中央环保督察能否促进企业环保投资?——基于中国上市公司的实证分析  

Does Central Government Environmental Inspection Promote Firm Environmental Protection Expenditure?Evidences from Listed Companies in China

作　　者：杨柳勇[1] 张泽野 郑建明[2] Yang Liuyong;Zhang Zeye;Zheng Jianming(School of Economics,Zhejiang University,Hangzhou 310058,China;School of Business,University of International Business and Economics,Beijing 100029,China)

机构地区：[1]浙江大学经济学院,浙江杭州310058 [2]对外经济贸易大学国际商学院,北京100029

出　　处：《浙江大学学报（人文社会科学版）》2021年第3期95-116,共22页Journal of Zhejiang University:Humanities and Social Sciences

基　　金：国家社科基金重大项目(20ZDA088)。

摘　　要：区别于以往以"督企"为特征的环保政策,以"督政"为核心的中央环保督察是中国生态文明建设的一项重大制度创新,致力于纠正常规环境治理机制下的地方环境政策执行偏差。研究发现,中央环保督察对企业环保投资具有持续显著的促进作用。作用机制检验显示,以环境处罚力度提升为代表的合规效应是中央环保督察促进企业环保投资的主要机制,而以政府环保补助为代表的激励效应并不显著。拓展性分析发现,中央环保督察对企业环保投资的促进效应在低行业竞争及督察"回头看"地区的企业样本中更为显著,且能够有效缓解以往环境治理中的"政企合谋"问题。因此,在未来环境治理体系的构建过程中,应加强环境政策执行监督,推进中央环保督察制度常态化。With the rapid growth of the Chinese economy,the problem of environmental deterioration has been increasingly serious.As primary environmental polluters,firms should have borne the responsibility of environmental governance and increased the investment in environmental protection.However,due to the externalities of environmental protection,firms are often reluctant to participate in environmental investment.In order to regulate the firms’environmental behavior,the Chinese central government has set up a series of polices for environmental protection over the last few years.However,driven by the priority of economic growth,the local government has weaker incentives to implement environmental regulations,and the phenomenon of incomplete implementation by the local government is common,which highlights the importance of supervising the local governments to intensify environmental enforcement.The Central Environmental Inspection(CEI)launched in 2016 is a significant institutional arrangement for the environmental protection in China,which focuses on the local governments’responsibility for environmental protection.According to the instructions of the CEI,inspection teams established by the central government are dispatched to supervise the local environmental enforcement.The fundamental purposes of the CEI are to improve the quality of the environment and promote the green transformation of the industry.Therefore,it is significant to analyze the impact of the CEI on the firms’investment in environmental protection.However,most studies on the CEI mainly focus on theoretical discussions and effect evaluation,and there is little evidence about whether and how the CEI influences the firm environmental protection expenditure.Taking the launch of the CEI as a quasi-natural experiment,this paper examines the effect of the CEI on the firms’investment in environmental protection with the help of a difference-in-differences methodology.The conclusions of this paper are as follows.First,the CEI significantly enhances th

关 键 词：中央环保督察 企业环保投资 政企合谋 中国上市公司 双重差分 

分 类 号：F832.51[经济管理—金融学] F275[环境科学与工程—环境工程] X322