谁驱动了环境规制下的企业风险承担:“转型动力”还是“生存压力”?  

Who drives corporate risk-taking under environmental regulations:‘transformation dynamic’ or ‘survival pressure’?

作　　者：李俊成 王文蔚 LI Juncheng;WANG Wenwei(Institute of Finance and Banking,Chinese Academy of Social Sciences,Beijing 100710,China;School of Finance,Central University of Finance and Economics,Beijing 102206,China)

机构地区：[1]中国社会科学院金融研究所,北京100710 [2]中央财经大学金融学院,北京102206

出　　处：《中国人口·资源与环境》2022年第8期40-49,共10页China Population,Resources and Environment

基　　金：国家自然科学基金青年项目“环境规制下的企业成本转嫁研究:机制、后果与治理”(批准号:71902050);中国社会科学院青年科研启动项目“环境规制下企业转型风险研究:机制、后果与治理”(批准号:2023YQNQD033);佛山市禅城区“十四五”时期金融业发展规划。

摘　　要：合理的风险承担是企业绿色转型的重要前提,环境规制政策如何影响企业风险承担是经济社会绿色转型发展背景下值得探讨的问题。厘清环境规制与企业风险承担之间的关系对于进一步完善环境政策体制机制,推动企业绿色低碳转型具有重要意义。文章基于2004—2019年中国A股上市公司数据,在对环境规制的多重效应进行理论分析的基础上,实证检验环境规制对企业风险承担的影响。研究发现:(1)环境规制的增强会显著提高企业的风险承担;(2)机制检验结果显示,环境规制推动技术创新和改善市场竞争效率的“动力效应”以及提高企业生产成本和影子银行化程度的“压力效应”均可以导致企业风险承担上升;(3)调节效应分析发现,地区的创新环境与企业的成本转嫁能力在环境规制影响企业风险承担的过程中发挥着显著的调节作用,地区的创新环境越完善、企业成本转嫁能力越弱,环境规制影响企业风险承担的政策效应越显著;(4)进一步研究发现,环境规制推高企业风险承担导致了企业环境绩效降低,并提升了企业的破产风险,表明“压力效应”带来的负面作用占据了主导地位。文章为环境规制的政策效应评估提供了经验支持,也拓展了企业风险承担影响因素的研究视域。文章的政策涵义在于,政府应不断完善环境规制政策的体制机制,密切关注企业在绿色转型中的风险承担状况,营造良好的技术创新和产业升级环境,重视环境规制政策与其他产业政策的协调配合,保障环境规制取得预期政策效果。Reasonable risk-taking is an important prerequisite for corporate green transformation. How environmental regulation policies affect corporate risk-taking is an issue worthy of discussion under the background of the development of economic and social green transformation. Based on a theoretical analysis of the effects of environmental regulations, this study used the data of China’s A-share listed companies from 2004 to 2019 to empirically test the impact of environmental regulation policies on corporate risk-taking. The study found that:(1) The strengthening of environmental regulations would significantly increase the level of corporate risk-taking.(2) The mechanism test found that both the ‘dynamic effect’ of environmental regulations promoting technological progress and market competition efficiency and the ‘pressure effect’ aggravating enterprises’ production costs and the degree of enterprises’ shadow banking activities would lead to a rise in the level of corporate risk-taking.(3) The regional innovation environment and the cost transfer ability of enterprises significantly affected the policy effect of environmental regulations on improving corporate risk-taking.(4) Further research showed that environmental regulations promoted corporate risk-taking, reduced the environmental performance of enterprises,and improved the default risk of enterprises, indicating that the negative effect brought by ‘pressure effect’ occupied a dominant position. This study has not only enriched the research on the effects of environmental regulation policies, but also expanded the research horizons of factors affecting corporate risk-taking.

关 键 词：环境规制 风险承担 转型动力 生存压力 

分 类 号：F062.2[经济管理—政治经济学]