低碳城市试点政策会引致企业“漂绿”吗?  

Will the Pilot Policy of Low-carbon Cities Lead to Enterprises“Greenwashing”?

作　　者：马凌远[1] 丁博雯 MA Lingyuan;DING Bowen(School of Economics,Zhengzhou University of Aeronautics,Zhengzhou 450046,China)

机构地区：[1]郑州航空工业管理学院经济学院,郑州450046

出　　处：《哈尔滨商业大学学报（社会科学版）》2023年第6期47-60,共14页Journal of Harbin University of Commerce:Social Science Edition

基　　金：河南省高等学校智库研究项目“河南绿色金融的‘漂绿’风险防范化解对策研究”(2023ZKYJ25);河南省科技厅软科学项目“河南省材料产业绿色数字化转型测度及优化路径研究”(232400410059)。

摘　　要：低碳城市试点政策已被证实在促进企业绿色技术创新、碳减排等方面具有重要作用,但其也可能通过压力传导引致企业“漂绿”,进而使政策效果大打折扣。基于2008—2021年中国A股上市公司数据,系统考察低碳城市试点政策对企业“漂绿”的影响。研究发现:低碳城市试点政策对企业“漂绿”具有显著正向影响;机制分析发现,试点政策通过加剧企业融资约束和市场竞争两个渠道引致企业“漂绿”;进一步分析发现,试点政策对未获得环境补贴的企业、低创新能力企业及非重污染行业的企业“漂绿”水平有更明显的提升效应,媒体关注负向调节试点政策对企业“漂绿”的影响,且负面型报道的调节效应更强。The pilot policy of low-carbon cities has been proved to play an important role in promoting green technology innovation and carbon emission reduction of enterprises,but it may also lead to“greenwashing”of enterprises through pressure transmission,thus greatly reducing the effect of the policy.Based on the data of China’s A-share listed companies from 2008 to 2021,this paper systematically examines the impact of low-carbon city pilot policies on enterprises’greenwashing.The results show that:the pilot policy of low-carbon city has a significant positive impact on the“greenwashing”of enterprises;Mechanism analysis shows that the pilot policy leads to the“greenwashing”of enterprises by aggravating corporate financing constraints and market competition.Further analysis shows that the pilot policy has a more obvious promotion effect on the“greenwashing”level of enterprises without environmental subsidies,enterprises with low innovation ability and enterprises in non-heavy polluting industries.Media attention negatively regulates the impact of the pilot policy on the“greenwashing”of enterprises,and the regulatory effect of negative reports is stronger.

关 键 词：低碳城市试点 企业漂绿 双重差分模型 融资约束 

分 类 号：F272[经济管理—企业管理]