环境规制对企业绩效的一种新影响——基于组织冗余的中介效应

陈臻1; 蔡锴潮2; 王佳莹2; 陈琳3

环境规制对企业绩效的一种新影响——基于组织冗余的中介效应

引用本文：陈臻1,蔡锴潮2,王佳莹2,陈琳3.环境规制对企业绩效的一种新影响——基于组织冗余的中介效应[J].财经理论与实践,2025,(6):135-142

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作者	单位
陈臻1,蔡锴潮2,王佳莹2,陈琳3	（1. 北京理工大学经济学院，北京 100081； 2. 暨南大学产业经济研究院，广东广州 510632；3.暨南大学管理学院，广东广州 510632）

中文摘要:依据2008—2021年中国上市公司数据，考量环境规制对企业短期与长期绩效的影响，讨论组织冗余的中介效应。结果显示：环境规制力度与企业短期绩效间呈倒U形关系，与企业长期绩效间呈U形关系；机制分析表明，组织冗余在环境规制与企业短期、长期绩效关系中发挥中介作用；异质性分析结果显示，环境规制影响在重污染企业和策略性绿色创新水平较低企业中更为积极。鉴于此，企业应主动优化资源配置，化规制压力为技术创新与生产转型动力，进而构建长期竞争优势。

中文关键词:企业绩效环境规制组织冗余

A New Influence of Environmental Regulation on Corporate Performance—The Mediating Effect of Organizational Slack

Abstract:This study investigates the impact of environmental regulation on short-term and long-term corporate performance, examining the mediating effect of organizational slack using data from Chinese listed companies from 2008 to 2021. The results reveal an inverted U-shaped relationship between the intensity of environmental regulation and short-term corporate performance, and a U-shaped relationship with long-term performance. Mechanism analysis confirms that organizational slack mediates the relationship between environmental regulation and both short- and long-term performance. Furthermore, heterogeneity analysis shows that the positive effects of regulation are more pronounced for high-polluting firms and those with low levels of strategic green innovation. Therefore, firms should proactively optimize resource allocation, internalizing regulatory pressure into a driver for technological innovation and production transformation to build a long-term competitive advantage.

keywords:corporate performance environmental regulation organizational slack

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