政府环保补助能否激励企业环保投资?——来自工业企业的经验证据  

Can Government Environmental Subsidies Encourage Enterprise to Invest More in Environmental Protection?Empirical Evidence from Industrial Enterprises

作　　者：崔广慧 姜英兵[2] Cui Guanghui;Jiang Yingbing(School of Accounting,Nanjing University of Finance&Economics;School of Accounting,Dongbei University of Finance&Economics)

机构地区：[1]南京财经大学会计学院,210023 [2]东北财经大学会计学院,116025

出　　处：《环境经济研究》2022年第2期89-105,共17页Journal of Environmental Economics

基　　金：国家社会科学基金青年项目“环境信用评价对企业环保投资的影响机理及后果研究”(21CGL034)的阶段性成果。

摘　　要：政府部门执行环境治理事务时,不再仅采用命令控制型政策工具促使企业环保投资,还尝试使用政府补助等激励型工具引导企业从事环境治理。本文基于2006—2019年沪深A股工业企业样本,实证考察政府环保补助对企业环保投资的影响。研究表明,总体而言并未发现政府环保补助激励企业加大环保投资的证据。这一结果在进行了排他性解释、动态检验以及替换回归方法等处理后依然成立。原因分析发现,企业主要出于逆向选择动机,仅将环保投资作为获取政府补助资金的手段,并未真正从事环境治理。进一步研究表明,上述结论主要体现在资本密集度高的企业。在资本密集度低的样本中,发现了政府环保补助有效促使企业从事环保投资的证据,并未因企业是否属于重污染行业而产生明显差异。本文研究不仅丰富了政府资源配置效果的文献,还分析了导致政府环保补助效果未达到预期的原因以及何种情形下可达预期的边界条件,为政府部门制定与完善资源配置,激励企业实现绿色转型,实现“双碳”目标提供有益启示。When government departments carry out environmental governance affairs, they no longer only use command-controlled policy tools to promote environmental investment, but also try to use incentive tools such as government subsidies to guide enterprises to engage in environmental governance. Based on the sample of Shanghai-Shenzhen A-share industrial enterprises from 2006 to 2019, this paper examines the impact of government environmental subsidies on enterprises’ environmental investment. Overall, the study fails to find some evidences that government environmental subsidies encourage companies to invest more in the environment. This result is still valid after exclusive interpretation, dynamic testing, and replacement regression methods. Reason analysis shows that enterprises only take environmental protection investment as a means to extract government subsidies mainly for the reverse selection of motivation, and does not really engage in environmental governance. Further research shows that the above conclusions are mainly reflected in high capital-intensive enterprises. However, in the sample with low capital intensity, the evidence shows that government environmental subsidies effectively encourage enterprises to engage in environmental investment, which has not been significantly different because of enterprises belong to heavy polluting industries. Not only does this paper enrich the literature on the effect of government resource allocation, but also analyzes the reasons that cause the effects of government environmental protection subsidy to fail to meet expectations and different boundary conditions. This paper provides useful enlightenment for government departments to formulate and perfect the allocation of resources, encourage enterprises to realize green transformation and achieve the goal of "double carbon".

关 键 词：政府环保补助 企业环保投资 逆向选择动机 

分 类 号：F812.45[经济管理—财政学] F425[环境科学与工程—环境工程] X322