环保产业政策对企业环保投资的影响:基于重污染上市公司的经验证据

以2006～2015年沪深A股重污染上市公司为研究样本,实证检验了环保产业政策对企业环保投资的影响,研究发现:环保产业政策有利于企业加大环保投资,且主要体现在国有企业中,这种有利影响可以通过压力效应与激励效应两种机制实现。进一步考察环保产业政策支持下企业环保投资的经济后果发现,企业环保投资短期不利于提升企业价值,但有利于抑制工业废物排放。这些结论不仅丰富了企业环保投资影响因素和产业政策经济后果的相关研究,而且为政府如何优化环保产业政策,引导企业参与环境治理,进而为实现经济利益与环境保护的双赢提供了思路。

The Impact of Environmental Industrial Policies on Corporate Environmental Investment: Based on the Empirical Study of Heavily Polluted Companies

This paper analyzes the impact of environmental industrial policies on corporate environmental investment using the sample of A-share listed heavily polluted companies from the year 2006 to 2015.We find that environmental industrial policies contribute to corporateenvironmental investment especially in state-owned companies.The results show that the positive impact of environmental industrial policies on corporate environmental investment can be realized by pressure effects and incentive effects.What’s more,we explore the consequence of corporateenvironmental investment supported by environmental industrial policies,and find that corporateenvironmental investment is not conductive to enhancing corporate value in the short term,but helps restrain industrial waste emission.Not only does our study enrich the relevant research on the influencing factors of corporate environmental investment and the economic consequences of industrial policies,but it also gives empirical evidence for government on how to improve environmental industrial policies,as well as how to guide companies to invest in environmental protection aiming to achieve the goal of high economic benefits and good ecological environment.