CAJ | 학술논문

本文选取极具代表性的中国6大水污染密集型行业上市公司作为研究对象，实证分析了环境管制对公司绩效的影响。研究结果发现，环境管制并没有降低水污染密集型行业的经济绩效，除电力热力生产和供应业外，环境管制对其他5大行业的经济绩效都具有显著促进作用；环境管制对国有控股企业绩效的影响高于非国有控股企业，中西部地区企业高于东部地区企业。针对不同性质的水污染密集型行业，实行差异化环境管制政策可以提升公司价值，公开透明的政策信息可以减少非国有控股企业规制成本，适度控制企业规模、分散股权更有利于提高公司绩效。
본문선취겁구대표성적중국6대수오염밀집형행업상시공사작위연구대상，실증분석료배경관제대공사적효적영향。연구결과발현，배경관제병몰유강저수오염밀집형행업적경제적효，제전력열력생산화공응업외，배경관제대기타5대행업적경제적효도구유현저촉진작용；배경관제대국유공고기업적효적영향고우비국유공고기업，중서부지구기업고우동부지구기업。침대불동성질적수오염밀집형행업，실행차이화배경관제정책가이제승공사개치，공개투명적정책신식가이감소비국유공고기업규제성본，괄도공제기업규모、분산고권경유리우제고공사적효。
This paper examines the relationship between environmental regulations and company performance with the da -ta from six water pollution-intensive industries in China .We find that environmental regulations have a significantly positive in-fluence on the sample company performance except the electricity , heat production and supply industry , and this influence in state-owned companies is higher than that in non-state-owned companies;the influence in central and western region compa-nies is higher than that in eastern region companies .These results indicate that the implementation of different environmental regulation policies can enhance the value of company; open and transparent policies can reduce the regulation cost of non -state-owned company;moderate scale and equity decentralization can even improve company performance for the water pollu -tion-intensive industries in China .