In order to study the relationship between the environmental performance and the financial performance of China's state-owned enterprises, this paper adopts the pollution charge disclosed in annual report and the ISO14000 certificate as proxy variables for the internal and external environmental performance of an enterprise, and chooses net interest rate of the cost and total assets growth rate as proxy variables of financial performance of an enterprise.With the data from disclosed annual report of the Shanghai A-share listed company from 2010 to 2015 as sample, the paper uses multiple hierarchical regression to analyze the collected financial data and annual report data of listed companies, and introduces interaction items to analyze the regulating effect of moderating variable.This study indicates that internal environmental performance has a strong positive effect on profitability of an enterprise, but a strong negative effect on development capacity;while there is a negative relation between the external environmental performance and the financial performance and development ability of an enterprise.The result reveals that the environmental management of a state-owned enterprise could improve its financial performance in short term, however, to increase financial performance in long term, it depends on the improvement of environmental management and technology level to form special competition advantage.%为了研究中国国有企业环境绩效和经济绩效的相关性,采用年报披露的环保排污费和ISO14000认证详情作为环境绩效的内、外部代理变量,以财务数据成本费用净利率和资产增长率作为企业经济绩效的代理变量,以2010-2015年中国沪市A股上市公司为样本,运用多元层次回归法对收集到的上市公司的财务数据以及年报披露数据进行分析,并引入交互项分析了环境管理的调节作用.研究表明,内部环境绩效与企业盈利能力正相关,与企业发展能力负相关;外部环境绩效与企业盈利能力和发展能力均呈负相关.因此,加强国有企业环境管理可以短期提高其经济绩效,要长期改善经济绩效需提升其环境管理和技术水平,形成独特的竞争优势.
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