走向资本市场对企业环境行为选择的影响研究  

The Impact of Going to the Capital Market on Corporate Environmental Behavior Choices

作　　者：田玲 刘春林[2] 石睿 Tian Ling;Liu Chunlin;Shi Rui(School of Management,Guizhou University;Business School,Nanjing University)

机构地区：[1]贵州大学管理学院,550025 [2]南京大学商学院,210093

出　　处：《经济评论》2024年第1期136-152,共17页Economic Review

基　　金：国家自然科学基金项目“制度抗拒与代际断裂:新生代高管对企业社会责任行为的影响研究”(批准号:72072085);江苏省社会科学基金项目“政府规制驱动环境创新的微观机理与宏观政策研究”(批准号:20GLB004);2020年度“南京大学长江三角洲经济社会发展研究中心”暨“区域经济转型与管理变革协同创新中心”联合招标重大项目“长三角区域协同推进污染治理和环境创新研究”(批准号:CYD-2020010)的资助。

摘　　要：企业上市后会采取何种环境行为应对同时存在的制度压力和市场压力,现有研究尚未有答案。本文采用多期双重差分模型,基于2003—2012年中国工业企业数据、中国工业企业污染数据和中国上市企业数据,探究企业走向资本市场对企业环境行为以及污染排放的影响。研究结果表明,与上市前相比,企业上市后污染排放不降反增。究其原因,企业上市后会采取“边缘式”(增加末端治理设备)而非“嵌入式”(提高清洁生产技术)的策略性环境行为来协调制度和市场压力。并且,上述策略性环境行为在民营企业和非污染密集型行业(企业)中更为显著。本文的研究为政府制定环境规制政策、提高治理效率提供了更为微观的经验依据,有助于深入理解上市企业环境污染治理现状以及内在动力机制。There is no answer yet on what kind of environmental behaviors will firms take after going public to cope with the simultaneous existence of institutional pressure and market pressure.This study adopts a multi-period difference-in-differences model,based on data from Chinese industrial firms,pollution-intensive firms,and listed firms from 2003 to 2012,to explore the impact of firms'going to the capital market(IPOs)on their environmental behavior and pollution emissions.The results show that IPOs could not effectively decrease but increase corporate pollution emissions.The reason is that after IPOs,firms adopt a strategic environmental behavior of'peripheral"(increasing terminal treatment equipment)rather than“embedded”(improving cleaner production technology)to reconcile institutional and market pressures.Moreover,this strategic environmental behavior is more significant in private and non-pollution-intensive enterprises.The research in this paper provides a more microscopic empirical basis for the Chinese government to formulate environmental regulations and improve governance efficiency,thus helps to deeply understand the current situation and internal dynamic mechanism of environmental pollution control of IPOs in China.

关 键 词：企业上市 污染排放 边缘式环境行为 嵌入式环境行为 

分 类 号：X322[环境科学与工程—环境工程] F832.5[经济管理—金融学] F273.1