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以西部地区上市公司2009—2015年发布的社会责任报告为样本,对环境投资优化问题进行实证研究。以企业价值最大化为导向,运用曲线估计模型计算出西部地区各省份企业环境投资占总资产、营业收入、投资活动现金流的最优比率,为企业进行环境投资提供参考和量化依据,进而根据实证结果对西部地区企业环境投资现状进行评价并提出优化对策,引导企业以责任竞争力实现可持续发展。
Taking the social responsibility report released by listed companies in western region from 2009 to 2015 as a sample, this paper conducts an empirical research on the optimization of environmental investment. Taking the maximization of enterprise value as the guideline, the curve estimation model was used to calculate the optimal ratio of environmental investment to total assets, operating income and cash flow of investment activities in all provinces in western China, which provided reference and quantification basis for enterprises’ environmental investment. Empirical results evaluate the status quo of corporate environmental investment in the western region and put forward optimization measures to guide enterprises to achieve sustainable development with responsibility and competitiveness.