绿色产业政策能与资本市场有效“联动”吗——来自绿色工厂评定的证据  

Can Green Industrial Policy Form Effective Linkage with the Capital Market:Evidence from Green Factory Identification

作　　者：陈艳莹[1] 于千惠 刘经珂 Chen Yanying;Yu Qianhui;Liu Jingke

机构地区：[1]大连理工大学经济管理学院

出　　处：《复印报刊资料（生态环境与保护）》2023年第5期17-33,共17页ECOLOGICAL ENVIRONMENT AND PROTECTION

基　　金：国家社会科学基金一般项目“二元传导路径下促进制造业绿色转型的认证机制设计与政策创新研究”(批准号19BJY105)。

摘　　要：绿色产业政策能够得到资本市场的联动响应是其政策有效性的重要体现。本文以2016年工业和信息化部出台的绿色工厂评定政策为研究对象,基于2017-2020年上市企业数据,系统检验这一绿色产业政策的股价效应及其内在机制。研究发现:获评绿色工厂显著提升了企业股价,说明中国资本市场以往对企业绿色信号多呈消极反应的状况已发生转变,资本市场能够与绿色产业政策形成有效联动,共同促进传统制造业绿色转型。异质性分析表明,获评绿色工厂对小企业的股价提升作用更强,对高污染行业企业的股价提升作用弱于清洁行业中的企业。机制分析显示,股价上涨主要源于投资者对企业获评后所能得到的现金补贴、政企关系改善等政府收益的高预期,并非源自投资者的绿色偏好和对企业产品销售增长、融资能力提升等市场收益的高预期。进一步检验发现,绿色工厂评定显著降低了获评企业竞争对手的股价,有助于倒逼未获评企业绿色转型。本文为判断绿色信号在中国资本市场上的有效性提供可靠证据,从资本市场反应这一新的视角为政府评估和改进绿色产业政策的作用效果提供了可供参考的思路。The conflict between economic growth and environmental protection is becoming increasingly promi-nent.As a result,green industrial policy,as a combination of traditional industrial policy and environmental policy,has attracted tremendous attention from policymakers around the world.Similar to traditional industrial policy,the target firms of green industrial policy can receive a series of government support such as special funds and preferential procurement.However,implementing production activities in line with higher-than-normal environmental standards is a costly long-term process which cannot be made up only by one-time transfer payments and other short-term policy incentives.As an important place for market resource allocation,if the capital market can also reward firms in the form of rising stock prices,it will undoubtedly improve the incentive effect of green industrial policy.Therefore,taking the green factory identification(GFI)initiated by the Ministry of Industry and Information Technology in 2016 as an example,this study conducts detailed analyses of the possible impacts of CFI on firm stock prices.Specifically,by analyzing the decision drivers of investors in the capital market and the main characteristics of CFI,this study demonstrates that the policy could affect firm stock prices as signals of high environmental performance,high compliance cost,high government income,and high market income.Further,due to the existence of firm heterogeneity,the differences in firm size,industrial pollution level,and intensity of environmental regulation in cities may lead to distinct policy effects.Based on the data of recognized listed firms during 2017-2020,this study systematically examines the stock price effect of GFI and its internal mechanisms.The empirical result of event studies shows that GFI improves firm stock prices significantly,indicating that the negative reaction of China's capital market to firms'green signals in the past has shifted.The capital market can form effective linkage with green industr

关 键 词：绿色产业政策 投资者绿色偏好 政府收益 市场收益 事件研究法 

分 类 号：F832.51[经济管理—金融学] X322[环境科学与工程—环境工程]