以2012—2020年A股上市的209家公司为样本，运用面板多元回归模型实证考察企业环保投资对其经济绩效的影响，结果显示：企业环保投资对其经济绩效有负向影响；引入企业股权制衡度作为调节交互项后，进一步强化了企业环保投资对其经济绩效的负向影响。因此，政府应适当运用补贴等政策激励企业进行环保投资，并针对不同股权分布的企业采取差异化环境规制政策，以缓解财政压力；企业应建立与社会责任相适应的公司治理机制，克服股权分散而导致的决策成本和管理成本过高问题，以应对日益严苛的环境规制。

Taking 209 A-share listed companies from 2012 to 2020 as a research sample, this paper empirically tests the impact of environmental protection investment on their financial performance by using the panel multiple regression model. Empirical analysis shows that there is a significant negative correlation between the company’s investment in environmental protection and the company’s operating performance. The balance of the company’s rights and interests increases the negative effect of the company’s environmental protection investment on the company’s financial performance. Therefore, the government should appropriately use policies such as subsidies to encourage enterprises to invest in environmental protection, and adopt differentiated environmental regulation policies for enterprises with different equity distributions to alleviate financial pressure. Enterprises should establish corporate governance mechanisms that are compatible with social responsibility, overcome the high decision-making and management costs caused by dispersed equity, and respond to increasingly stringent environmental regulations.

F275

湖南省社会科学基金项目（19YBA193）