利用沪深两市A股重污染行业上市公司2008-2013的经验证据，采用时间固定效应模型检验了企业环保投资规模与股权资本成本的相关性。研究结果表明，企业环保投资与股权资本成本之间呈现倒U型关系，即环保投资存在一个临界点，高于该点时企业环保投资越高股权资本成本越低。进一步验证环境管制对二者关系的调节作用，结果发现，环境管制强化了企业环保投资与股权资本成本之间的倒U型关系，当企业环保投资低于临界点，与低管制的企业相比，高管制企业的环保投资对股权资本成本的正向影响更强；当环保投资高于临界点时，“创新补偿”占据主导位置，高管制企业的环保投资的增加将引发股权资本成本更大幅度降低。%This article uses the empirical evidence of A-share listed companies of heavily- pollution industry in the Shanghai and Shenzhen Stock Exchange from the year 2008 to 2013 and analyzes the relevance of the amount of corporate environmental investment to the cost of equity capital by using the time fixed effects model. Based on the moderating effect of industry envi-ronmental regulation and regional environmental regulation, the degree of influence is different. The result shows that there is an inverted u-shaped relationship between the environmental investment and the cost of equity capital. There exists a critical point in the environmental investment. When the environmental investment is higher than the point, the environmental invest-ment is negatively related to the cost of equity capital. Further verifying the environmental regulation effect on the relationship between environmental investment and the cost of equity capital, the result shows that environmental regulation strengthens the inverted u-shaped relationship between environmental investment and the cost of equity capital. When environmental invest-ment is lower than the critical point, compared with enterprises in lower environmental regulation, environmental investment has a stronger positive impact on the cost of equity capital in the companies with higher environmental regulation levels. When environmental investment is higher than the critical point,“offsets by innovation” will take a prominent position, and enterpri-ses with higher environmental regulation levels, thus leading to lower cost of equity capital.
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