混合所有制程度、环境监管强度与企业环保投入  

Mixed Ownership Reform,Environmental Supervision Intensity and Environmental Protection Investment

作　　者：徐灿宇 梁上坤[2] Canyu Xu;Shangkun Liang(School of Business,East China University of Science and Technology;School of Accountancy,Central University of Finance and Economics)

机构地区：[1]华东理工大学商学院 [2]中央财经大学会计学院

出　　处：《经济管理学刊》2024年第3期173-198,共26页Quarterly Journal of Economics and Management

基　　金：国家自然科学基金青年项目(72302088);国家自然科学基金面上项目(72272164、 71872196)对本文研究的资助。

摘　　要：混合所有制改革旨在提高中国国有企业的资本配置效率和治理水平,是中国国有企业当前改革的重点和关键。立足此背景,本文手工整理了企业环保数据,基于2008—2019年A股国有上市公司的样本,系统考察了混合所有制程度对环保投入的影响。研究发现:混合所有制程度与环保投入呈负相关关系,即混合所有制多样性越大、融合度越高,环保投入越少;而政府环境监管强度起到了调节混合所有制程度与环保投入负向关系的作用。进一步的研究显示:混合所有制程度通过强化融资约束来抑制国有企业的环保投入;区分环保投入类型,混合所有制程度对不同类型环保投入均存在抑制作用;区分行业污染程度,混合所有制程度的抑制作用在重污染行业中更高;区分混合主体参股程度,外资、民营参股程度越高,环保投入越低;区分国有企业层级,混合所有制程度的影响在中央企业中较小。本文从环保投入的角度揭示了混合所有制改革可能引发的微观影响及其应对思路,并进一步为监管机构和投资者提供了有益启示。The mixed ownership reform aims to increase the efficiency of state-owned capital allocation and improve the corporate governance of state-owned enterprises.It is the current focus and key of China's state-owned enterprise reform.In October 2022,the 20th National Congress of the Communist Party of China(CPC)pointed out that“deepening the reform of state-owned capital and state-owned enterprises,accelerating the optimization of the state-owned economic layout and structural adjustment,promoting the state-owned capital and state-owned enterprises to become stronger and better,and enhancing the core competitiveness of enterprises”.Mixed ownership reform has continued to advance at different levels of the state-owned economy.With the continuous strengthening of mixed ownership reform,non-state capitals have taken shares in state-owned enterprises,which has brought significant impacts on the governance structure,business mechanism and operational efficiency of state-owned enterprises.Based on this,academics have explored the economic consequences of the mixed ownership reform of state-owned enterprises(SOEs),focusing mainly on the economic efficiency of SOEs in terms of investment activities,financing activities and enterprise performance.In recent years,how to promote green economic and social development has attracted worldwide attention.The overall task of China's ecological civilization in the new era is to promote green development and harmonious coexistence between human beings and nature.However,existing researches on the consequences of mixed ownership in SOEs have paid more attention to the economic development of the enterprises,but less attention to the impact of the investment on environmental protection.The impact of mixed ownership reform of state-owned enterprises on environmental issues has been an important topic of widespread concern in both theoretical and practical circles.Based on this,the paper explores how the degree of mixed ownership affects the environmental investment of state-owned ente

关 键 词：混合所有制 国有企业改革 环保投入 环境监管强度 

分 类 号：F276.1[经济管理—企业管理]