“信号传递”还是“资源效应”:重污染企业政治关联对环保投资的影响研究  

“Signal Transmission”or“Resource Effect”:A Study on the Influence of Political Connection of Highly Polluting Enterprises on Environmental Protection Investment

作　　者：张居营 霍家旭 ZHANG Juying;HUO Jiaxu(Financial Innovation and Risk Management Research Center,Hebei Finance University,Baoding 071051,China;School of Finance and Investment,Hebei Finance University,Baoding 071051,China;School of Applied Economics,University of Chinese Academy of Social Sciences,Beijing 102488,China)

机构地区：[1]河北金融学院金融创新与风险管理研究中心,河北保定071051 [2]河北金融学院金融与投资学院,河北保定071051 [3]中国社会科学院大学应用经济学院,北京102488

出　　处：《经济论坛》2024年第8期86-97,共12页Economic Forum

基　　金：河北省社会科学发展研究课题“‘双碳’目标下河北省地方金融风险预警与防控机制研究”(20220202156)。

摘　　要：高污染企业的环境治理与绿色转型是经济低碳发展的重中之重。文章以2010—2021年沪深A股上市重污染企业为样本,运用面板回归模型及中介效应、调节效应,实证检验重污染企业的政治关联对环保投资的影响与作用机制。结果表明,重污染企业的政治关联能够抑制企业的环保投资,在影响机制上抑制作用更多来自政治关联的信号传递作用而非资源效应,体现在政治关联企业会通过降低社会责任履行水平来减少环保投资,但新环保法的实施释放强环境规制信号又缓解了抑制效应,政治关联的资源效应在融资约束中介效应、市场化调节效应未体现出显著作用。Environmental governance and green transformation of highly polluting enterprises are the top priori⁃ty of low-carbon economic development.Taking the highly polluting enterprises listed on the Shanghai and Shen⁃zhen A-share markets from 2010 to 2021 as a sample,this paper empirically tests the impact and mechanism of po⁃litical connections of highly polluting enterprises on environmental protection investment using panel regression models and mediating and moderating effects.The results show that the political connection of heavily polluting en⁃terprises can inhibit the environmental protection investment of enterprises,and the restraining effect is more from the signal transmission effect of political connection than the resource effect in respect of the influencing mecha⁃nism,which is reflected in the fact that the politically connected enterprises will lower the level of social responsibil⁃ity fulfillment to reduce the environmental protection investment.However,the implementation of the new environ⁃mental protection law releases strong environmental regulation signals and alleviates the restraining effect,while the resource effect of political connection does not play a significant role in the intermediary effect of financing con⁃straints and the market-oriented adjustment effect.

关 键 词：重污染企业 政治关联 环保投资 信号传递 资源效应 

分 类 号：F832.51[经济管理—金融学] F275