【作者】 李超；

【导师】 曾赛星；

【作者基本信息】 上海交通大学 ， 管理科学与工程， 2013， 硕士

【摘要】 在世界环境日益恶化的今天，企业在生产运营中所带来的环境影响也备受关注。上个世纪八十年代，学术界就开始了对企业积极环境战略的研究。多数学者研究认为企业积极的环境战略及环保实践，能够提升企业价值及经济绩效，如通过开发环境创新型产品、环保标识等来吸引利益相关者，通过降低生产浪费、改进生产流程以提高生产效率来降低成本。然而，也有一些学者争论，企业在积极环境战略的实施过程中需要投入大量的成本，且大量的成本投入很有可能超过企业通过改善环境问题所带来的利益回报，因此，并不能说明企业积极的环境战略能够带来良好的经济绩效。本文通过对中国制造业748家上市企业的实证研究发现，企业积极的环境战略对企业经济绩效能够产生促进作用。其中，企业积极环境战略对企业市场价值的提升非常迅速且明显，论证了大多数学者对于企业积极环境战略能够带来企业经济绩效提升的论点。同时，企业积极环境战略对企业财务绩效的提升却有所滞后，则解释了另一些学者对企业成本投入会影响企业绩效的问题的担忧。另外，虽然单独地考察每一年企业的积极环境战略，对后续经济绩效的影响到第三年后消失。但由于企业积极环境战略是持续不断地连续性的行为，因此，长远来看，本文的研究结果证明了企业积极的环境战略对企业经济绩效的正向影响。但对于这两者之间的内在影响机制，还值得进一步探讨和研究。本文主要学术贡献体现在：（一）以中国为背景的实证研究，增强了对发展中国家企业环境战略对企业经济绩效作用的理解。（二）以环境信息披露为视角，运用大样本的时间序列数据，研究了企业积极的环境战略对经济绩效随时间变化的动态影响与迟滞效应。更多还原

【Abstract】 As the world environment going worse, corporates are facingincreasingly pressure for their clean production and environmentalinfluence. Since1980s, scholars have shown great interest in research oncorporate proactive environmental strategy (PES). Many researchesprovided evidences that PES can increase corporate value and performancethrough the activities including environmental products innovation,environmental certification, technology improvement, etc. However, otherresearchers argued that it costs corporates too much for PES which mayexceed the profit gained from PES.This paper conducts empirical research on the impact of PES oncorporate economic performance among748Chinese manufacturingpublic companies, from a perspective of environmental informationdisclosure. The findings help explain the debate of prior researches.Corporate market value shows a great increase after PES, while theresponse of financial performance delays. As PES is a continuous activity of corporate, costs are not necessary to be concerned in long term. Ingeneral, PES will increase corporates market value, as well as financialperformance. However, the mechanism of this phenomenon needs deeperstudy in the further.The main academic attainments of this research are,(1) The empirical study of Chinese manufacturing corporatesimproves the understanding of PES in developing countries.(2) From the perspective of Environmental Information Disclosure,analyze a large sample by time series and find the dynamic andlagging effect of PES on corporate financial performance.更多还原