业绩期望落差、财务柔性与企业绿色投资

Performance Expectation Gap, Financial Flexibility, and Green Investment in Enterprises

摘要: 近年来，我国环境问题突出，随着双碳目标的提出，社会、企业、媒体、政府对于经济绿色发展日益关注，对于企业发展提出更多要求。绿色投资成为实现社会经济绿色转型和高质量发展的重要手段，但是目前中国企业绿色投资不足是突出问题。企业业绩会对其绿色投资行为选择具有一定影响，同时，绿色投资是一项兼具经济发展与社会责任的行为，因此作为衡量企业经济冗余的一项指标——财务柔性，可能会发挥一定中介作用。本文以2011~2021年上市公司为初始样本，实证检验业绩期望落差对企业绿色投资的影响以及财务柔性的中介作用。研究发现：业绩期望落差增大会缩减企业绿色投资规模，相关性在10%水平上显著；业绩期望落差增大会显著降低财务柔性储备，而财务柔性提高会显著扩大企业绿色投资规模，相关性都在5%水平上显著。因此业绩期望落差与企业绿色投资负相关，并且财务柔性在两者之间发挥部分中介效应。研究结论为提高企业绿色投资水平，实现经济绿色转型和政府政策制定提供一定建议。

Abstract: In recent years, environmental issues have become prominent in China. With the proposal of the dual carbon goal, society, enterprises, media, and government have increasingly focused on green economic development, and have put forward more requirements for enterprise development. Green investment has become an important means of achieving social and economic green transformation and high-quality development, but currently, the insufficient green investment of Chinese enterprises is a prominent problem. Enterprise performance will have a certain impact on their green investment behavior choices. At the same time, green investment is a behavior that combines economic development and social responsibility. Therefore, financial flexibility, as an indicator of economic redundancy for enterprises, may play a certain intermediary role. This paper takes listed companies in 2011~2021 as the initial sample, and empirically tests the impact of performance expectation gap on green investment and the intermediary role of financial flexibility. Research has found that an increase in performance expectation gap will reduce the scale of green investment in enterprises, with a significant correlation at the 10% level; an increase in performance expectation gap will significantly reduce financial flexibility reserves, while an increase in financial flexibility will significantly expand the scale of green investment for enterprises, with significant correlations at the 5% level. Therefore, the performance expectation gap is negatively related to the green investment of enterprises, and financial flexibility plays a part in the mesomeric effect between the two. The research conclusion provides certain suggestions for improving the level of green investment in enterprises, achieving green economic transformation, and formulating government policies.