중국기업의 환경원가화가 재무성과에 미치는 영향

초록

China's growing environmental pollution problem has a serious impact on making higher demands on companies' environmental responsibilities. This study used heavy polluters among listed companies of A stock in China for four years from 2015-2018, and analyzed the impact of the company's environmental cost on financial performance. The analysis results are as follows. The financial performance of a company that implemented environmental cost capitalization was lower than that of a company that did not implement environmental cost capitalization. This indicates that the internal capitalization of external environmental costs is negative to company’s financial performance because it does not generate a corresponding return while increasing costs. In addition, for companies subject to government's intensive supervision of environmental pollution, the negative effects of environmental cost capitalization on financial performance are observed. This suggests that high intensity supervision and management accompany high environmental costs that do not warrant revenue. Findings show that Chinese companies enjoy greater benefits and market value without implementing environmental protection responsibilities. The impact of environmental costs on financial performance in the short term needs to be extended to beneficial impact of environmental costs on financial performance in the mid- to long-term.

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