环境规制赋能数字经济发展的机制——基于营商环境的调节效应和门槛效应

基于2012—2019年中国30个省份的面板数据,运用双向固定效应模型，从理论和实证的双重角度剖析了环境规制对数字经济发展的影响机制，检验了营商环境在该影响过程中的调节作用和门槛效应，并进行了区域异质性分析。研究结果表明：第一，环境规制对数字经济发展有显著正向影响，营商环境在环境规制影响数字经济发展的过程中起到正向调节作用。第二，环境规制对数字经济发展的影响存在明显的区域异质性。第三，营商环境在环境规制促进数字经济发展上存在双重门槛效应。     

绿色金融与企业ESG表现：来自中国上市企业的经验证据

绿色是高质量发展的底色,发展绿色金融是推动经济社会可持续发展的重要力量。基于2010-2021年中国上市企业数据,通过匹配中国省级层面绿色金融指数与企业层面微观数据,考察绿色金融对企业ESG表现的影响效应及作用机制。研究发现：绿色金融有助于提升企业ESG表现;异质性分析结果表明,绿色金融对企业ESG表现的提升作用在国有企业、非重污染行业企业及高新技术产业企业中更为显著;机制分析结果表明,环境规制与产业结构升级在绿色金融提升企业ESG表现中发挥了正向调节作用。基于此,提出相关政策建议：一是加快绿色金融发展速度,完善绿色金融体系;二是强化ESG理念,加大ESG投资,鼓励企业ESG实践;三是鼓励企业绿色低碳转型,促进产业结构向“绿色化”“低碳化”转型;四是强化环境规制对企业ESG的支撑作用,充分释放环境政策的政策效应。     

环境规制、数字普惠金融与企业绿色创新

以中国沪深A股上市企业2011—2019年的微观数据为研究样本,实证探究环境规制、数字金融与企业绿色创新之间的关系及作用机制。研究发现：第一,环境规制对企业绿色创新具有抑制效应,数字普惠金融对企业绿色创新发挥促进作用,且该抑制效应和促进作用在行业、地区、产权性质三方面存在异质性;第二,数字普惠金融在环境规制与企业绿色创新中具有负向调节作用,能够显著缓解环境规制对企业绿色创新的抑制效应,且该调节作用更多集中于东部地区、非国有企业以及重污染企业;第三,在非线性情况下环境规制与企业绿色创新之间存在“U”型关系。     

自愿性环境规制缓解了企业融资约束吗？——基于代理成本和社会责任的调节作用

通过构建自愿性环境规制与企业融资约束理论模型,选取2011—2021年中国沪深A股上市企业为研究样本,探究自愿性环境规制对企业融资约束的影响,同时考察了代理成本和社会责任对自愿性环境规制与融资约束关系的权变影响。研究发现,自愿性环境规制能够显著缓解企业融资约束,进一步考虑企业成熟度和盈利能力,发现其缓解作用仅在成熟企业、高盈利企业显著。分析权变影响发现,代理成本越高的企业,越难以缓解融资约束;而社会责任会通过U形调节作用影响企业融资约束。     

环境规制能否推动绿色全要素生产率提升？——基于融资支持与技术支持的视角

在环境政策对生产率产生作用的过程中,实体企业部门的转型措施通过技术创新对生产率产生重要影响,而转型决策很大程度上有赖于资金支持情况。本文聚焦环境规制与绿色全要素生产率（GTFP）关系的研究,在此基础上加入实体经济融资获得情况即社会融资规模因素作为调节变量,技术创新作为中介变量,构建调节效应模型和中介效应模型进行实证检验。结果表明：高水平的环境规制促进GTFP提升,社会融资规模对环境规制与GTFP的关系具有正向调节作用,技术创新在其中起到中介作用。本文的研究结论能够为强化绿色全要素生产率的金融和技术支持作用提供依据。     

“双碳”目标下企业环境会计信息披露质量对企业价值的影响研究——基于电力企业实证分析北大核心

目前,我国的自愿性环境会计信息披露尚处于起步阶段,规范和完善环境会计信息披露体系对优化资源配置和实现“双碳”目标具有重要意义。本文选取2014—2020年沪深两市A股上市的51家电力企业作为研究样本构建面板数据,采用多元回归模型,分析企业环境会计信息披露水平与企业价值的关系及环境规制在其中的调节作用。结果显示,企业环境会计信息披露水平与企业短期价值成负相关关系,与长期价值成正相关关系,并且该价值效应对非国有企业比对国有企业更显著。此外,地区环境规制作为调节变量,在企业环境会计信息披露水平与企业价值之间起正向调节作用,且地区环境规制力度不同,调节作用大小也不同。本文不仅对企业积极响应国家“双碳”目标,进行环境会计信息的披露有一定启示意义,也为国家进一步加强环境规制建设提供了经验证据。     

客户数字化转型能否促进供应商绿色创新——基于供应链关联视角

从供应链关联视角,研究客户数字化转型对供应商绿色创新的影响。结果表明：客户数字化转型能够显著提升供应商绿色创新水平与绿色创新结构高级化;客户数字化转型主要通过迎合客户绿色转型需求、强化自身社会责任“信号”、绿色技术创新溢出三种渠道推动供应商绿色创新;环境规制在两者间起正向调节作用;该影响在市场地位较低企业、非国有企业、非重污染企业以及高科技企业中更为明显。     

环境规制对洞庭湖区绿色全要素生产率的影响研究

本文基于洞庭湖区33个县（市、区）的面板数据,采用SAR和SDM模型研究了环境规制对洞庭湖区绿色全要素生产率的影响。研究结果表明：（1）环境规制对洞庭湖区绿色全要素生产率的影响表现出显著的非线性特征,在环境规制低水平阶段显著抑制绿色全要素生产率,表现为“遵循成本效应”;在环境规制高水平阶段显著促进全要素生产率,表现为“创新补偿效应”。（2）在环境规制低水平阶段,环境规制对绿色全要素生产率的影响存在显著的负向空间溢出,在环境规制高水平阶段,表现为正向空间溢出效应,但不显著。（3）县域财政自主性对绿色全要素生产率影响的本地效应和溢出效应均显著为负。此外,财政自主性显著负向调节洞庭湖区环境规制对绿色全要素生产率的直接效应。     

环境规制与企业绿色创新研究——基于上市企业排污收费的证据

企业绿色创新是实现高质量发展和双碳目标的重要微观机制。近年来，我国逐步加大环境规制力度，其会对企业的绿色创新产生何种影响？文章基于中国上市企业排污费数据，以2011-2019年为样本，实证分析了环境规制对企业绿色创新的影响。研究发现：排污收费和企业绿色创新存在显著的正向关系。中介机制检验显示企业的研发投入发挥了重要的中介作用。进一步研究发现：促进作用在国有企业、重污染行业、第一大股东持股比例较高以及存在两权分离的企业分样本中更为显著。     

经济政策不确定性对企业真实盈余管理的影响

本文以2003—2019年中国非金融类上市公司为样本,研究经济政策不确定性对真实盈余管理的影响。研究发现：经济政策不确定性显著提高了企业真实盈余管理的程度;进一步区分调节盈余的方向后发现,企业为应对经济政策不确定性显著提高了正向真实盈余管理,而非负向真实盈余管理,且这种调增真实盈余的程度在民营、高新科技、两职合一的企业更大;机制分析发现,企业的信息环境和融资环境是经济政策不确定性影响正向真实盈余管理的中介变量;进一步检验发现,企业为应对经济政策不确定性会选择正向应计盈余管理“配合”正向真实盈余管理,两种正向盈余管理呈现互补关系;检验企业操纵正向真实盈余的动机发现,业绩压力和市场预期压力越大的企业进行正向真实盈余管理的动机越强。本文为处于“双循环”背景下中国经济正确处理好政企之间的关系提供了证据。     

The impact of securities regulation on the earnings properties of European cross-listed firms

The objective of this study was to determine if the securities regulation in a foreign country is related to the earnings quality of European firms cross-listed in Europe. The study compared the post-listing earnings quality of 112 European firms cross-listed in 13 European stock exchanges during 1989–2001 to those of a controlled sample of non-cross-listed firms. Earnings quality was assessed by the use of reporting discretion to manage earnings. The regulatory strictness was represented by three indices of securities regulation.Empirical results provide some support to a positive association between earnings quality and the foreign securities regulation, suggesting that the foreign regulatory requirements have little or no effect on the reported earnings of European firms cross-listed in European exchanges.     

环境规制、研发投入与先进制造业绿色技术创新

基于2012—2020年先进制造业行业面板数据,运用系统GMM和门槛面板模型考察环境规制对绿色技术创新的影响及其传导机制,同时检验不同研发投入水平下环境规制对绿色技术创新的作用。结果显示：环境规制通过成本遵循和创新补偿两个渠道对先进制造业绿色工艺创新具有正向促进作用,而对绿色产品创新产生负向影响。研发投入在环境规制对先进制造业绿色技术创新的影响中存在双重门槛效应,在较高研发投入水平下,环境规制能够显著促进先进制造业绿色技术创新。     

The influence of accounting enforcement on earnings quality of banks: Implications of bank regulation and the global financial crisis

We study the effects of country-level accounting enforcement on earnings quality of banks and whether bank regulation substitutes or complements the effect of accounting enforcement on bank earnings quality. We also examine whether the influence of accounting enforcement on bank earnings quality changed after the global financial crisis. Using a sample of listed banks from 40 countries between 2001 and 2014, and abnormal loan loss provisions (ALLP) as our main proxy for earnings quality, we document a consistent and strong association between accounting enforcement and bank earnings quality. More specifically, an increase in accounting enforcement decreases the level of ALLP and decreases the propensity to manage earnings to avoid losses. Furthermore, we provide empirical evidence that bank regulation complements the effect of accounting enforcement on bank earnings quality. Finally, unlike in the pre-crisis period, we find a positive association between accounting enforcement and income-decreasing ALLP in the post-crisis period, which indicates that stronger accounting enforcement is associated with more conservative earnings and higher loan loss reserves. Overall, our results indicate that accounting enforcement reduces opportunistic earnings management.     

Earnings quality and corporate cash holdings

Poor earnings quality exacerbates information asymmetry between internal and external stakeholders of a firm. Agency considerations then persuade investors to discount the value of corporate cash holdings out of concern about the inappropriate use of funds. In this study, we show that poor earnings quality has a negative impact on the value of corporate cash holdings and a positive impact on the level of cash reserves. We find that the negative effect of poor earnings quality either neutralizes or more than offsets the positive effect of excess cash on firm value. Our results are robust to several measures of earnings quality and model specifications.     

Board interlocks and the diffusion of disclosure policy

We examine whether board connections through shared directors influence firm disclosure policies. To overcome endogeneity challenges, we focus on an event that represents a significant change in firm disclosure policy: the cessation of quarterly earnings guidance. Our research design allows us to exploit the timing of director interlocks and therefore differentiate the director interlock effect on disclosure policy contagion from alternative explanations, such as endogenous director-firm matching or strategic board stacking. We find that firms are more likely to stop providing quarterly earnings guidance if they share directors with previous guidance stoppers. We also find that director-specific experience from prior guidance cessations matters for disclosure policy contagion. The positive effect of interlocked directors on the likelihood of quarterly earnings guidance cessation is particularly strong for firms with interlocked directors who experienced positive outcomes from prior guidance cessation decisions. Overall, our evidence is consistent with interlocked directors serving as conduits for information sharing that leads to the spread of corporate disclosure policies.     

CEO职业关注与企业会计信息披露质量

依据2001-2019年沪深两市A股上市公司数据,以C EO年龄水平作为职业关注水平的代理变量,考量CEO职业关注对企业会计信息披露质量的影响.结果表明:CEO职业关注降低了企业的会计信息披露质量,CEO职业关注水平较高时,企业盈余管理倾向更强,应计质量更差,发生盈余粉饰的可能性更高.进一步分析发现,企业正向盈余管理倾向是C EO职业关注影响会计信息披露质量的渠道,职业关注与会计信息披露质量的关系受到财务业绩压力的干扰.     

公众参与、监管信息公开与城市环境治理 ——基于35个重点城市的面板数据分析

依据2011-2017年中国35个重点城市面板数据,考量公众参与、监管信息公开对城市环境治理的影响.结果表明:公众参与度提高能形成对政府环境规制和企业污染排放的监督,降低城市污染物的排放强度;监管信息公开能缓解政府、企业和公众之间的信息不对称,提高公众环境认知能力,强化对公众参与城市环境治理的行为激励.畅通公众环境利益诉求的反馈渠道,构建基于环境监管信息公开沟通平台,有助于提高公众和政府共同推进城市环境治理的积极性和有效性.     

The Impact of Environmental Regulation on Productivity and Exports: A Firm-Level Evidence from China

Abstract

This paper investigates the influence of environmental regulation on firm performance, as captured by firm productivity and firm exports. We first construct a Melitz-style model investigating the causal effects of environmental regulation on firm productivity and firm exports, and then test the theoretical predictions using firm-level data over the period 2005–2009. The theoretical and empirical investigation suggests that environmental regulation promotes firm productivity slightly with a lagged effect, has a harmful impact on firm exports, and has a U-shaped relationship with firm exports. China is to the far left of the inflection point, but this U-shaped relationship is not present at firms in clean industries and clean regions.     

Does stock market index adjustment affect environmental information disclosure? Evidence from China

This study empirically investigated the effect of adjustment of the China Securities Index 300 (CSI 300) on environmental information disclosure (EID) by index constituents, based on propensity score matching and difference-in-difference approaches. The results showed that the inclusion in the CSI 300 significantly improved the quality of EID by firms. Moreover, this positive impact was more pronounced among firms with lower agency costs and those located in regions with a stronger legal environment. Further testing of the mediating mechanism revealed that becoming an index constituent served to curb opportunistic behavior by managers arising from shortsightedness. Our results were valid after addressing the potential endogeneity between index adjustment and EID and remained unchanged in various other robustness tests. The findings provide support for the positive impact of stock market index adjustment on non-financial information disclosure and have practical implications for decision-making regarding EID in China and other emerging markets.     

空间关联与溢出效应：工业生态创新对资源环境承载力的影响研究

采用DEA-SBM模型测算各省市工业生态创新效率,信息熵技术度量各地资源环境承载力水平,空间Durbin模型和偏微分方法分析二者空间关联及溢出效应。研究发现：四种不同空间权重矩阵下的工业生态创新效率直接、间接与总效应系数都为正,并通过1%显著性检验,由此证明工业生态创新是资源环境承载力提升的主要因素之一。此外,区域内的人口密度、环境规制及开发强度对资源环境承载力具有显著正向影响;城镇化水平、对外开放水平与科技水平具有显著负向影响。