前端预防亦或末端治理?——低碳城市试点政策与企业环保投资战略选择  

Front⁃Prevention or End⁃Treatment?The Low⁃Carbon City Pilot Policy and Investment Strategies Selection on Environmental Protection

作　　者：周建[1,2] 刘珂 余江龙 廖孙绅 ZHOU Jian;LIU Ke;YU Jiang-long;LIAO Sun-shen(Business School,Nankai University,Tianjin,300071,China;China Academy of Corporate Governance,Nankai University,Tianjin,300071,China)

机构地区：[1]南开大学商学院,天津300071 [2]南开大学中国公司治理研究院,天津300071

出　　处：《经济管理》2023年第10期147-167,共21页Business and Management Journal ( BMJ )

基　　金：国家自然科学基金面上项目“差异化组织治理、董事会战略决策权优化配置与企业战略决策有效性研究”(71672088);国家自然科学基金面上项目“家族企业控制权配置的社会阶层烙印与企业投资‘脱实向虚’”(71862006);天津市2020年度哲学社会科学规划重点委托项目“中美经贸摩擦背景下天津市持续改善营商环境研究”(TJZDWT202001-13)。

摘　　要：实现“双碳”目标是中国作出的重大战略决策。本文以微观企业环保投资战略选择为落脚点,采用2006—2020年沪深两市A股上市公司样本,借助多期双重差分法,实证检验低碳城市试点政策对企业异质性环保投资战略选择的影响及作用机理。研究发现,低碳城市试点政策有助于推动企业实施前端预防战略,而对末端治理战略的影响并不显著,体现了政策的微观环境治理引导效力。异质性检验表明,低碳城市试点政策对企业前端预防战略的促进作用主要体现在国有企业、成本转嫁能力较弱的企业以及碳排放水平较高的行业。进一步的机制检验表明,地方政府环境治理压力和政府干预措施是诱导企业采取前端预防战略的潜在渠道。此外,经济后果检验表明,前端预防战略是企业可持续发展的助推剂,且低碳城市试点政策加大了这一促进效力。本研究阐明了地方政府环境政策约束与企业环境治理行为之间的互动逻辑,为全面探析低碳城市试点政策微观机理提供经验证据。Establishing and perfecting the low⁃carbon and circular economic system is an inevitable choice for China to achieve high⁃quality development.As an important component of the city and an important source of carbon emissions,the environmental governance of enterprises is directly related to whether the low⁃carbon goal can be achieved as scheduled.Institutional theory emphasizes the subjective initiative of an enterprise's strategic response under environmental regulation.As a rational economic entity,enterprises will inevitably weigh the costs and benefits of environmental governance and make choices in passive participation and active response.This paper which is based on the perspective of strategic selection takes the low⁃carbon city pilot policy as a key to investigating how enterprises make investment strategies selection on environmental protection for that to adopt active front⁃prevention strategy or passive end⁃treatment strategy.Based on the sample of A⁃share listed companies in the stock markets of Shanghai and Shenzhen from 2006 to 2020,with the help of the multi⁃period difference⁃in⁃difference method,this paper finds that the low⁃carbon city pilot policy can promote enterprises to actively implement the front⁃prevention strategy,which reflects the guiding effect of the policy on micro⁃environmental governance.However,the impact of policy on the end⁃treatment strategy is not significant.Heterogeneity tests show that the promotion of front⁃prevention strategies by the low⁃carbon city pilot policy is mainly found in state⁃owned enterprises,enterprises with lower cost⁃shifting capabilities,and industries with higher levels of carbon emissions.Based on the environmental governance pressure of local officials and the mechanism of government intervention,younger and shorter⁃term officials will face higher environmental management pressure,which will help to force enterprises to adopt front⁃prevention strategies.At the same time,the low⁃carbon city pilot policy can pro

关 键 词：低碳城市试点 前端预防 末端治理 可持续发展 

分 类 号：F272[经济管理—企业管理]