雾霾污染、经营绩效与企业环境社会责任
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摘要
本文采用我国沪深两市2010—2016年A股上市公司数据与哥伦比亚大学社会经济数据和应用中心发布的PM2.5浓度数据,基于固定效应模型研究了雾霾污染对企业环境社会责任履行情况的影响。实证分析结果表明:我国各地市的雾霾污染对企业环境社会责任具有正向影响,即本地雾霾污染越严重,企业承担环境社会责任就越多。进一步的分析发现:雾霾污染会削弱经营绩效对企业环境社会责任履行情况的正向影响,即雾霾污染越严重,经营绩效对企业环境社会责任的正向影响越弱。本文的研究结论不仅揭示了雾霾对企业环境社会责任的正向影响,也揭示了雾霾污染对经营绩效和企业环境责任之间关系的调节影响。该结论对于加强雾霾治理和推动企业良好履行环境社会责任具有积极的作用。
The data of A-share listed companies in Shanghai and Shenzhen in 2010-2016 and PM2.5 concentration data released by Columbia University Center for Social and Economic Data and Applications were used in this paper. Based on the fixed-effect regression method, we studied the influence of smog pollution on corporate environmental social responsibility. The results of empirical analysis showed that the smog pollution in various cities of China had a positive impact on the corporate environmental social responsibility, that is, the more serious the local smog pollution, the more corporate environmental social responsibility were undertaken. This paper further tested that smog pollution weakened the positive impact of business performance on the performance of corporate environmental social responsibility, that is, the more serious the smog pollution, the weaker the positive impact of business performance on the corporate environmental social responsibility. The research conclusions of this paper not only revealed the positive impact of smog pollution on corporate environmental social responsibility, but also the adjustment effect of smog pollution on the relationship between business performance and corporate environmental social responsibility. This conclusion has a positive effect on strengthening the governance of smog pollution and promoting the good performance of corporate environmental social responsibility.
The data of A-share listed companies in Shanghai and Shenzhen in 2010-2016 and PM2.5 concentration data released by Columbia University Center for Social and Economic Data and Applications were used in this paper. Based on the fixed-effect regression method, we studied the influence of smog pollution on corporate environmental social responsibility. The results of empirical analysis showed that the smog pollution in various cities of China had a positive impact on the corporate environmental social responsibility, that is, the more serious the local smog pollution, the more corporate environmental social responsibility were undertaken. This paper further tested that smog pollution weakened the positive impact of business performance on the performance of corporate environmental social responsibility, that is, the more serious the smog pollution, the weaker the positive impact of business performance on the corporate environmental social responsibility. The research conclusions of this paper not only revealed the positive impact of smog pollution on corporate environmental social responsibility, but also the adjustment effect of smog pollution on the relationship between business performance and corporate environmental social responsibility. This conclusion has a positive effect on strengthening the governance of smog pollution and promoting the good performance of corporate environmental social responsibility.
引文
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[2]SHI H,WANG Y T,CHEN J M,et al.Preventing smog crises in China and globally[J].Journal of cleaner production,2016,112:1261-1271.
[3]盛明泉,汪顺,张春强.“雾霾”与企业融资--来自重污染类上市公司的经验证据[J].经济评论,2017(5):28-39.
[4]LI M N,ZHANG L L.Haze in China:current and future challenges[J].Environmental pollution,2014,189:85-86.
[5]BRUNEKREEF B,HOLGATE S T.Air pollution and health[J].The lancet,2002,360(9341):1233-1242.
[6]陆静.中国股票市场天气效应的实证研究[J].中国软科学,2011(6):65-78,192.
[7]刘华军,孙亚男,陈明华.雾霾污染的城市间动态关联及其成因研究[J].中国人口·资源与环境,2017,27(3):74-81.
[8]王宇哲,赵静.“用钱投票”:公众环境关注度对不同产业资产价格的影响[J].管理世界,2018,34(9):46-57.
[9]刘运国,刘梦宁.雾霾影响了重污染企业的盈余管理吗?--基于政治成本假说的考察[J].会计研究,2015(3):26-33.
[10]Li B,PENG M Z,ZENG Y T.Air pollution,state ownership and firm value loss[J].Ekoloji,2018,27(106):1167-1174.
[11]Li B,GUO P X,ZENG Y T.The impact of haze on the availability of company debt financing:evidence for sustainability of Chinese listed companies[J].Sustainability,2019,11(3):806.
[12]Li B,ZHANG X Y,ZENG Y T.The impact of air pollution on government subsidies obtained by Chinese listed companies[J].Ekoloji,2019,28(107):1947-1954.
[13]DABOUB AJ,RASHEED A M A,PRIEM R L,et al.Top management team characteristics and corporate illegal activity[J].Academy ofmanagement review,1995,20(01):138-170.
[14]高汉祥.公司治理与社会责任:被动回应还是主动嵌入[J].会计研究,2012(4):58-64.
[15]王士红.所有权性质、高管背景特征与企业社会责任披露--基于中国上市公司的数据[J].会计研究,2016(11):53-60.
[16]靳小翠.企业文化会影响企业社会责任吗?--来自中国沪市上市公司的经验证据[J].会计研究,2017(2):56-62.
[17]文雯,宋建波.高管海外背景与企业社会责任[J].管理科学,2017,30(2):119-131.
[18]张兆国,向首任,曹丹婷.高管团队异质性与企业社会责任--基于预算管理的行为整合作用研究[J].管理评论,2018,30(4):120-131.
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[22]邵帅,李欣,曹建华,等.中国雾霾污染治理的经济政策选择--基于空间溢出效应的视角[J].经济研究,2016,51(9):73-88.
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[24]林琳,朱旭,江光荣.雾霾对地区GDP增长率的影响:抑郁情绪的中介效应[J].心理科学,2018,41(3):627-632.
[25]卢洪友,祁毓.环境质量、公共服务与国民健康--基于跨国(地区)数据的分析[J].财经研究,2013,39(6):106-118.
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[27]张华.地区间环境规制的策略互动研究--对环境规制非完全执行普遍性的解释[J].中国工业经济,2016(7):74-90.
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[29]WANG C C,CAI J,CHEN R J,et al.Personal exposure to fine particulate matter,lung function and serum club cell secretory protein(Clara)[J].Environmental pollution,2017,225:450-455.
[30]燕丽,杜小申.典型城市空气污染特征对比分析[J].中国环境管理,2018,10(6):92-98.
[31]FISCHER P H,MARRA M,AMELING C B,et al.Air pollution and mortality in seven million adults:the Dutch environmental longitudinal study(Duels)[J].Environmental health perspectives,2015,123(7):697-704.
[32]崔颖.空气污染对人才跨区域流动的影响及对策分析[J].生态经济,2017,33(6):178-183.
[33]LUNDBERG A.Psychiatric aspects of air pollution[J].Otolaryngologyhead and neck surgery,1996,114(2):227-231.
[34]LEPORI G M.Environmental Stressors,Mood,and Trading Decisions:Evidence from Ambient Air Pollution[EB/OL].Working papers series,(2009-05-18).http://ssrn.com/abstract=1284549.
[35]ZIVIN J G,NEIDELL M.The impact of pollution on worker productivity[J].American economic review,2012,102(7):3652-3673.
[36]CHANG T,GRAFF ZIVIN J,GROSS T,et al.Particulate pollution and the productivity of pear packers[J].American economic journal:economic policy,2016,8(3):141-169.
[37]沈洪涛,冯杰.舆论监督、政府监管与企业环境信息披露[J].会计研究,2012(2):72-78.
[38]王霞,徐晓东,王宸.公共压力、社会声誉、内部治理与企业环境信息披露--来自中国制造业上市公司的证据[J].南开管理评论,2013,16(2):82-91.
[39]ACKERMAN F,HEINZERLING L.Pricing the priceless:cost-benefit analysis of environmental protection[J].University of Pennsylvania law review,2002,150(5):1553-1584.
[40]唐国平,李龙会,吴德军.环境管制、行业属性与企业环保投资[J].会计研究,2013(6):83-89.
[41]吴妍.京津冀协同发展视角下PM2.5治理及其对经济影响的研究[D].北京:对外经济贸易大学,2017.
[42]ELROD A A,MALIK A S.The effect of environmental regulation on plant-level product mix:a study of EPA’s cluster rule[J].Journal of environmental economics and management,2017,83:164-184.
[43]韩超,桑瑞聪.环境规制约束下的企业产品转换与产品质量提升[J].中国工业经济,2018(2):43-62.
[44]太平,赵东麒.在华外资企业履行社会责任影响因素实证分析--基于在华销售收入100强外资企业面板数据[J].河北经贸大学学报,2014,35(6):124-129.
[45]杨继东,章逸然.空气污染的定价:基于幸福感数据的分析[J].世界经济,2014,37(12):162-188.
[46]NORGAARD K M.Cognitive and Behavioral Challenges in Responding to Climate Change[R].Policy Research Working Paper.Washington:The World Bank,2016.
[47]YANG A C,TSAI S J,HUANG N E.Decomposing the association of completed suicide with air pollution,weather,and unemployment data at different time scales[J].Journalof affective disorders,2011,129(1-3):275-281.
[48]孟昭兰.情绪心理学[M].北京:北京大学出版社,2005.
[49]肖慧琳,李卫锋.高管决策的情绪调节机制:基于准实验现场的研究[J].管理科学学报,2014,17(10):60-69.
[50]花贵如,刘志远,许骞.投资者情绪、管理者乐观主义与企业投资行为[J].金融研究,2011(9):178-191.
[51]贾兴平,刘益.外部环境、内部资源与企业社会责任[J].南开管理评论,2014,17(6):13-18,52.
[52]VAN DONKELAAR A,MARTIN R V,BRAUER M,et al.Use of satellite observations for long-term exposure assessment of global concentrations of fine particulate matter[J].Environmental health perspectives,2015,123(2):135-143.
[53]沈洪涛,王立彦,万拓.社会责任报告及鉴证能否传递有效信号?--基于企业声誉理论的分析[J].审计研究,2011(4):87-93.
[54]叶康涛,张姗姗,张艺馨.企业战略差异与会计信息的价值相关性[J].会计研究,2014(5):44-51.
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