河长制对企业环境治理策略的影响  

The Impact of River Chief Policy on Corporate Environmental Governance Strategies

作　　者：周琼[1] 黄国贤 马伊双 任胜钢[1] ZHOU Qiong;HUANG Guo-xian;MA Yi-shuang;REN Sheng-gang

机构地区：[1]中南大学商学院 [2]北京师范大学政府管理学院 [3]西北民族大学管理学院

出　　处：《改革》2024年第6期127-146,共20页Reform

基　　金：国家自然科学基金面上项目“我国市场型环境规制对工业企业技术创新、全要素生产率的影响机制及政策实施效果评估研究”(71974205);国家自然科学基金面上项目“企业集团污染泄漏效应及治理:环境监管‘空间-权力’匹配视角”(72374222);湖南省自然科学基金青年项目“涉矿类环境规制对矿业绿色发展的影响机制研究”(2021JJ40796)。

摘　　要：以2008—2016年沪深A股上市公司为样本,借助政策试点扩散阶段所形成的天然处理组与控制组,采用多期双重差分法实证检验了河长制对企业环境治理策略的影响。研究发现,河长制的实施能显著促进企业采取“末端治理”策略(短期导向),但尚不能有效引导企业采取“源头防控”策略(长期导向),该结论经过一系列检验后仍然成立,这种促进效应对处于经济较发达、监管距离较近、河流下游、有省级政策文件出台及进行了河长制政策再生产地区的企业更明显。进一步研究发现,地方政府加大地区污染治理投资、增强地区环境监管力度是河长制能对企业“末端治理”策略产生促进作用的重要渠道,公众环境诉求可在一定程度上矫正企业环境治理决策的短期导向。Based on the sample of A-share listed companies in the stock market of Shanghai and Shenzhen from 2008 to 2016,this study empirically examines the impact of the River Chief Policy(RCP)on corporate environmental strategies by using staggered differences in differences(DID)method with the natural treatment and control groups formed during the diffusion phase of the policy.The study found that the implementation of the RCP can significantly promote corporates to adopt an"end-treatment"strategy(short-term orientation),but not yet effectively guide corporates to adopt a"source-control"strategy(long-term orientation),this conclusion still holds after a series of tests,and this promotion effect is more obvious for firms in the more economically developed,closer supervision,downstream areas of the river and in areas where provincial policy documents have been issued and where the RCP has been reproduced.Further study found that local governments'increased investment in regional pollution control and enhanced regional environmental supervision are important channels through which the RCP can promote corporates'"end-treatment"strategies.And that public environmental demands can,to a certain extent,correct the short-term orientation of firms'environmental management decisions.

关 键 词：企业环境治理 河长制 末端治理 源头防控 

分 类 号：F832.511[经济管理—金融学]