摘要
近年来我国环境问题突出，工业化和城镇化的进程使我国的环境恶化程度加
剧。近年来由于环境问题，我国将生态文明建设纳入国家的战略层面，国有企业
由中国政治主导，是我国经济发展的主要执行者，应响应政策号召，首先担负起
环境保护的责任，以可持续发展为理念，在生产经营过程中提升环境管理水平，
改善企业生产带来的环境污染。
本文从环境管理视角，探究国有企业环境绩效与经营绩效之间的相关性，采
用年报披露的国有企业资源节约补贴、企业污染治理费用（排污费、废气处理费
等）以及企业绿化支出作为企业内部环境绩效的代理变量，以 ISO14000 认证详
情作为环境绩效的外部代理变量，以财务数据成本费用净利率和资产增长率作为
企业盈利能力和发展能力的代理变量，以 2010-2015 年中国沪市 A 股上市公司为
样本，运用多元层次回归法对收集到的上市公司的财务数据以及年报披露数据进
行分析，并引入交互项分析了环境管理的调节作用。
研究表明，内部环境绩效对于企业盈利能力正相关，发展能力负相关；外部
环境绩效对企业盈利能力和发展能力均为负相关；环境管理对于环境绩效与经营
绩效的相关性有显著调节作用。因此对于国有企业环境管理可以短期提高其经营
绩效，但要长期改善经营绩效需提升其环境管理和技术水平形成独特的竞争势。
关键词：国有企业，环境绩效，经营绩效，环境管理，相关性II
ABSTRACT
The environment has been a severe problem in the recent decades, and, with the
pace of industrialization and urbanization of China, the environment in our country is
being worse and worse. Taking this into account, our country has set sustainable and
bio-friendly development as a national strategy. As the nationalized enterprises are led
by the Chinese government, they are the chief executor in developing the Chinese
economy. They should follow the policy, taking their responsibility to protect the
environment. Also, they should develop in a sustainable way, elevate their
environment regulation level and decrease the pollution during the production.
This study examines the relationship between environmental performance and
operating performance of Chinese nationalized enterprise from the perspective of
environment regulation. The pollution charge disclosed in the annual report is set to
be the proxy variables for the internal and the ISO14000 certificate is the external
environmental performance of an enterprise. Study chooses the net interest rate of the
cost and total assets growth rate as proxy variables of the financial performance of an
enterprise. The sample data are collected from disclosed annual report of the Shanghai
A-share listed company from 2010 to 2015. The data is analyzed by multiple
hierarchical regression with the moderating variable. This study indicates that internal
environmental performance has a strong positive effect on the profitability of an
enterprise and a strong negative effect on the development capacity of an enterprise.
We also observe a negative relation between the external environmental performance
and financial performance. These findings indicate that the environmental
management of a nationalized enterprise could improve the financial performance in a
short-term, however, it depends on the green innovation and environmental
technology improvement to increase financial performance in a long term.
KEY WORDS：China&39;s state-owned enterprise, Environmental performance, Operating
performance, Environmental management, RelationshipIII
目 录
摘要............................................................................................................................I
ABSTRACT ................................................................................................................ II
第 1 章 绪论..................................................................................................................1
1.1 研究背景和意义...............................................................................................1
1.1.1 研究背景....................................................................................................1
1.1.2 研究意义 ....................................................................................................2
1.2 研究内容和拟解决的关键问题.......................................................................3
1.2.1 研究内容及篇章结构................................................................................3
1.2.2 拟解决的关键问题 ....................................................................................5
1.3 研究思路和方法...............................................................................................6
1.4 研究创新点.......................................................................................................6
第 2 章 文献综述..........................................................................................................7
2.1 相关定义...........................................................................................................7
2.1.1 环境绩效....................................................................................................7
2.1.2 环境管理 ....................................................................................................7
2.1.3 经营绩效 ....................................................................................................8
2.1.4 国有企业性质 ..........................................................................................10
2.2 研究方法.........................................................................................................11
2.2.1 事件研究法 ..............................................................................................11
2.2.2 文献分析法 ..............................................................................................12
2.2.3 实证分析法 ..............................................................................................12
2.3 国内外研究现状.............................................................................................12
2.3.1 正相关 ......................................................................................................13
2.3.2 负相关 ......................................................................................................14
2.3.3 无明显相关性 ..........................................................................................14
第 3 章 环境绩效、环境管理和经营绩效评价指标选取 .......................................16
3.1 评价指标选取原则.........................................................................................16
3.2 环境绩效评价指标选取.................................................................................17IV
3.2.1 环境绩效外部评价指标..........................................................................17
3.2.2 环境绩效内部评价指标 ..........................................................................19
3.2.3 环境绩效的内外部评价体系构建 ..........................................................20
3.3 经营绩效评价指标选取.................................................................................21
3.4 环境管理评价指标选取.................................................................................24
第 4 章 国有企业环境绩效与经营绩效相关性概念模型构建 ...............................26
4.1 传统环境绩效与经营绩效相关性模型.........................................................26
4.2 国有企业环境管理现状分析.........................................................................27
4.2.1 制度因素..................................................................................................27
4.2.2 市场因素 ..................................................................................................27
4.2.3 企业性质 ..................................................................................................28
4.3 环境管理一般理论分析.........................................................