Business School, Hohai University, Nanjing, 211100, China.
School of Accounting, Zhejiang Gongshang University, Hangzhou, 310018, China.
Environ Sci Pollut Res Int. 2022 Dec;29(59):89597-89613. doi: 10.1007/s11356-022-21908-1. Epub 2022 Jul 19.
In recent years, economic growth has caused an increasing number of environmental problems in China. In order to achieve the goal of carbon peak on schedule, enterprises need to accelerate green transformation and upgrading. Environmental protection expenditure and green technology innovation are important means of corporate environmental governance strategy, but it is unknown whether they can promote the sustainable development of enterprises. Therefore, this article will analyze the effect of enterprise environmental protection expenditure and green technology innovation on financial performance. Based on relevant theories, this study builds a theoretical model to demonstrate how enterprise environmental protection expenditure and green technology innovation can affect the financial performance of heavy polluting enterprises. Empirical tests are carried out using 293 heavy polluting enterprises in China as the sample. The results reveal that: (i) Enterprise environmental protection expenditure has significant negative effects on current enterprise financial performance, while green technology innovation can significantly promote enterprise financial performance. (ii) When the lag period is two periods, the enterprise environmental protection expenditure and green technology innovation have positive effects on enterprise financial performance respectively, and the effects are the most significant. (iii) Enterprise environmental protection expenditure and green technology innovation synergistically promote enterprise financial performance in the current period, and the impact has a lag effect. (iv) In state-owned enterprises and enterprises with higher corporate governance level, the synergetic promotion effect of environmental protection expenditure and green technology innovation on enterprise financial performance is more significant. Finally, this study provides suggestions for promoting the transformation and upgrading of heavy polluting enterprises and achieving sustainable development from the perspectives of the government, enterprises and the public.
近年来，经济增长在中国引发了越来越多的环境问题。为了如期实现碳达峰的目标，企业需要加速绿色转型和升级。环境保护支出和绿色技术创新是企业环境治理策略的重要手段，但它们是否能够促进企业的可持续发展尚不清楚。因此，本文将分析企业环境保护支出和绿色技术创新对财务绩效的影响。基于相关理论，本研究构建了一个理论模型，以论证企业环境保护支出和绿色技术创新如何影响重污染企业的财务绩效。利用中国 293 家重污染企业作为样本进行实证检验。结果表明：（i）企业环境保护支出对当前企业财务绩效有显著的负向影响，而绿色技术创新可以显著促进企业财务绩效。（ii）当滞后两期时，企业环境保护支出和绿色技术创新分别对企业财务绩效有正向影响，且影响最为显著。（iii）企业环境保护支出和绿色技术创新在当期协同促进企业财务绩效，且具有滞后效应。（iv）在国有企业和公司治理水平较高的企业中，环境保护支出和绿色技术创新对企业财务绩效的协同促进作用更为显著。最后，本研究从政府、企业和公众的角度，为促进重污染企业的转型升级和实现可持续发展提供了建议。
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