School of Economics and Management, Taiyuan University of Technology

选取2014—2021年煤炭行业沪深A股上市公司的数据作为研究样本,运用面板数据回归模型,实证分析煤炭企业安全投入对企业价值的影响;并将股权集中度作为调节变量,分析股权集中度在煤炭企业安全投入和企业价值之间的调节作用。研究结果表明:煤炭企业安全投入与企业价值呈现显著的正相关关系;股权集中度与企业价值呈现显著的负相关关系;进一步研究发现,股权集中度会促进煤炭企业安全投入对企业价值的正面影响,具有显著的正向调节作用。在此基础上,提出相应的建议:增加煤炭企业安全投入,优化公司股权结构以及完善法律法规制度等,以期提高煤炭企业安全生产水平,促进煤炭企业可持续发展。

Select the data of Shanghai and Shenzhen A-share listed companies in the coal industry from 2014 to 2021 as the researchsample, use the panel data regression model, empirically analyze the impact of safety investment on the enterprise value of coalenterprises, and use ownership concentration as moderating variable to analyze the moderating effect of ownership concentration on therelationship between safety investment and enterprise value of coal enterprises. The research results show that safety investment of coalenterprises is significantly positively correlated with the enterprise value, and ownership concentration is significantly negatively correlatedwith the enterprise value. Further research has found that ownership concentration can promote the positive impact of safety investment onthe enterprise value of coal enterprises, with a significant positive moderating effect.On this basis, corresponding suggestions areproposed: increasing safety investment in coal enterprises, optimizing the company’s equity structure, and improving legal and regulatorysystems, in order to improve the safety production level of coal enterprises and promote the sustainable development of coal enterprises.

0 引言
1 理论分析与研究假设
1.1 安全投入与企业价值
1.2 股权集中度与企业价值
1.3 股权集中度对安全投入和企业价值之间的调节效应
2 研究设计
2.1 样本选择与数据来源
2.2 变量定义
2.3 模型构建
3 实证分析
3.1 描述性统计
3.2 相关性分析
3.3 回归分析
3.4 稳健性检验
4 结论与建议
4.1 结论
4.2 建议