政府环境关注与企业环境治理——基于政府工作报告文本分析的视角  

Government Environmental Concern and Corporate Environmental Governance-Based on the Perspective of Textual Analysis about Government Work Reports

作　　者：游家兴[1] 于明洋 曹旭 伍翕婷 You Jiaxing;Yu Mingyang;Cao Xu;Wu Xiting(School of Management,Xiamen University,Xiamen 361005;School of Management,Xi’an Jiaotong University,Xi’an 710049;School of Management,Shandong University,Jinan 250100)

机构地区：[1]厦门大学管理学院,厦门361005 [2]西安交通大学管理学院,西安710049 [3]山东大学管理学院,济南250100

出　　处：《管理评论》2024年第5期235-247,共13页Management Review

基　　金：国家自然科学基金面上项目(72272125);国家自然科学基金青年项目(72302131)。

摘　　要：本文以2001—2018年沪深A股上市公司为研究对象,以政府工作报告量化地方政府环境关注度,考察其对辖区内企业环境治理行为的影响。研究发现,当地方政府对环境的关注程度越高时,企业环境治理越能够言行一致,即企业的环保投资规模越大、环境信息披露程度越高;上述结果在经过一系列稳健性检验后依然成立。机制检验发现,当政府对环境关注程度越高时,企业获得政府环境补助的概率越大、缴纳排污费的可能性越高、绿色创新产出越多。此外,异质性分析发现,当企业污染越严重、企业所在省份环境执法力度较强、企业受到媒体关注较多时,地方政府环境关注越能够有效促进企业环境治理,呈现言行一致。This paper takes the A⁃share listed companies in Shanghai and Shenzhen from 2001 to 2018 as the research object and takes government work report as the quantitative index of local government’s concern for environment to investigate its impact on the environ⁃mental governance behavior of local enterprises.It is found that when the local government pays more attention to the environment,local enterprises are more likely to disclose their efforts in environmental governance.That is,the larger environmental investment made by an enterprise,the more environmental information it would disclose.This result remains significant after a series of robustness tests.The mechanism test shows that when the government pays more attention to the environment,the enterprises are more likely to receive envi⁃ronmental subsidies from the government,pay pollution fees,and produce more green innovations.In addition,heterogeneity analysis finds that the more pollutions produced by an enterprise that receives much attention from media and operates in a province where envi⁃ronment is strictly regulated,the more effectively the local government’s concern for environment can promote the enterprise’s environ⁃mental governance and motivate the enterprise to disclose its efforts in environmental governance.

关 键 词：政府环境关注 企业环境治理 企业环境投资 企业环境信息披露 政府工作报告 

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