冗余资源对环保投资的影响——基于高水敏感性行业A股上市公司的实证研究

高水敏感性行业不仅导致水污染严重,而且对水资源的依赖超过其他行业。以2015—2020年高水敏感性行业的A股上市公司为样本,实证分析冗余资源与环保投资的内在关系,结果表明:冗余资源与企业环保投资之间存在显著的倒“U”型关系,适度冗余资源提升企业环保投资水平,过多冗余资源则降低企业环保投资水平。此外,管理层过度自信会弱化冗余资源与企业环保投资之间的倒“U”型关系。

The influence of slack resources on environmental protection investment: an empirical study based on the data of A-share listed companies in high-water sensitivity industries

High-water sensitivity industries not only cause serious water pollution, but also depend more on resources than any other industry. Using the data of A-share listed companies in the Chinese high-water sensitivity industries from 2015 to 2020, this study empirically examines the relation among slack resources, management overconfidence and environmental protection investment. This paper finds that there is a significant inverted U-shaped relationship between slack resources and environmental protection investment. Moderate slack resource has positive effect on environmental protection investment, and excessive slack resource may bring environmental protection investment decline. Further research also found that management overconfidence will weaken the inverted U-shaped relationship between slack resources and environmental protection investment.