环境规制对重污染企业投资偏好的影响——基于我国A股上市公司的经验证据

doi:10.13776j.cnki.resourcesindustries.20230426.007

摘要/Abstract

摘要： 环境规制通常被认为是促进企业节能减排的良策，是现阶段我国实现绿色发展目标的有效手段。企业面对严格的环境规制往往会选择不同的投资策略，探明企业如何应对环境规制，会产生何种投资偏好，有助于衡量我国环境规制的落实效果，为环境规制政策的合理制定和有效执行提供参考建议。通过构建地区环境规制指标，计算出我国31个省、市、自治区的环境规制强度综合指数，基于2010—2019年重污染行业A股上市公司非平衡面板数据，从绿色转型动机与市场套利动机两个层面实证检验环境规制对重污染企业投资偏好的影响，分析企业产权性质异质性和区域异质性下的不同影响效果，并进一步检验环境规制影响重污染企业投资偏好的潜在机制。研究发现：环境规制对重污染企业绿色技术创新存在显著促进作用，对企业金融化的强化效应并不显著，即随着环境规制的增强，重污染企业更倾向于投资绿色技术创新而非扩大金融资产来应对环境治理压力，绿色转型动机在重污染企业投资偏好中占据主导地位，研究结果在滞后性分析、增加控制变量、更换控制变量、双重聚类等稳健性检验中均仍然成立。与中西部地区企业和非国有企业相比，环境规制对重污染企业绿色技术创新行为和绿色创新质量的促进作用在东部地区企业和国有企业中表现得更为明显。进一步的检验表明，企业融资约束是环境规制影响重污染企业投资偏好的一种作用机制，即环境规制的加强可以在一定程度上缓解企业的融资约束，从而促进重污染企业开展绿色技术创新。基于上述研究结果，建议继续提高我国环境规制标准和强度，因地制宜地实施差异化环境规制政策，鼓励重污染企业展开绿色竞争。同时应推动我国绿色金融市场发展，建立健全环境保护融资机制，缓解企业融资难、融资贵等问题，助力绿色金融业务的开展。

关键词: 环境规制, 投资偏好, 绿色技术创新, 金融化, 融资约束

Abstract:

Environmental regulation can promote saving-energy-reducing-emission, and is a path to China ‘s green development. Companies will select appropriate investing strategies against strict environmental regulations.To explore how companies to confront environmental regulations with investing inclinations can help weigh execution effects of environmental regulations and provide suggestions on making proper environmental regulations.This paper uses environmental regulation indicators to estimate its regulation intensity of China ‘s 31 provinces(cities), and checks their investing inclinations of heavily polluting companies from green transformation motive and market profiting motive based on 2010—2019 A-listed heavily polluting companies ‘ non-balanced panel data, analyzes the effects under company ownership heterogeneity and regional heterogeneity, and further tests the potential mechanism of their investing inclinations. Study shows that environmental regulation largely promotes the green technical innovation of heavily polluting companies, but little on financialization.As environmental regulation gets enhanced, heavily polluting companies prefer to invest in green technical innovation, rather than increasing financial assets to deal with environmental harness pressure.This conclusion validates in lagging analysis, addingaltering controlling variables, dual clustering stability tests. Compared with central & western Chinese companies and private companies, environmental regulation promotes green technical innovation behaviors and quality more for eastern Chinese companies and state-owned companies. Further tests imply that intensifying environmental regulation may relieve its financing constraints to some degree, so promoting green technical innovation for heavily polluting companies.This paper suggests China continue to increase its environmental regulation standard and intensity, appropriately apply differentiated environmental policies, and encourage heavily polluting companies to carry out green competition, advance green financing development, establish environmental protection financing mechanism to mitigate financing problems, and support green financing business at the same time.

Key words: environmental regulation, investing inclination, green technical innovation; financialization, financing constraints

中图分类号:

F272.3

仇蕾, 马蓓文, 周钦, 程常高. 环境规制对重污染企业投资偏好的影响——基于我国A股上市公司的经验证据[J]. 资源与产业, 2023, 25(3): 92-106.

QIU Lei, MA Beiwen, ZHOU Qin, CHENG Changgao.

IMPACTS OF ENVIRONMENTAL REGULATIONS ON INVESTING INCLINATION OF HEAVILY POLLUTING COMPANIES: BASED ON CHINA’S A-LISTED COMPANIES’ DATA [J]. Resources & Industries, 2023, 25(3): 92-106.

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