人类社会和经济的发展在时光流逝中取得了阶段性进步，但随之而来的是生态环境 的不断恶化。当前环境形势下要求经济发展的同时必须顾及环保、节能等问题，重污染 企业由于对环境的破坏相对较大，在环境问题上受到政府以及社会各界的广泛关注，走 绿色发展之路刻不容缓。因此，重污染企业要在履行环保责任和提高市场价值之间找到 平衡点，绿色技术创新将起到重要作用。 通过对60家上市重污染企业2013-2019年的环保投入、绿色技术创新等数据的实 证研究发现：重污染企业环保投入对其市场价值的作用是显著的负向作用，且不存在滞 后效应。在企业性质和类型的差异下，环保投入在国有企业、非高新技术企业中对市场 价值的影响相对更大，均为显著的负向影响；而重污染企业绿色技术创新与企业市场价 值之间的关系为“U”型关系，同时绿色技术创新在环保投入对重污染企业市场价值的 负向影响中起到调节作用；绿色技术创新对国有企业、高新技术企业的市场价值影响分 别较非国有企业、非高新技术企业更大，且皆是显著的“U”型影响；另外，绿色技术 创新在环保投入对市场价值负向影响中的调节作用受企业性质的影响，其在国有企业中 较为明显，而企业类型则对企业绿色技术创新的调节作用不产生影响。 通过本文的研究发现，目前重污染企业环保投入水平总体偏低，绿色技术创新水平 也较低，大部分企业绿色技术创新对企业市场价值的影响还居于“U”型曲线的左侧； 另外，在2013-2019年期间，随着时间的推移，重污染企业的市场价值大体上是呈现走 低的趋势，发展形势不容乐观。所以针对上述结论本文认为重污染企业应保障环保投入 同时提高环保投入效率、提高产品质量，进行成本管理和积极完善相关信息的披露，尽 可能减少同等情况下环保投入对企业市场价值的不利影响，在创造价值的同时认真履行 环境责任。希望本文能帮助重污染企业结合目前的发展现状找到自身的不足以及未来调 整的方向，同时期望通过此研究可以丰富相关研究的理论，为以后环保投入、绿色技术 创新等内容相关实证研究提供思路和借鉴。 关键词：环保投入；绿色技术创新；企业市场价值；重污染企业 论文类型：应用研究 ABSTRACT V ABSTRACT Human social and economic development has progressed in stages over time, but it is followed by the continuous deterioration of the ecological environment. Under the current environmental situation, environmental protection and energy conservation must be considered while economic development is required. Due to the relatively large damage to the environment caused by heavy polluting enterprises, the government and all sectors of society have paid close attention to the environmental problems and it is urgent to take the road of green development. therefore, the green technology innovation plays an important role in the balance between fulfilling the environmental responsibility and improving the market value of the heavy polluting enterprises. Based on the data of environmental protection investment and green technology innovation of 60 listed heavy polluting enterprises from 2013 to 2019, the empirical study finds that the environmental protection investment of heavy polluting companies has a significant negative effect on their market value, and there is no lag effect. Due to the divergence of enterprise nature and type, environmentally friendly investment has a greater impact on market value in SOEs and non-high-tech enterprises, both of which have a conspicuous negative impact; The relationship between green technology innovation and market value of heavy polluting enterprises is U-shaped. At the same time, green technology innovation plays a moderating role in the negative impact of environmental investments on the market value of heavy polluting companies. The impact of green technology innovation on the market value of state-owned and high-tech companies is greater than that of non-state-owned and non-high-tech companies, all of which have a significant "U" effect; In addition, the regulatory effect of Green technological innovation on the negative impact of investment in environmental protection on market value is affected by the corporate nature, which is most evident in state-owned enterprises, while the type of business has no effect on the moderating effect of green technological innovation of companies. Through the research of this paper, it was found that the environmental protection investment level of heavy polluting enterprises is generally low, and the level of innovation in green technology is share the same consequence. The impact of green technology innovation on the market value of most enterprises is still on the left side of the "U" curve; In addition, during the period time of 2013-2019, with the passage of time, the market value of heavily polluting enterprises generally showed a downward trend, and the development situation was not optimistic. Therefore, in view of the above conclusions, this paper argues that heavy polluting enterprises should ensure environmental protection investment, improve the efficiency of environmental protection investment and the quality of the products, carry out cost management and actively improve the disclosure of relevant information, minimize the adverse impact of environmental protection investment on the market value of enterprises under the same circumstances, and conscientiously perform environmental 西南科技大学硕士学位论文 VI responsibilities while creating value. It is hoped that this paper can help heavy polluting enterprises find their own shortcomings and the direction of future adjustment in the light of the current development situation. At the same time, it is expected that this research can enrich the theory of related research and provide ideas and reference for future empirical research on environmental protection investment and green technology innovation. KEY WORDS: Environmental protection investment, Green technology innovation, Enterprise market value, Heavy pollution enterprise TYPE OF THESIS: Application Research 目录 VII 目 录 摘要 .. IV ABSTRACT ......................... V 1 绪论 .... 1 1.1选题背景与研究意义 . 1 1.1.1选题背景 .......... 1 1.1.2研究意义 .......... 3 1.2国内外研究现状 ......... 4 1.2.1国内外研究现状 ............................. 4 1.2.2研究评述 .......... 8 1.3研究内容与方法 ......... 9 1.3.1主要研究内容 .. 9 1.3.2研究方法 .......... 9 1.3.3研究框架 ........ 10 1.4创新点 ....................... 11 2 概念界定及理论介绍 ..... 12 2.1相关概念界定 ........... 12 2.1.1环保投入 ........ 12 2.1.2绿色技术创新 12 2.1.3企业市场价值 13 2.2理论介绍 ................... 13 2.2.1价值最大化理论 ........................... 13 2.2.2外部性理论 .... 14 西南科技大学硕士学位论文 VIII 2.2.3可持续发展理论 ........................... 14 3 研究假设 ......................... 16 3.1环保投入与企业市场价值 ...................... 16 3.2绿色技术创新与企业市场价值 .............. 16 3.3环保投入、绿色技术创新与企业市场价值 ......................... 17 4研究设计 .......................... 19 4.1选取研究变量 ........... 19 4.1.1被解释变量 .... 19 4.1.2解释变量 ........ 19 4.1.3调节变量 ........ 19 4.1.4控制变量 ........ 20 4.2样本选取和数据来源 .............................. 21 4.3模型设计 ................... 21 5 实证分析 ......................... 23 5.1 正态性、平稳性检验 ............................. 23 5.1.1正态性检验 .... 23 5.1.2数据平稳性检验 ........................... 23 5.2 描述性统计 .............. 24 4.3相关性分析 ............... 26 5.4回归分析 ................... 28 5.4.1环保投入与企业市场价值 ........... 28 5.4.2绿色技术创新与企业市场价值 ... 30 5.4.3环保投入、绿色技术创新与企业市场价值 .............. 33 5.5稳健性检验 ............... 35 5.6实证结果分析 ........... 36 目录 IX 6 总结与建议 ..................... 37 6.1总结 ........................... 37 6.1.1环保投入、绿色技术创新与企业市场价值的关系 .. 37 6.1.2不同企业性质和类型对变量关系的影响 .................. 37 6.1.3重污染企业所面临的相关问题 ... 37 6.2建议 ........................... 39 6.2.1 保障环保投入，提升环保效率 .. 39 6.2.2提高绿色技术创新能力 ............... 39 6.2.3提高产品质量，进行成本管理 ... 40 6.2.4积极完善相关信息的披露 ........... 40 7不足与展望 ...................... 41 7.1不足 ........................... 41 7.2展望 ........................... 41 致 谢 .. 42。。。。。。以下内容略