文献类型：期刊文献

中文题名：共治体系下地方政府策略性规制与企业环境投资——来自重污染企业的证据

英文题名：Local Government Strategic Regulation and Corporate Environmental Investment under Co-governance Perspective:Evidence from Heavily Polluted Enterprises

作者：周行[1];马延柏[2];张艳秋[1]

第一作者：周行

机构：[1]北京联合大学商务学院;[2]兰州理工大学经济管理学院

第一机构：北京联合大学商务学院

年份：2022

期号：3

起止页码：82-96

中文期刊名：财经科学

外文期刊名：Finance and Economics

收录：CSTPCD;;国家哲学社会科学学术期刊数据库;北大核心:【北大核心2020】；CSSCI:【CSSCI2021_2022】；

基金：教育部人文社会科学研究项目“地方政府策略性环境规制对重污染企业环境治理投资影响机制研究”(21YJC630176)。

语种：中文

中文关键词：策略性环境规制;环境治理投资;环境共治

外文关键词：Strategic Environmental regulation;Environmental Governance Investment;Environmental Co-governance

摘要：构建政府、企业、民众参与的环境共治体系,是实现经济社会全面绿色转型的重要举措。本文通过文本分析方法对地方政府策略性规制进行量化,以2011—2020年A股重污染企业为样本,将中央政府、地方政府、民众纳入研究框架,分析策略性环境规制对企业环境治理投资的影响机制。研究发现,随着政府文件中策略性规制信号的释放,重污染企业的环境治理投资也有所放缓,地方的策略性规制消解了企业的环境治理投资。同时,在环境共治体系中,中央政府政策基调、公众监督在两者关系上起到调节作用。异质性效应显示,在大规模企业、国有企业、非外资持股的重污染企业中策略性规制的影响更显著。
An environmental co-governance system involving the government,enterprises and the public is essential for an all-round green transformation of economy and society.By quantifying the strategic regulation of local government with text analysis methods,this paper incorporates central government,local government and the public into the research framework,and analyzes the impact mechanism of strategic environmental regulations on corporate environmental governance investment based on the sample of Chinese heavily polluted A-share enterprises from 2011-2020.Results show that with the release of strategic regulatory signals in government document,heavily polluted enterprises will slow down its environmental governance investment,and local strategic regulations dissolve corporate environmental governance investment.Meanwhile,central government’s policy tone and public surveillance functions as a regulatory role in the process.The heterogeneity effect shows that the impact of strategic regulation is more salient in large-scale enterprises,state-owned enterprises,and heavily polluted enterprises with non-foreign ownership.