政府水污染防治对重点流域企业投资的影响——基于PSM-DID方法的实证分析

基于2010—2017年间我国中部六省上市公司固定资产投资数据,运用双重差分方法检验了《重点流域水污染防治项目管理暂行办法》对相关企业投资的影响,研究发现:该《办法》实施后对中部六省重污染行业的固定资产投资具有显著的抑制效应,且表现出较好的持续性;通过对中部六省三大产业进行横向对比分析发现,其对固定资产投资的抑制作用仅在包含重污染企业的第二产业内显著存在,而对第一产业内企业投资的抑制作用存在明显的滞后现象,同时对第三产业内的企业投资不存在显著影响;结合倾向得分匹配法以及排除预期效应和测量误差后,其对重污染企业投资抑制作用的直接效应和持续效应依旧存在,说明研究结论是稳健的。

The Impact of Government Water Pollution Control on the Investment of Enterprises in Key River Basins:An Empirical Analysis Based on PSM-DID Approach

Based on the relevant data of fixed assets investment of listed companies in six provinces of central China from 2010 to 2017,this paper uses difference-in-differences(DID)to test the impact of“interim measures for the management of water pollution prevention and control projects in key river basins”on the investment of relevant enterprises.The results show that the implementation of the“measures”has a significant inhibitory effect on the investment of fixed assets in the heavy pollution industries in six provinces in central China,and the negative effect of the policy on such enterprises shows good sustainability;Through the horizontal comparative analysis of the three major industries in the six provinces of the central China,it is found that the inhibition of the policy on fixed asset investment only exists in the secondary industry including heavily polluting enterprises,while the inhibition of the investment in the primary industry lags behind obviously,and the policy has no significant impact on the investment in the tertiary industry;Combined with propensity score matching(PSM)and the elimination of expected effect and measurement error,the direct inhibition effect and sustained inhibition effect of the“method”on the investment of heavily polluted enterprises still exist,and the research conclusion is robust.