工业作为国民经济主导产业，其绿色生产转型将为经济绿色增长注入强大推动力。此外，“绿色生产力”企业不仅推动着发达及发展中国家的工业技术进步，还促进国家经济发展和生态环境保护。随着环境污染问题的不断凸显，中国中央政府陆续出台了各类的环境法律与政府规章，各地区政府依法对排污企业进行环境监管与行政执法等。在此背景下，各地区企业采取积极的环保行为以期实现环境保护和财务绩效的双赢。本文分析中国工业企业环保行为对其财务绩效的影响，对工业企业绿色转型有重要意义。

利用2003-2012年中国工业企业数据库和中国工业污染数据库315598家企业，匹配上《中国城市统计年鉴》的272地级市数据，以资本回报率和生产率衡量企业财务绩效，并采用双重固定效应模型、调节效应模型与中介效应模型探究企业环保行为对财务绩效的影响及其作用路径。长期以来，污染减排被视为企业积极的环保行为，本文发现企业污染减排行为显著降低其财务绩效，这一结论具有稳健性。考虑异质性，企业层面的分析结果显示企业环保行为显著降低了小规模和非国有企业的财务绩效；行业层面的分析结果显示非重污染企业环保行为显著降低了其资本回报率，重污染行业企业环保行为显著降低了生产率；区域层面，东北和西部地区工业企业环保行为对企业财务绩效的负向影响稍小，环保重点城市企业环保行为对企业财务绩效有显著的负向作用。考虑地区环境规制的调节效应，环保立法加剧了企业环保行为对国有企业生产率的负向影响，同时加剧了对非国有企业资本回报率的负向影响；环境标准确立减缓了环保行为对于小规模企业资本回报率的负向影响，同时减缓了对于非国有企业生产率的负向影响。进一步考察企业环保行为对财务绩效的影响路径发现，企业环保行为均能通过技术效率提升和污染治理技术改进的减排措施影响企业生产率。进一步考虑企业异质性，小规模和非国有企业环保行为可通过污染控制技术改进来提升企业生产率，大规模和国有企业环保行为可通过提升技术效率来提高企业资本回报率。本文建议，优质企业应发挥环保真作为的标杆引领作用，采取积极的环保行动以推动提升行业绿色发展水平。工业企业应提升能源利用效率和进行污染控制技术升级。同时，工业企业引进污染控制技术或自主绿色创新，从而既能淘汰部分污染小企业，又能延长现存企业的生命周期。

As the leading sector of China's economy, industry's green production transformation will inject strong impetus into the green economic growth. In addition, "green productivity" enterprises not only promote industrial technology progress in developed and developing countries, but also promote national economic development and environmental protection. With the increasingly prominent problem of environmental pollution, China's central government has successively issued various environmental laws and regulations, and regional governments have carried out environmental supervision and administrative law enforcement on enterprises that emit a great deal of pollution to the environment. Therefore, enterprises take positive environmental behavior in order to achieve a win-win situation of environmental protection and financial performance. This paper estimates the impact of environmental behavior of Chinese industrial enterprises on their financial performance, which is of great significance to the green transformation of industrial enterprises.

Based on the macro data of 272 prefecture-level cities in China's urban statistical yearbook from 2003 to 2012, the financial performance of enterprises is measured by the rate of return on capital and productivity. This paper also uses double fixed effect model and intermediary effect model to estimate the impact of corporate environmental behavior on financial performance and its path. For a long time, pollutants reduction has been regarded as positive environmental behavior of enterprises. This paper finds that the environmental behavior of enterprises reduces its financial performance, and this conclusion is robust. Considering the heterogeneity, the results show that corporate environmental behavior significantly reduces the financial performance of small-scale and non-state-owned enterprises. The results of industrial level show that the environmental behavior of non-heavy polluting enterprises significantly reduces their return on capital, while the environmental behavior of heavy polluting enterprises significantly reduces their productivity. At the regional level, the environmental behavior of industrial enterprises in the northeast and western regions has a little negative impact on the financial performance, while the environmental behavior in key cities of environmental protection has significant negative impact on the financial performance of enterprises. Environmental protection legislation aggravates the negative impact of environmental behavior on the productivity of state-owned enterprises, and aggravates the negative impact on the return on capital of non-state-owned enterprises. Environmental standards alleviates the negative impact of sulfur dioxide emission on the return on capital of small-scale enterprises and the negative impact on the productivity of non-state-owned enterprises. It is found that the environmental behavior can affect the productivity of enterprises through the improvement of technical efficiency and pollution control technology. Further considering the heterogeneity of enterprises, small-scale and non-state-owned enterprises can improve their productivity by improving pollution control technology, while large-scale and state-owned enterprises can improve their return on capital by improving technical efficiency.