低碳城市试点政策引发重污染企业异地迁移吗?——基于企业设立异地子公司的经验证据  

Does low-carbon city pilot policy lead to the relocation of heavily polluting firms?Empirical evidence based on firms'establishment of off-site subsidiaries

作　　者：张娆 郭晓旭 ZHANG Rao;GUO Xiaoxu(College of Finance,Nanjing Agricultural University,Nanjing 210095,China)

机构地区：[1]南京农业大学金融学院,江苏南京210095

出　　处：《产业经济研究》2024年第2期73-87,共15页Industrial Economics Research

基　　金：国家社会科学基金一般项目(18BGL085)。

摘　　要：低碳城市试点政策作为兼顾碳排放和可持续发展的重要环境规制政策,地区间试点设立差异可能引发重污染企业异地迁移,产生低碳城市试点政策的非预期效应。基于2008—2021年重污染上市企业数据,构建双重差分模型检验低碳城市试点政策对重污染企业异地迁移的影响。研究发现,低碳城市试点政策能够引发重污染企业异地迁移,体现在低碳城市试点设立的地区差异性为企业提供了异地迁移减弱环境压力的空间,使企业在非低碳城市设立更多异地子公司。机制研究发现,低碳城市试点政策能通过提高环境监管力度和公众环保意识的外部监管渠道引发企业异地迁移,也能通过降低重污染企业持续盈余和增加企业碳风险的内部治理渠道引发企业异地迁移。拓展性研究发现,在低碳城市试点政策的影响下,成本转嫁能力较低的企业、绿色转型基础较为薄弱的企业以及搬迁成本较低的企业更倾向于选择异地迁移策略。此外,污染迁移的经济后果研究发现,低碳城市试点政策具有一定的“污染光环”效应,污染企业的迁移并非单纯的规避环境压力的寻找污染避难所行为,子公司也会增加创新产出、规划环境治理活动。研究结论对于优化低碳城市试点设计,加强低碳城市政策的地区协调性具有启示意义。The policy for low-carbon city pilots is important for environmental regulation that takes into account carbon emissions and sustainable development.Dfferences in the establishment of pilots between regions may trigger the relocation of heavily polluting enterprises,resulting in unintended effects of the low-carbon city pilot policy.The study uses panel data for heavily polluting listed enterprises from 2008 to 2021 and constructs a difference-in-differences model to test the impact of the low-carbon city pilot policy on the relocation of heavily polluting enterprises.The study finds that the low-carbon city pilot policy can trigger the relocation of heavily polluting firms,which is reflected in the fact that the regional differences in the establishment of low-carbon cities provide firms with the space to relocate to reduce environmental pressure,so that firms set up more relocated subsidiaries in non-low-carbon cities.According to the mechanism analysis,the low-carbon city pilot policy triggers firms to relocate through the external regulatory channel of increasing regional government environmental regulation and public environmental awareness;it also triggers firms to relocate through the internal governance channel of reducing the sustainable surplus of heavily polluting firms and increasing their carbon risk.Further,under the influence of the policy,enterprises with lower cost pass-through capacity,enterprises with weaker foundations for green transformation,and enterprises with lower relocation costs are more inclined to choose the off-site relocation strategy.In addition,in considering the economic consequences of pollution relocation,the study finds that the low-carbon city pilot policy have a"pollution halo"effect;the relocation of polluting enterprises is not purely to avoid environmental pressure and find a pollution shelter;subsidiaries will also increase their innovation output and plan activities that advance environmental governance.The conclusions of the study are instructive for optimizing the de

关 键 词：低碳城市试点政策 企业迁移 重污染企业 异地子公司 双重差分法 污染光环效应 

分 类 号：F062.9[经济管理—政治经济学]