本文以2011-2016年重污染行业上市公司的非平衡面板数据为样本,实证检验了环保投入与企业价值的关系,以及环境信息披露质量的调节效应。研究表明,环保投入与企业价值呈U型曲线关系,随着环保投入的增加,企业价值先减少后增加,且目前更多地表现为环保投入的价值减损效应。高质量的环境信息披露能够缓和环保投入与企业价值之间的关系,使U型曲线更平缓,在一定范围内能够提升U型曲线的整体水平；此外,在环境信息披露质量较高时,企业需要更多的环保投入才能实现环保投入的价值增值效应。

Based on the unbalanced panel data of listed companies in heavy polluting industries from 2011 to 2016, this paper empirically tests the relationship between environmental investment and corporate value, and the regulatory effect of environmental information disclosure quality. It was found that the relationship between environmental investment and corporate value is in a U-shaped curve. With the increase in environmental investment, the corporate value decreases first and then increases. At present, it is more a manifestation of the value-reduction effect of environmental investment. High-quality environmental information disclosure can ease the relationship between environmental investment and corporate value, make the U-shaped curve smoother, and can improve the overall level of U-shaped curve within a certain range; in addition, when the quality of environmental information disclosure is higher, more environmental investment is needed to realize the value-added effect of environmental investment.

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国家社科基金重点项目"企业环境资源与价值报告"（14AGL011）；国家“十二五”科技支撑计划项目《南水北调东线工程泵站（群）优化调度关键技术与示范》（2015BAB07B01）