环保产业政策对企业环保投资的影响:基于重污染上市公司的经验证据
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摘要
以2006～2015年沪深A股重污染上市公司为研究样本,实证检验了环保产业政策对企业环保投资的影响,研究发现:环保产业政策有利于企业加大环保投资,且主要体现在国有企业中,这种有利影响可以通过压力效应与激励效应两种机制实现。进一步考察环保产业政策支持下企业环保投资的经济后果发现,企业环保投资短期不利于提升企业价值,但有利于抑制工业废物排放。这些结论不仅丰富了企业环保投资影响因素和产业政策经济后果的相关研究,而且为政府如何优化环保产业政策,引导企业参与环境治理,进而为实现经济利益与环境保护的双赢提供了思路。
This paper analyzes the impact of environmental industrial policies on corporate environmental investment using the sample of A-share listed heavily polluted companies from the year 2006 to 2015. We find that environmental industrial policies contribute to corporateenvironmental investment especially in state-owned companies. The results show that the positive impact of environmental industrial policies on corporate environmental investment can be realized by pressure effects and incentive effects.What's more, we explore the consequence of corporateenvironmental investment supported by environmental industrial policies, and find that corporateenvironmental investment is not conductive to enhancing corporate value in the short term, but helps restrain industrial waste emission. Not only does our study enrich the relevant research on the influencing factors of corporate environmental investment and the economic consequences of industrial policies, but it also gives empirical evidence for government on how to improve environmental industrial policies, as well as how to guide companies to invest in environmental protection aiming to achieve the goal of high economic benefits and good ecological environment.
This paper analyzes the impact of environmental industrial policies on corporate environmental investment using the sample of A-share listed heavily polluted companies from the year 2006 to 2015. We find that environmental industrial policies contribute to corporateenvironmental investment especially in state-owned companies. The results show that the positive impact of environmental industrial policies on corporate environmental investment can be realized by pressure effects and incentive effects.What's more, we explore the consequence of corporateenvironmental investment supported by environmental industrial policies, and find that corporateenvironmental investment is not conductive to enhancing corporate value in the short term, but helps restrain industrial waste emission. Not only does our study enrich the relevant research on the influencing factors of corporate environmental investment and the economic consequences of industrial policies, but it also gives empirical evidence for government on how to improve environmental industrial policies, as well as how to guide companies to invest in environmental protection aiming to achieve the goal of high economic benefits and good ecological environment.
引文
[1]任保平.新时代中国高质量发展的判断标准、决定因素与实现途径[J].改革,2018(4):5-16.
[2]李维安,徐建,姜广省.绿色治理准则:实现人与自然的包容性发展[J].南开管理评论,2017(5):23-28.
[3]沈菊琴,连兵.我国造纸企业环保投资经济效益研究:以江苏某造纸企业为例[J].重庆理工大学学报(自然科学),2015(6):54-58.
[4]SPENCER J W,MURTHA T P,LENWAY SA.How governments matter to new industry creation[J].Academy of Management Review2005,30(2):321~337.
[5]FAN P H,WONG T J,ZHANG T Y.Politically connected CEOs,corporate governance and Post-IPO performance of China’s partially privatized firms[J].Journal of Financia Economics,2007,84(2):330~357.
[6]DENG H,ZHENG X,HUANG N,et al Strategic interaction in spending on environmental protection:spatial evidence from Chinese cities[J].China&World Economy,201220(5):103~120.
[7]罗进辉,杜兴强.媒体报道、制度环境与股价崩盘风险[J].会计研究,2014(9):53-59.
[8]王德凡.内在需求、典型方式与主体功能区生态补偿机制创新[J].改革,2017(12):93-101.
[9]吴红军,刘啟仁,吴世农.公司环保信息披露与融资约束[J].世界经济,2017(5):124-147.
[10]王晓颖,肖忠意,廖元和.上市公司履行企业社会责任水平与银行债务融资能力的提升[J].改革,2018(7):108-115.
[11]韩立岩,蔡立新,尹力博.中国证券市场的绿色激励:一个四因素模型[J].金融研究,2017(1):145-161.
[12]MARTIN P R,Moser D V.Managers’green investment disclosures and investors’reaction[J].Journal of Accounting and Economics,2016,61:239-254.
[13]胡珺,宋献中,王红建.非正式制度、家乡认同与企业环境治理[J].管理世界,2017(3):76-94.
[14]VANACKER T,COLLEWAERT V,PAELE-MAN I.The relationship between slack resources and the performance of entrepreneuria firms:the role of venture capital and ange investors[J].Journal of Management Studies2013,50(6):1070-1096.
[15]黎文靖,李茫茫.“实体+金融”:融资约束、政策迎合还是市场竞争?---基于不同产权性质视角的经验研究[J].金融研究,2017(8):100-116.
[16]KAPLAN N,ZINGALES L.Does investment-cash flow sensitivities provide useful measures of financing constraints?[J]Quarterly Journal of Economics,1997,115707~712.
[17]LIN J Y,CAI F,LI Z.Competition,policy burdens and state-owned enterprise reform[J].Americana Economic Review,1998,88(2):422-427.
[18]WEN Y,WU J.Withstanding great recession like China[Z].FRB of St.Louis Working Paper 2014,No.2014-007A.
[19]LI C K,LUO J,SODERSTROM N S.Marke response to expected regulatory costs related to haze[J].Journal of Accounting and Public Policy,2017,36:201-219.
(1)根据2010年原环境保护部公布的《关于〈上市公司环境信息披露指南〉(征求意见稿)公开征求意见的通知》,并结合证监会2001年行业分类标准设定重污染行业,具体包括:B(采掘业)、C0(食品、饮料)、C1(纺织、服装、皮毛)、C3(造纸、印刷)、C4(石油、化学、塑胶、塑料)、C6(金属、非金属)、C8(医药、生物制品)、D(电力、煤气及水的生产与供应业)。
(1)由于篇幅所限,相关结果不在此单独报告,若有需要,可联系作者索取。
(1)由于篇幅所限,仅列示第二阶段回归结果。
[2]李维安,徐建,姜广省.绿色治理准则:实现人与自然的包容性发展[J].南开管理评论,2017(5):23-28.
[3]沈菊琴,连兵.我国造纸企业环保投资经济效益研究:以江苏某造纸企业为例[J].重庆理工大学学报(自然科学),2015(6):54-58.
[4]SPENCER J W,MURTHA T P,LENWAY SA.How governments matter to new industry creation[J].Academy of Management Review2005,30(2):321~337.
[5]FAN P H,WONG T J,ZHANG T Y.Politically connected CEOs,corporate governance and Post-IPO performance of China’s partially privatized firms[J].Journal of Financia Economics,2007,84(2):330~357.
[6]DENG H,ZHENG X,HUANG N,et al Strategic interaction in spending on environmental protection:spatial evidence from Chinese cities[J].China&World Economy,201220(5):103~120.
[7]罗进辉,杜兴强.媒体报道、制度环境与股价崩盘风险[J].会计研究,2014(9):53-59.
[8]王德凡.内在需求、典型方式与主体功能区生态补偿机制创新[J].改革,2017(12):93-101.
[9]吴红军,刘啟仁,吴世农.公司环保信息披露与融资约束[J].世界经济,2017(5):124-147.
[10]王晓颖,肖忠意,廖元和.上市公司履行企业社会责任水平与银行债务融资能力的提升[J].改革,2018(7):108-115.
[11]韩立岩,蔡立新,尹力博.中国证券市场的绿色激励:一个四因素模型[J].金融研究,2017(1):145-161.
[12]MARTIN P R,Moser D V.Managers’green investment disclosures and investors’reaction[J].Journal of Accounting and Economics,2016,61:239-254.
[13]胡珺,宋献中,王红建.非正式制度、家乡认同与企业环境治理[J].管理世界,2017(3):76-94.
[14]VANACKER T,COLLEWAERT V,PAELE-MAN I.The relationship between slack resources and the performance of entrepreneuria firms:the role of venture capital and ange investors[J].Journal of Management Studies2013,50(6):1070-1096.
[15]黎文靖,李茫茫.“实体+金融”:融资约束、政策迎合还是市场竞争?---基于不同产权性质视角的经验研究[J].金融研究,2017(8):100-116.
[16]KAPLAN N,ZINGALES L.Does investment-cash flow sensitivities provide useful measures of financing constraints?[J]Quarterly Journal of Economics,1997,115707~712.
[17]LIN J Y,CAI F,LI Z.Competition,policy burdens and state-owned enterprise reform[J].Americana Economic Review,1998,88(2):422-427.
[18]WEN Y,WU J.Withstanding great recession like China[Z].FRB of St.Louis Working Paper 2014,No.2014-007A.
[19]LI C K,LUO J,SODERSTROM N S.Marke response to expected regulatory costs related to haze[J].Journal of Accounting and Public Policy,2017,36:201-219.
(1)根据2010年原环境保护部公布的《关于〈上市公司环境信息披露指南〉(征求意见稿)公开征求意见的通知》,并结合证监会2001年行业分类标准设定重污染行业,具体包括:B(采掘业)、C0(食品、饮料)、C1(纺织、服装、皮毛)、C3(造纸、印刷)、C4(石油、化学、塑胶、塑料)、C6(金属、非金属)、C8(医药、生物制品)、D(电力、煤气及水的生产与供应业)。
(1)由于篇幅所限,相关结果不在此单独报告,若有需要,可联系作者索取。
(1)由于篇幅所限,仅列示第二阶段回归结果。