1)The vertical industrial chain extension has a positive impact on the market performance of resource-based enterprises which has a positive impact on the financial performance of the next period.(2)CSR enhances the positive impact of vertical industrial chain extension on the market performance,and Financial performance in the next period of resource-based enterprises.What’s more,CSR inhibits the negative impact of vertical industrial chain extension on current financial performance.(3)Further test found that:in regions with higher marketization level and environmental regulation,vertical industrial chain extension and CSR have more significant positive synergistic impacts on resource-based enterprises.The synergistic positive impact of vertical industrial chain extension and CSR on corporate financial performance do not vary with the institutional environment.Based on this,enterprises should make rational use of CSR to optimize the extension mode of vertical industrial chain;the government should optimize the business environment,to strengthen the positive synergistic effect of CSR and vertical industrial chain extension.
作者
吴一丁
万思
方文龙
WU Yiding;WAN Si;FANG Wenlong
出处
《价格理论与实践》
北大核心
2023年第6期44-47,196,共5页
Price:Theory & Practice
基金
国家社会科学基金项目“产品空间视角下中国稀有矿产资源产业升级路径及政策选择研究”(20XGL016)
江西省社会科学规划基金项目“‘双碳’背景下江西有色金属产业向清洁能源领域延伸路径研究”(22ZK29)。
关键词
资源型企业
纵向产业链延伸
CSR
市场绩效
财务绩效
resource-based enterprises
vertical industrial chain extension
CSR
market performance
financial performance
