绿色投资的驱动因素研究——来自我国A股制造业上市公司的经验证据  

On Driving Factors of Green Investment-Empirical Evidence from China's A-Share Manufacturing Listed Companies

作　　者：汪海凤[1] 韩刚 侯君霞 WANG Haifeng;HAN Gang;HOU Junxia(Inner Mongolia University of Science and Technology,Baotou 014010,China;School of Zhangjiakou CPC,Zhangjiakou 075000,China)

机构地区：[1]内蒙古科技大学,内蒙古包头014010 [2]中共张家口市委党校,河北张家口075000

出　　处：《新疆财经大学学报》2023年第4期41-52,共12页Journal of Xinjiang University of Finance & Economics

基　　金：教育部人文社会科学研究项目“政府环境规制与企业绿色投资决策研究:基于市场竞争协同的视角”(22YJA630081);内蒙古自治区自然科学基金项目“环保税与绿色补贴对内蒙古工业企业绿色投资的影响异质性研究——基于市场竞争环境的调节效应模型”(2021MS07017)。

摘　　要：在加快生态文明体制改革、大力推进绿色发展的过程中,作为环境污染和治理主体的企业,增加绿色投资是实现绿色发展的关键。文章基于2011—2020年我国制造业企业A股上市公司的相关数据,探究制造业企业绿色投资的驱动因素。研究发现:企业社会责任、市场势力均能显著促进制造业企业绿色投资,但环保制度并未表现出显著的促进作用。此外,道德、制度、市场对制造业企业绿色投资的影响效应因企业生命周期、行业污染密集度和地区执法力度的差异而呈现出异质性。为提升制造业企业绿色投资水平,应进一步强化企业社会责任,强化文本立法与执法实践,同时适当增强企业市场势力。In the process of accelerating the reform of the ecological civilization system and vigorously promoting green de⁃velopment,whether enterprises,as the main body of environmental pollution and control,can increase green investment is the key to achieve green development.This paper uses the data of A-share listed companies of Chinese manufacturing enterprises from 2011 to 2020 to explore the driving factors of green investment of manufacturing enterprises.The results show that both cor⁃porate social responsibility and market power drive can significantly promote the green investment of manufacturing enterprises.However,the environmental protection system does not promote the green investment of manufacturing enterprises.In addition,the effects of morality,system and market on green investment of manufacturing enterprises show certain heterogeneity with the differences of enterprise life cycle,industrial pollution intensity and regional law enforcement intensity.In order to improve the level of green investment of manufacturing enterprises,it is of great necessity to continue to strengthen corporate social responsi⁃bility,strengthen the practice of text legislation and law enforcement,and appropriately enhance the market power of enterprises.

关 键 词：制造业企业 绿色投资 企业社会责任 环保制度 市场势力 

分 类 号：F425[经济管理—产业经济] F406.7