环境司法改革会影响重污染企业风险水平吗?——基于环保法庭设立的准自然实验  

Will Environmental Judicial Reform Affect the Risk Level of Heavily Polluting Enterprises?--Quasi Natural Experiments Based on the Establishment of Environmental Courts

作　　者：彭皓 PENG Hao(Hunan Special Equipment Inspection and Testing Research Institute,Changsha Hunan 410111)

机构地区：[1]湖南省特种设备检验检测研究院,湖南长沙410111

出　　处：《湖南财政经济学院学报》2024年第4期54-65,共12页Journal of Hunan University of Finance and Economics

基　　金：国家社会科学基金项目“创新成果保护驱动生产性服务业高端延伸的理论机制与制度优化研究”(项目编号:23BJL091)。

摘　　要：以2003—2022年沪深A股上市重污染企业为研究样本,实证检验环境司法改革对重污染企业风险水平的影响。研究发现:环境司法改革显著提升了重污染企业风险水平。相较于其他企业,环境司法改革对非国有企业、规模较小及竞争压力较大的重污染企业的风险影响更明显。机制分析发现,环境司法改革显著增加了重污染企业的融资成本(包括股权融资成本和债务融资成本),进而提升企业的风险水平。进一步分析发现,环境司法改革还会倒逼重污染企业进行环保投资,环境司法改革显著提升了重污染企业的环保投资水平。Taking heavily polluting enterprises listed on the Shanghai and Shenzhen A-shares from 2003 to 2022 as research samples,this paper empirically tests the impact of environmental judicial reform on the risk level of heavily polluting enterprises.Research has found that environmental judicial reform has significantly increased the risk level of heavily polluting enterprises.Compared to other enterprises,the risk impact of environmental justice reform on non-state-owned enterprises,smaller scale and heavily polluting enterprises with greater competitive pressure is more significant.Mechanism analysis found that environmental judicial reform significantly increased the financing costs(including equity financing costs and debt financing costs)of heavily polluting enterprises,thereby enhancing their risk level.Further analysis reveals that environmental justice reform will also force heavily polluting enterprises to invest in environmental protection,and environmental justice reform has significantly improved the level of environmental protection investment of heavily polluting enterprises.

关 键 词：环境司法改革 重污染企业 企业风险 融资成本 

分 类 号：F275[经济管理—企业管理]