摘要
作为环境污染主要制造者的微观单元,企业进行环保投资是企业环境保护的重要方式,而作为自负盈亏的经济主体,企业环保投资是否毁损了企业的价值?以2008—2018年上市公司为样本,实证研究发现:企业环保投资与企业价值呈现先下降后上升的U型关系;CEO海外经历对企业环保投资与企业价值的非线性关系有显著调节作用。进一步研究还发现:在高融资约束水平下,CEO海外经历对企业价值的提升作用和对环保投资与企业价值的调节作用更加显著。研究结果拓展了环保投资对企业价值的影响分析,为选聘海外经历高管的现有人力资本管理提供了新的视角。
As a micro unit of the major producer of environmental pollution,enterprises'investment in environmental protection is an important way of environmental protection.As a self financing economic entity,has the enterprise's environmental investment damaged the value of the enterprise?Based on the sample of listed companies from 2008 to 2018,the empirical research shows that:the U shaped relationship between corporate environmental investment and corporate value first decreases and then increases;CEO’s overseas experience significantly moderates the nonlinear relationship between corporate environmental investment and corporate value.In addition,further research finds that under the high level of financing constraints,the CEO’s overseas experience plays a more significant role in enhancing the corporate value and regulating the environmental investment and corporate value.The research results expand the analysis of the impact of environmental investment on corporate value,and provide a new perspective for the existing human capital management of selecting overseas experienced executives.
作者
崔秀梅
王敬勇
王萌
CUI Xiumei;WANG Jingyong;WANG Meng(School of Accounting,Nanjing Audit University,Nanjing 211815,China;Institute of Intelligence Management Accounting and Internal Control,Nanjing Audit University,Nanjing 211815,China)
出处
《审计与经济研究》
CSSCI
北大核心
2021年第5期86-94,共9页
Journal of Audit & Economics
基金
国家社会科学基金项目(19BJY035)
国家社会科学基金项目(20BJY025)
江苏高校优势学科建设工程资助项目(PAPD)。
关键词
环保投资
CEO海外经历
企业价值
融资约束
环境污染
环境保护
environmental protection investment
overseas experiences of CEO
corporate value
financing constraints
environmental pollution
environmental protection
