业绩期望落差、股权集中度和企业环保投入

基于企业行为理论，以 2011~2015 年重污染上市公司为研究样本，本文理论分析并实证检验了业绩期望落差与企业环保投入的关系，并进一步考察了股权集中度的调节作用。研究结果表明：（1）当企业实际绩效低于渴望水平时，业绩期望落差与环保投入呈 U 型关系，即业绩期望落差存在一个阈值，低于该阈值时，业绩期望落差与环保投入负相关，高于该阈值时，业绩期望落差与环保投入正相关；（2）与股权集中度低的企业相比，股权集中度高的业绩期望落差与环保投入之间的 U 型关系将减弱。

Enterprise Expected Performance Gap,Ownership Concentration and Corporate Environmental Inputs

Based on the behavioral theory of the firm，through the analysis of the data of the heavy pollution listed companies in China from 2011 to 2015，we analyze the relationship between expected performance gap and corporate environmental inputs from theoretical analysis and empirical analysis methods，and further examines the moderating effects of ownership concentration. The results of empirical research show that，first，when the actual performance of the enterprise is lower than the expectation of that，the relationship between enterprise expected performance gap and environmental inputs is U-shaped. Namely，there is a threshold in the expected performance gap，where the difference is between expected performance of the firm and actual performance. When the gap is below this threshold，the environment input is positively correlated with the expected performance gap. Besides，when it is above this threshold，there is a negative correlation between the environment input and expected performance gap. Second，in firms with the high concentration，the U-shaped relationship between expected performance gap and environmental inputs is weaken compared with low ownership concentration.