环境行政处罚下企业选择环保投资还是绿色创新——基于企业生命周期理论的解释  

Do Enterprises Choose Environmental Protection Investment or Green Innovation under Environmental Administrative Penalties:The Interpretation under Corporate Life Cycle Theory

作　　者：杜雯翠[1] 陈秋尧 DU Wen-cui;CHEN Qiu-yao(School of Economics,Capital University of Economics and Business,Beijing 100070,China)

机构地区：[1]首都经济贸易大学经济学院,北京100070

出　　处：《广东财经大学学报》2024年第4期33-49,共17页Journal of Guangdong University of Finance & Economics

基　　金：国家自然科学基金青年项目(72003131)。

摘　　要：处于不同生命周期阶段的企业往往采取不同的战略倾向、组织结构及企业行为,在受到环境行政处罚后会做出差异化的环境行为选择。通过收集沪深A股上市公司的环境行政处罚数据,基于倾向性得分-双重差分法,从企业生命周期的视角实证检验了环境行政处罚对企业环保投资、绿色技术创新行为的影响。研究发现:环境行政处罚显著提高了企业的环保投资,但对绿色技术创新的影响不明显;分生命周期阶段看,受到环境行政处罚的成长期和成熟期企业均明显增加了环保投资,成熟期企业还会加大绿色技术创新力度,但衰退期企业的环境行为没有改变;多次处罚对企业的威慑效应更强,甚至衰退期企业在受到多次处罚后也会增加环保投资;环境行政处罚对重污染行业企业、非国有企业和环境信息披露水平较高企业的影响更显著。因此,环境监管部门应当基于企业生命周期构建更为精准的监管体系,提高环境监管的精度与准度,以罚促改,全面优化企业环境行为。Enterprises at different stages of life cycle often adopt different strategic tendencies, organizational structures, and corporate behaviors, and may take different environmental behavior choices after being subject to environmental administrative penalties(EAPs). By collecting EAPs data of Shanghai and Shenzhen A-share listed companies, the study conducted the empirical test from the life cycle perspective to examine the impact of EAPs on corporate environmental investment and green technology innovation based on PSM-DID method. The results show that the EAPs significantly increase corporate environmental investments but have no significant impact on green technology innovation. Among them, enterprises in growth and mature periods significantly increase their investments in environmental protection;enterprises in mature period also intensify efforts towards green technology innovation while enterprises in decline period do not change their environmental behaviors. The multiple penalties have the stronger deterrent effect on enterprises, and even declining enterprises may increase the investment in environmental protection after receiving multiple penalties. The effects of EAPs are more significant on heavily polluting industries, non-state-owned enterprises, and enterprises with higher levels of environmental information disclosure. Based on these, environmental agency should construct an accurate supervision system for the corporate life cycle to improve the accuracy of environmental supervision, promote reform by punishment and optimize enterprise environmental behavior comprehensively.

关 键 词：环境规制 环境行政处罚 企业生命周期理论 环保投资 绿色创新 

分 类 号：F272.3[经济管理—企业管理] X32[经济管理—国民经济]