强环境约束下煤炭企业环境绩效对财务绩效的影响

为了研究我国各地环境措施和法律法规约束力的不同情况下，企业环境绩效对财务绩效的影响，选择2011—2018年煤炭上市企业数据，以短期和长期财务绩效指标值为因变量，以环境绩效为自变量，运用双重差分(DID)模型检验不同环境约束下企业环境绩效分别对短期和长期财务绩效的影响。结果表明：在强环境约束下，煤炭企业环境绩效对长期财务绩效呈正相关，对短期财务绩效呈负相关|强环境政策约束的短期效果不佳，而长期来看有效。最终提出了在政府与企业协同合作下实现环境绩效与财务绩效双赢的相关策略。

Impact of environmental performance on financial performance of coal enterprises under strong environmental constraints -- an empirical test based on DID model

The binding force of environmental measures and laws and regulations is not the same in all parts of China. The new environmental standards require coal enterprises to strengthen the ecological environment governance, but the impact on the financial performance of enterprises is different. Based on the data of coal listed enterprises in 2011-2018, the paper uses the short-term and long-term financial performance indicators as the dependent variables, and environmental performance as the independent variables, and uses the double difference (did) model to test the impact of environmental performance of enterprises under different environmental constraints on the short-term and long-term financial performance. The results show that: under strong environmental constraints, the environmental performance of coal enterprises is positively related to the long-term financial performance, and negatively related to the short-term financial performance; the short-term effect of strong policy constraints is not good, but effective in the long run. Finally, the paper puts forward relevant strategies to achieve the win-win of environmental performance and financial performance under the cooperation of government and enterprises.