College of Economics, Jinan University, Guangzhou, 510632, China.
College of Economics and Trade, Henan University of Technology, Zhengzhou, 450001, China.
Environ Sci Pollut Res Int. 2021 Feb;28(7):7840-7853. doi: 10.1007/s11356-020-11069-4. Epub 2020 Oct 11.
In recent years, environmental protection issues have come under the spotlight. This paper constructs a corporate environmental responsibility evaluation index and examines the impact of environmental responsibility performance on financial performance in China based on the information of A-share listed companies disclosed in the "Company Annual Report" and "Social Responsibility Report" from 2008 to 2017. The empirical results show that: (1) without considering the quality of environmental information, fulfilling environmental responsibility can significantly improve the corporate financial performance; (2) after incorporating the quality of environmental responsibility performance and classifying corporations into subgroups by region and attribute, the fulfillment of environmental responsibility has a significant positive impact on the corporate financial performance in the sample of eastern region and non-state-holding companies, with a lag effect, while it has a negative impact in the sample of central region. The research above politically suggests that the Chinese government should establish a long-term management mechanism to encourage companies to fulfill their environmental responsibilities, improve the evaluation system of corporate environmental responsibility performance quality, as well as provide matching financial support or other compensation, thereby realize the sound and sustainable development of companies and the society.
近年来，环境保护问题备受关注。本文构建了企业环境责任评价指标体系，基于 2008 年至 2017 年 A 股上市公司在《公司年报》和《社会责任报告》中披露的信息，考察了环境责任绩效对财务绩效的影响。实证结果表明：（1）不考虑环境信息质量，履行环境责任可以显著提高企业财务绩效；（2）在纳入环境责任绩效质量和按地区和属性对企业进行分类后，履行环境责任对东部地区和非国有控股企业的样本公司的财务绩效具有显著的正向影响，且具有滞后效应，而在中部地区的样本公司中则具有负面影响。上述研究从政策上表明，中国政府应建立长期管理机制，鼓励企业履行环境责任，完善企业环境责任绩效质量评价体系，并提供配套的财政支持或其他补偿，从而实现企业和社会的健康可持续发展。
