中国外商直接投资与环境污染的内在机理研究

随着经济的发展,中国环境污染问题日益突出.若从国际经济学角度出发,外商直接投资是会改善中国环境质量还 是会加剧中国的环境污染呢?本论文利用1994 -2008年相关数据,采用平稳性检验、协整性检验和格兰杰因果检验的方法,研 究表明:外商直接投资是工业废水排放和工业固体废物排放的格兰杰原因,且呈负相关关系,说明外商直接投资改善中国环境 质量,但外商直接投资与工业二氧化硫排放之间不存在因果关系.     

环境规制、绿色金融与环保企业投资

本文以2010—2017年80家上市环保企业为样本,使用系统GMM模型和面板门槛模型考察环境规制和绿色金融发展对环保企业投资的影响,研究发现:环保企业投资项目的长期性使其需要绿色金融的资金支持,环境规制促进专门从事防污治污的环保企业成立,环境规制在绿色金融对环保企业投资的支持中主要起到规范和促进作用;环境规制水平越低,工业企业的污染排放和环境破坏程度越严重,政府和金融部门在事后治理中对环保产业的投入越多,环保企业投资越大。     

环境管制、行业属性与企业环保投资

政府环境管制如何影响企业的环保投资行为?企业环保投资行为是否具有行业差异?对上述问题的回答有助于更好地了解企业环保投资活动的特点、明确政府环境管制与行业管制的有效性。基于中国A股上市公司的经验数据,本文研究发现:我国上市公司普遍存在环保投资额不足的现象,环保投资对企业来说是一种"被动"行为;政府环境管制强度与企业环保投资规模之间呈"U"型关系,即环境管制对企业环保投资行为的影响存在"门槛效应",企业环保投资行为更多地体现出"被动"迎合政府环境管制需要的特征;重污染行业企业比非重污染行业企业投入了更大规模的环保资金。本文的研究成果既拓展了企业投资研究的视野,又丰富了环境管理会计方面的学术文献。     

政治关联企业环保投资决策——"带头表率"还是"退缩其后"?

环保责任是企业需要承担的重要社会责任.本文手工搜集了2010-2017年我国A股上市公司的环保投资数据,以企业环保投资代理环保责任,研究了企业政治关联对其环保投资决策的影响.研究表明:(1)企业政治关联对环保投资具有负面效应,表现为政治关联高管比例越高、高管政治关联等级越高,企业环保投资越少;(2)通过对比政治关联高管和政治关联董事对环保投资的影响发现,政治关联高管对企业环保投资的抑制作用更显著.进一步分析表明,公司治理机制中的各类委员会能够制衡高管政治关联对环保投资的抑制效应;考察环保投资的经济后果发现,其并未给企业带来较高的市场价值;结合政策环境考察发现,中共十八大、十九大建设"美丽中国"的号召及政府环境规制均能够缓解企业政治关联对环保投资的抑制效应,而这种监管效应主要来自环境污染监管.     

环境规制、高管薪酬激励与企业环保投资——来自2015年《环境保护法》实施的证据

环境问题的改善,不仅在于国家立法监管和政府严格执法,更依赖于企业的可持续发展实践、特别是预防性地承担环保责任的投资行为.本文采用双重差分模型实证检验了新《环保法》对企业环保投资的影响,以及不同薪酬激励模式导致的政策效应差异.研究发现:新《环保法》实施后,企业环保投资水平提升,对在高法治水平地区的重污染企业环保投资促进效应显著.高管薪酬粘性水平越高、或者股权激励程度越高的企业,环保投资提升幅度越大.在行政级别水平越高、或者政府补助水平越高的企业,对企业环保投资的促进效应更强.本文旨在为企业实施可持续发展提供高管薪酬激励机制的合理有效建议,也为监管部门提供政策思路.     

机构投资者异质性、环境规制与企业环保投资

在建设美丽中国的背景下,机构投资者作为资本市场的重要力量,逐渐重视企业的绿色发展。本文研究了机构投资者异质性对企业环保投资的具体效应及影响机制。研究发现:机构投资者整体持股能够促进企业环保投资,具体而言,压力抵制型机构投资者持股能够显著促进企业环保投资,而压力敏感型机构投资者持股比例对环保投资的影响不显著。进一步分析发现:环境规制会促进压力抵制型机构投资者增加环保投资。本文不仅有利于丰富现有关于机构投资者和环保投资的文献,还对拓展机构投资者队伍、制定环境规制政策以助推绿色发展具有重要的参考价值。     

中国外商直接投资与环境污染的内在机理研究

随着经济的发展,中国环境污染问题日益突出。若从国际经济学角度出发,外商直接投资是会改善中国环境质量还是会加剧中国的环境污染呢?本论文利用1994—2008年相关数据,采用平稳性检验、协整性检验和格兰杰因果检验的方法,研究表明:外商直接投资是工业废水排放和工业固体废物排放的格兰杰原因,且呈负相关关系,说明外商直接投资改善中国环境质量,但外商直接投资与工业二氧化硫排放之间不存在因果关系。     

泰安市环保投资现状及对策研究

我国生态环境恶化与经济发展之间的矛盾日益激化,已成为制约中国经济增长的重要问题。环境保护关系到我国经济增长的可持续性,目前成为政府和社会各界普遍关注的焦点。尽快建立和完善符合中国国情特点的环保投资机制,对于保障＂十二五＂目标的顺利实现,促进我国经济社会持续、健康、协调发展,改善环境质量,保障环境安全,具有一定的实践指导意义。     

城市形象与环境艺术可持续发展设计理论分析

城市的形象和城市的环境质量是息息相关的,而城市的环境质量又与城市居民的生活有着最直接的联系.随着社会的不断发展进步,人们的生活质量稳步提高,在物质方面达到小康水平之后,对生活中精神审美方面的追求就有了更高的要求,本文通过阐述城市形象与环境艺术的目标和概念,对城市形象与环境艺术可持续发展设计理论进行了分析.     

欧美大型银行环境金融业务研究

环境金融,是指通过金融手段解决环境问题,促进环境保护。其不仅涵盖了对环境领域的各类金融支持和服务,也包括在金融业务中嵌入环境标准。随着环保意识的提高、环保投资不断加大,环境领域产生了大量金融需求和业务机会。欧美银行对此高度重视,积极推动环境金融创新、拓展环     

Digital courts and corporate investment in sustainability: Evidence from China

The construction of digital courts is a crucial measure to improve the judicial environment through the deep integration of judicial reform and digital technology. This study examines the impact of the judicial environment on corporate investment in sustainable development programs by exploiting a quasi-natural experiment in China that mandates certain provinces to promote the application of mobile mini courts. Our results show that shocked companies tend to devote more resources to supporting sustainable development. The result is robust to a battery of sensitivity tests. Further analysis suggests that judicial environment enhancement promotes corporate investment in sustainability through increasing firms' litigation risk, improving the protection of property rights, and reducing economic policy uncertainty. Moreover, the heterogeneity results indicate that the positive impact of the judicial environment on corporate investment in sustainability is more pronounced in firms with lower quality of judicial services, a larger size, lower risk preferences, or more significant analysts' forecast errors. In additional tests, we find that the facilitating effect of digital courts is more significant in provinces with less developed economies or higher internet penetration rates. We also find that constructing digital courts can also increase companies' disclosure of information about sustainable projects. Overall, our empirical results contribute to a deeper understanding of the influence of the judicial environment on corporate practices and mainly initiate a thought-provoking insight into how to encourage corporate sustainable behavior.     

西部少数民族经济快速发展的财税政策选择

中央财力不足、税制不够完善以及分税制体制方面的问题致使西部民族地区的经济发展比较缓慢,产生诸多不利影响。因此,在改善投资环境、调整经济结构和布局、扩大内需等方面,税收应有所作为。     

关于日本银行界在融资过程中环境风险控制的研究

随着我国经济的飞速发展,环境污染程度日趋严重,一些新的投资项目面临着愈来愈高的环境保护要求,目前这些项目的建设资金主要来自于银行的贷款,这就要求银行的信贷决策必须更多地考虑环境风险的因素。但是,我国金融界普遍还未将环境风险评估机制引入项目审查体系,而与我国比邻的日本银行界,关于环境风险的控制水平已走在了世界的前列。本文从理论、实践两个层面对日本银行界的环境风险控制进行了研究,研究结果对我国银行界有非常重大的参考价值。     

河南省外商直接投资的现状及对策分析

跨国公司对外直接投资（FDI）是海外对华投资的主要形式,对各地区经济的长期发展起了重要作用。地处内陆的河南省是我国经济大省,虽然近些年在引进外商直接投资方面取得较大进展,但依旧存在着诸如外资引进质量不高、管理不善、产业投向和地区分布不均衡等问题。河南省应该扬长避短,突破地域范围条件限制,狠抓投资环境,提高引资质量,并加大外资的产业导向,提高外资管理水平;借助当前＂中原经济区建设＂的有利时机,协调省内各地市引资状况,充分利用外商直接投资以促进本省域经济的持续快速发展。     

Earnings quality and firm valuation: international evidence*

This study uses a sample of over 7000 firms in 38 countries to investigate the relation between firm valuation and earnings quality. We find a positive and significant relation between firm valuation and an aggregate earnings quality measure based on seven earnings attributes (accruals quality, persistence, predictability, smoothness, value relevance, timeliness, and conservatism). This relation is particularly strong for firms with greater investment opportunities and more need for external finance, and for firms in low investor protection countries. Thus, firms are able to compensate for a weak legal environment by adopting higher earnings quality standards, particularly when they need to gain access to global capital markets. Overall, our findings suggest that firms with higher earnings quality are valued more highly in stock markets, supporting the idea that investors require a premium for the information risk associated with lower‐quality earnings.     

Determinants of Foreign Versus Domestic Real Estate Investment: Property Level Evidence from Listed Real Estate Investment Firms

We examine the determinants of foreign real estate investment relative to the domestic case using the portfolios of a large sample of publicly traded real estate investment companies; where foreign investment is defined as the property owner headquarters being located in a different country than a given asset. The cross-sectional results provide strong evidence that real estate firms are more likely to take a smaller stake in larger assets when investing abroad. The penchant for large assets holds when controlling for economic activity, real estate investment opportunities, depth and sophistication of the capital markets, investor protection and the legal framework, administrative burdens and regulatory limitations, and the socio-cultural and political environment at both the property nation and headquarter nation levels. In general, foreign ownership is less likely with industrial, office, retail, and self-storage properties. Capital market development is consistently negatively related to foreign investment.     

创新支持政策下自贸试验区企业多阶段研发投资动态决策分析

基于实物期权理论,构建自贸试验区企业多阶段研发投资动态决策模型,运用数值模拟方法,考量自贸试验区相关税收、补贴以及知识产权保护等创新支持政策对企业研发投资行为的影响。结果显示：相比传统投资决策方法,多阶段研发投资动态决策模型能更好地帮助企业根据市场环境变化动态调整研发投资策略,发掘政策红利;有助于政府及时调整与完善相关政策,激励与引导企业创新。鉴于此,需完善鼓励类产业目录、优化事中事后监管规则、健全知识产权保护机制、适时调整企业发展战略。     

Insider trading and shareholder investment horizons

This paper examines the effects of shareholder investment horizons on insider trading. We find that insiders are less likely to trade on private information and the profitability of insider trades is lower when shareholder investment horizons are longer. We further examine two channels through which shareholders with longer investment horizons can impede insider trading: direct monitoring and better information environment. Consistent with the direct monitoring channel, we show that insiders in firms with longer shareholder investment horizons are more likely to shift trades from the month right before earnings announcements to the month right after earnings announcements. Moreover, the impact of investment horizons are stronger in firms with higher ex ante litigation risk, with lower corporate governance quality, and that are not targets of hedge fund activists. Consistent with the information environment channel, we show that longer shareholder investment horizons increase the frequencies of information disclosure and insiders in firms with longer shareholder investment horizons are more likely to trade in an isolated manner rather than in sequences.     

Collusion and dynamic (under‐) investment in quality

In a dynamic game of investment in product quality, I investigate whether collusive underinvestment equilibria can be supported by the threat of escalation in investment outlays. When there are no spillovers, underinvestment equilibria exist even though, by deviating, a firm can gain a persistent strategic advantage. When there are strong spillovers, underinvestment equilibria fail to exist. A weakening of patent protection can thus lead to more investment in equilibrium. A “nonfragmentation” result is shown to hold: in all free‐entry equilibria, industry concentration is bounded away from zero, no matter how large the market, and despite the existence of underinvestment equilibria.     

Can blockchain technology be effectively integrated into the real economy? Evidence from corporate investment efficiency

As a highly disruptive digital technology, blockchain provides new solutions for reshaping corporate governance mechanisms and improving resource allocation. We empirically examine the relationship between blockchain and corporate investment inefficiency. We find that blockchain can help improve corporate investment efficiency, and this result is valid after a series of robustness tests. Blockchain can not only significantly restrain overinvestment but also alleviate underinvestment. Reducing financing costs and alleviating agency conflicts are the two channels through which blockchain is associated with corporate investment efficiency, and financial reporting quality is the condition on which the channels depend. When the CEO holds few shares or the trade credit environment in the region where the company is located is poor, the effect of blockchain is more prominent than it is otherwise. Investment efficiency cannot be improved by blockchain for companies providing blockchain products or services to customers, only for those promoting their own operations and management with blockchain. Ultimately, blockchain can enhance companies’ value by alleviating inefficient investment. We reveal the role of blockchain in corporate investment efficiency, furnish microeconomic evidence for the integration of digital technology and the real economy and provide implications for China to promote digital technology to drive high-quality company development.