CAJ | 학술논문

环保投资在企业是客观存在的，企业投资的首要和最基本目标是追求财务效率。双赢假说认为企业环保投资的财务效率为正，制约假说认为企业环保投资的财务效率为负，不确定性假说认为企业环保投资的财务效率不确定。影响企业环保投资财务效率的因子包括企业外部的融资约束和企业内部的获利能力。为提升企业环保投资的财务效率，应发挥融资环境的引领作用和获利能力的保证作用。
배보투자재기업시객관존재적，기업투자적수요화최기본목표시추구재무효솔。쌍영가설인위기업배보투자적재무효솔위정，제약가설인위기업배보투자적재무효솔위부，불학정성가설인위기업배보투자적재무효솔불학정。영향기업배보투자재무효솔적인자포괄기업외부적융자약속화기업내부적획리능력。위제승기업배보투자적재무효솔，응발휘융자배경적인령작용화획리능력적보증작용。
Environmental protection investment in enterprise is objective existence. The first and most basic objective to invest in enterprises is the pursuit of financial efficiency. The restrict hypothesis thinks that the financial efiqcieney of enterprise environmental protection investment is negative, and the win- win situation hypothesis thinks it is positive, and uncer- tainty hypothesis thinks it is uncertainty. This paper puts forward that the influence factors of enterprise environmental protection investment financial efficiency are enterprises external financing constraints and enterprise profit capability. In order to enhance the enterprise environmental protection investment financial efficiency, we should exert the leading role of financing environment and assurance role of profit ability.