【摘要】 以2013—2016年A股主板重污染行业上市公司为样本,按产权性质将企业进一步分组,实证检验企业履行环境责任对企业价值的影响。结果发现,企业履行环境责任能够显著提升企业价值;非国有企业履行环境责任对企业价值的提升效果比国有企业更显著;地方国有企业履行环境责任对企业价值的提升效果比中央国有企业更显著。进一步引入政府环境规制变量后发现,在非国有企业中,政府的环境规制程度越高,企业履行环境责任对企业价值的提升效果越明显。分析表明,利益相关者对不同产权性质的企业承担环境责任的期望不同,从而导致企业履行环境责任对企业价值的提升作用存在差异。为此,建议地方国有企业加大履行环境责任的力度,同时地方政府需进一步健全对非国有企业履行环境责任的激励机制。更多还原

【Abstract】 Taking listed companies in heavy pollution industry of A-share main board from 2013 to 2016 as samples, the enterprises were further grouped according to the nature of property rights,and the impact of environmental responsibility on the value of enterprises was empirically tested. It was found that the enterprise’s fulfillment of environmental responsibility can significantly enhance the value of enterprises, the effect of non-state-owned enterprises in fulfilling environmental responsibility on the value of enterprises is more significant than that of state-owned enterprises; the effect of local enterprises in fulfilling environmental responsibility on the value of enterprises is more significant than that of central enterprises. After further introducing a variable of the government environmental regulation,it’s found that in the non-stateowned enterprises, the higher degree of government environmental regulation, the more obvious the effect of corporate environmental responsibility on corporate value improvement is.. The above results show that stakeholders have different expectations for environmental responsibility of enterprises that have different property rights,which leads to different effects of corporate environmental responsibility on corporation value. According to the above conclusions,it’s suggested that local stateowned enterprises should devote greater effort to fulfill their environmental responsibilities. At the same time, local governments should further enhance the incentives for non-state-owned enterprises fulfilling their environmental responsibilities.更多还原