摘要
本文选取极具代表性的中国6大水污染密集型行业上市公司作为研究对象,实证分析了环境管制对公司绩效的影响。研究结果发现,环境管制并没有降低水污染密集型行业的经济绩效,除电力热力生产和供应业外,环境管制对其他5大行业的经济绩效都具有显著促进作用;环境管制对国有控股企业绩效的影响高于非国有控股企业,中西部地区企业高于东部地区企业。针对不同性质的水污染密集型行业,实行差异化环境管制政策可以提升公司价值,公开透明的政策信息可以减少非国有控股企业规制成本,适度控制企业规模、分散股权更有利于提高公司绩效。
This paper examines the relationship between environmental regulations and company performance with the da- ta from six water pollution-intensive industries in China. We find that environmental regulations have a significantly positive in- fluence on the sample company performance except the electricity, heat production and supply industry, and this influence in state-owned companies is higher than that in non-state-owned companies; the influence in central and western region compa- nies is higher than that in eastern region companies. These results indicate that the implementation of different environmental regulation policies can enhance the value of company; open and transparent policies can reduce the regulation cost of non- state-owned company; moderate scale and equity decentralization can even improve company performance for the water pollu- tion-intensive industries in China.
出处
《财经论丛》
CSSCI
北大核心
2013年第5期112-117,共6页
Collected Essays on Finance and Economics
基金
国家社会科学基金资助项目(11&ZD166)
湖南省社会科学基金资助项目(12ZDB60)
关键词
水污染密集型行业
环境管制
公司绩效
water pollution-intensive industry
environmental regulations
company performance
