财经论丛 ›› 2018, Vol. 34 ›› Issue (10): 104-112.

• 政府管制 • 上一篇    

环境管制、市场竞争与企业价值

张荣光1, 黄佳媛1, 陈雨心2   

  1. 1.成都理工大学管理科学学院,四川成都610059;
    2.四川大学经济学院,四川成都610065
  • 收稿日期:2018-02-10 出版日期:2018-10-10 发布日期:2018-10-10
  • 作者简介:张荣光(1967-),男,四川南部人,成都理工大学管理科学学院教授;黄佳媛(1995-),女,四川成都人,成都理工大学管理科学学院助理研究员;陈雨心(1997-),女,北京市人,四川大学经济学院学生。
  • 基金资助:
    国家自然科学基金项目(71501019);四川省科技厅软科学项目(2017ZR0239)

Environmental Control, Market Competition and Enterprise Value

ZHANG Rongguang1, HUANG Jiayuan1, CHEN Yuxin2   

  1. 1.College of Management Science, Chengdu University of Technology,Chengdu 610059,China;
    2. School of Economics,Sichuan University,Chengdu,610059, China
  • Received:2018-02-10 Online:2018-10-10 Published:2018-10-10

摘要: 当前我国正处于经济结构转型升级的发展过程中,环境保护成为促进我国经济发展的基本国策。随着2017年环保督查风暴的持续推进,高污染类企业大面积亏损与停产,引起了学界对环境管制、市场竞争与企业价值之间关系的广泛关注。本文选取沪深A股2013~2017年高污染、高能耗行业上市公司为样本,实证研究环境管制与企业价值的相关性,探讨影响企业价值的各种因素,并进一步分析市场竞争的作用机制。结果表明:(1)环境管制能够加强环境保护从而促进企业价值的提升,淘汰落后产能、提高市场占有率;(2)市场竞争会降低企业边际利润,促使企业履行环保责任、加大环保投资,促进企业转型升级;(3)市场竞争不仅直接对企业价值产生影响,同时调节影响环境管制与企业价值的关系。

关键词: 环境管制, 企业价值, 市场竞争

Abstract: At present, China is in the process of transformation and upgrading of the economic structure, and the environmental protection has become the basic national policy to promote China's economic development. With the continuous promotion of the environmental supervision storm in 2017, a lot of high-polluting enterprises have encountered great losses and had to stop production, which has aroused wide attention of the academic community about the relationship between the environmental control, the market competition and the enterprise value. This paper selects the high-polluting and high-energy consumption listed companies in Shanghai and Shenzhen A shares as samples to empirically study the correlation between the environmental control and the enterprise value, discuss the factors that affect the value of the enterprise and further analyze the mechanism of the market competition. The results are as follows: (1) The environmental regulation can strengthen the environmental protection so as to enhance the value of enterprises, eliminate the backward production capacity and increase the market share. (2) Market competition will reduce the marginal profit of enterprises, urge enterprises to fulfill their responsibilities of environmental protection, increase the investment, and promote the transformation and upgrading of enterprises. (3) Market competition not only directly affects the value of enterprises, but also regulates the relationship between the environmental regulation and the enterprise value.

中图分类号: