I 摘要 随着我国对生态文明建设的高度重视，财政环保支出逐年递增，但生态环境治理任 务仍然艰巨，导致生态环境治理资金缺口极大，可用财力有限与生态环保资金需求的矛 盾日益凸显，需要吸引更多的社会资本参与到生态文明建设中来。企业在我国国民经济 中占据着重要地位，对推动生态文明建设的发展有着巨大的潜力，企业理应响应国家号 召，积极承担环境责任，推进我国生态文明建设的发展。因此，本文选择国民支柱性产 业的建筑业上市公司为研究样本，对建筑业企业环境责任与财务绩效之间的关系进行研 究，根据研究结果，以期为政府提供有关激励企业履行环境责任的政策建议与理论支撑。 本文首先基于生态文明建设理论、可持续发展理论、利益相关者理论与三重底线理 论，分析总结企业履行环境责任的动因，及企业环境责任对财务绩效的影响。之后进行 实证研究分析，本文选取了2010-2013年申万行业分类的16家建筑业上市公司作为研 究样本，采用因子分析法对选取的11个财务指标提取公因子，构建指标体系，得出代 表财务绩效的综合指标；采用和讯网上市公司社会责任报告测评体系公布的环境责任作 为代表企业环境责任的指标；按照企业性质、企业所属地域进行分类，就企业环境责任 与财务绩效的关系进行描述性统计分析和相关性分析。实证研究的结果发现：（1）对于 国有企业，企业环境责任与企业当期和滞后1年的财务绩效呈显著负相关，但企业环境 责任与长期财务绩效无相关性。（2）对于非国有企业，企业环境责任与当期企业财务绩 效无相关性，企业环境责任与滞后期财务绩效呈显著正相关（3）对于一线城市的建筑企 业，企业环境责任与财务绩效无相关性，但是与滞后1年、滞后2年、滞后3年、滞后 4年的企业盈利能力指标呈正向关系。 本文通过对企业环境责任与财务绩效的数据分析和相关性研究结论，基于生态文明 建设的视角，提出了相应的政策建议：企业应根据自身情况制定更加完善的企业环境责 任成本管理机制，同时对企业环境责任成本进行有效控制；政府应建立完整的企业环境 绩效评价体系，完善环境信息披露机制，对有关企业环境责任的税收激励制度进行优化。 关键词：生态文明建设；企业环境责任；财务绩效；相关性分析 ABSTRACT II ABSTRACT With the great attention paid to the construction of ecological civilization in our country, although the fiscal spending of environmental protection increasing year by year, the task of ecological environment management is still arduous, which leads to the huge gap of ecological environment management funds, and the contradiction between limited available financial resources and ecological environmental protection funds is increasingly prominent, needing to attract more social capital to participate in ecological civilization construction. As the backbone of China's national economy, the potential of enterprises to promote the construction and development of ecological civilization can not be ignored. Enterprises should respond to the call of the government, fulfill their environmental responsibilities actively, and promote the development of ecological civilization construction in our country. Therefore, this paper selects the construction listed companies of the national pillar industries as the research sample to study the relationship between environmental responsibility and financial performance of construction enterprises. Based on the research results, it is expected to provide policy suggestions and theoretical support for the government to encourage enterprises to fulfill environmental responsibility. Based on the theory of ecological civilization construction, the theory of sustainable development, the theory of stakeholders and the theory of the triple bottom line, this paper analyzes and summarizes the motivation of enterprises to fulfill environmental responsibility and its impact on financial performance. After the empirical research and analysis, this paper selected 16 listed companies of construction industry classified by shenwan from 2010 to 2013 as research samples. Factor analysis was used to extract common factors from the selected 11 financial indicators, and an indicator system was constructed to obtain comprehensive indicators representing financial performance. The environmental responsibility published by HeXun listed companies' social responsibility report evaluation system is used as an indicator of corporate environmental responsibility. According to the nature and region of enterprises, descriptive statistical analysis and correlation analysis were carried out on the relationship between environmental responsibility and financial performance. The results of the empirical research found that :(1) for the state-owned enterprises, corporate environmental responsibility was significantly negatively correlated with their current and one-year financial performance, but there was no correlation between corporate environmental responsibility and long-term financial performance. (2) for the non-state-owned enterprises, corporate environmental responsibility and current enterprise financial performance, and there is a significant positive ABSTRACT III correlation between enterprise environmental responsibility and lag period financial performance (3) for a line of city construction enterprise, the enterprise environment responsibility and has no impact on financial performance, but with lag 1 year, 2 years, 3 years time lag, lag of four years of corporate profitability was significantly positively related. Based on the data analysis and correlation research conclusion of corporate environmental responsibility and financial performance, this paper puts forward corresponding policy Suggestions from the perspective of ecological civilization construction: for enterprises, they should establish a sound management mechanism for the cost of corporate environmental responsibility, and effectively control the cost of corporate environmental responsibility. For the government, they should establish a complete enterprise environmental performance evaluation system, improve the environmental information disclosure mechanism, and optimize the corporate environmental responsibility tax incentive legal system. Keywords: construction of ecological civilization；environmental responsibility; financial performance; the sustainable development; correlation analysis 目 录 IV 目 录 摘要 .............. I ABSTRACT ........ II 第1章 绪 论 ..... 1 1.1 研究背景 .. 1 1.2 研究目的与研究意义 ............. 2 1.2.1 研究目的 .......................... 2 1.2.2 研究意义 .......................... 2 1.3 国内外相关研究现状 ............. 3 1.3.1 企业环境责任相关研究 .. 3 1.3.2 企业财务绩效相关研究 .. 4 1.3.3 企业环境责任与财务绩效关系研究 ............. 5 1.3.4 国内外相关研究述评 ...... 7 1.4 研究内容 .. 8 1.5 研究方法与技术路线 ............. 8 1.5.1 研究方法 .......................... 8 1.5.2 技术路线 .......................... 9 第2章 相关概念界定与理论基础 10 2.1 相关概念界定 ....................... 10 2.1.1 企业环境责任 ................ 10 2.1.2 财务绩效 ........................ 10 2.2 理论基础 12 2.2.1 生态文明建设理论 ........ 12 2.2.2 可持续发展理论 ............ 12 2.2.3 利益相关者理论 ............ 13 2.2.4 三重底线理论 ................ 14 2.2.5 小结 . 14 第3章 建筑业上市公司环境责任对财务绩效影响的研究设计 .............. 15 3.1 研究假设 15 3.1.1 企业环境责任与当期财务绩效呈负相关或不相关 .................. 15 目 录 V 3.1.2 企业环境责任对长期财务绩效呈正相关 ... 15 3.2 样本选取与数据来源 ........... 15 3.3 研究变量的选取 ................... 16 3.3.1 财务绩效指标的选取分析 ........................... 16 3.3.2 企业环境责任指标的选取 ........................... 22 3.3.3 分类要素的选取 ............ 22 3.4 分析思路 22 3.4.1 企业环境责任与财务绩效分析思路 ........... 22 3.4.2 当期与滞后期的数据处理 ........................... 23 第4章 建筑业企业环境责任对财务绩效影响的实证研究 ...................... 25 4.1 全样本企业统计分析 ........... 25 4.1.1 企业环境责任统计分析 25 4.1.2 企业财务绩效统计分析 26 4.1.3 企业总体情况统计分析 27 4.2 全样本企业环境责任与财务绩效的相关性分析 ............................. 28 4.3 不同企业性质的企业环境责任与财务绩效相关性分析 ................. 28 4.3.1 国有企业环境责任与财务绩效相关性分析 .............................. 28 4.3.2 非国有企业环境责任与财务绩效相关性分析 .......................... 29 4.4 不同地域的企业环境责任与财务绩效的相关性分析 ........