摘 要
随着全球环境问题日益严峻，环境成本内部化已成为企业可持续发展的重要议题。本研究旨在探讨环境成本内部化对企业财务绩效的影响机制及其实际效应，以期为企业的绿色转型提供理论支持与实践指导。基于中国上市公司2015年至2022年的面板数据，本文采用固定效应模型和工具变量法，控制内生性问题后对两者关系进行实证分析。研究发现，环境成本内部化在短期内可能增加企业的运营成本，但长期来看能够显著提升其财务绩效，主要通过优化资源配置、提高技术创新能力和增强市场竞争力等路径实现。此外，分组分析表明，该效应在高污染行业和具有较强治理能力的企业中更为显著。本研究的创新点在于首次将环境成本内部化的维度细化为合规成本、预防成本和创新成本，并验证了不同成本类型对财务绩效的异质性影响。同时，引入中介效应模型进一步揭示了技术创新在这一过程中的关键作用。研究结果不仅丰富了环境会计与企业绩效领域的理论框架，还为企业制定环境战略及政府设计相关政策提供了重要参考。总体而言，环境成本内部化不仅是企业履行社会责任的表现，更是其实现高质量发展的有效途径。
关键词：环境成本内部化；财务绩效；技术创新；合规成本；中介效应模型
Abstract
As global environmental issues become increasingly severe, the internalization of environmental costs has emerged as a critical topic for corporate sustainable development. This study aims to explore the mechanism and practical effects of how the internalization of environmental costs influences firms' financial performance, thereby providing theoretical support and practical guidance for enterprises' green transformation. Based on panel data from Chinese listed companies between 2015 and 2022, this paper employs a fixed-effects model and instrumental variable methods to control for endogeneity and empirically analyze the relationship between the two variables. The findings indicate that while the internalization of environmental costs may increase operational expenses in the short term, it significantly enhances financial performance in the long run, primarily through optimizing resource allocation, improving technological innovation capabilities, and strengthening market competitiveness. Furthermore, subgroup analyses reveal that this effect is more pronounced in highly polluting industries and firms with stronger governance capabilities. A key innovation of this study lies in its first-time categorization of the dimensions of environmental cost internalization into compliance costs, preventive costs, and innovative costs, and the validation of the heterogeneous impacts of different cost types on financial performance. Additionally, the introduction of a mediation effect model further elucidates the critical role of technological innovation in this process. The results not only enrich the theoretical fr amework of environmental accounting and corporate performance but also provide significant references for enterprises in formulating environmental strategies and for governments in designing relevant policies. Overall, the internalization of environmental costs represents not only a demonstration of corporate social responsibility but also an effective pathway for achieving high-quality development.
Keywords: Environment Cost Internalization; Financial Performance; Technological Innovation; Compliance Cost; Mediating Effect Model
目 录
1绪论 1
1.1环境成本内部化的研究背景与意义 1
1.2国内外环境成本内部化研究现状综述 1
1.3本文研究方法与技术路线设计 2
2环境成本内部化的理论基础与框架构建 2
2.1环境成本的定义与分类分析 2
2.2环境成本内部化的理论支撑体系 3
2.3内部化对企业财务绩效的影响机制探讨 3
2.4环境成本内部化的实施路径与关键要素 4
3环境成本内部化对企业财务绩效的实证分析 4
3.1数据来源与样本选择标准设定 4
3.2财务绩效评价指标体系的设计与优化 5
3.3环境成本内部化对盈利能力的影响分析 5
3.4环境成本内部化对成本控制能力的作用研究 6
3.5实证结果讨论与政策启示 7
4环境成本内部化的实践障碍与改进策略研究 7
4.1当前企业实施环境成本内部化的主要障碍 7
4.2政府在推动环境成本内部化中的角色定位 8
4.3企业层面的内部化实施优化路径探索 8
4.4社会多方协作促进环境成本内部化的建议 9
结论 10
参考文献 11
致 谢 12
