环境政策不确定性、环境执法与企业环保投资  

Environmental Policy Uncertainty,Environmental Enforcement,and Corporate Environmental Investment

作　　者：张光利[1] 兰明慧 于连超 杨长汉[1] Zhang Guangli;Lan Minghui;Yu Lianchao;Yang Changhan(Business School,Central University of Finance and Economics,Beijing 100081,China;School of Management,Lanzhou University,Lanzhou 730000,China)

机构地区：[1]中央财经大学商学院,北京100081 [2]兰州大学管理学院,甘肃兰州730000

出　　处：《财经研究》2024年第6期79-92,共14页Journal of Finance and Economics

基　　金：国家自然科学基金项目(72202251,71974219,72302111)。

摘　　要：企业参与环境治理的一个重要途径是环保投资,而政府监管政策和法律是约束企业行为的两个重要外部因素,据此文章从政策和法律两个维度探究企业环保投资的驱动因素。为研究环境政策对于企业环保投资的影响,文章构建了中国城市层面的环境政策不确定性指数,实证结果表明,环境政策不确定性越高,该地区企业的环保投资规模越低。在使用双重差分方法检验地级市中级人民法院设立环保法庭这一准自然实验的环境执法效果后发现,随着环境执法力度的提升,该地区企业环保投资也显著增加,而且环境执法的提升可以弱化环境政策不确定性对企业环保投资的抑制作用。异质性检验结果显示,环境政策不确定性对企业环保投资的抑制作用在国有企业、重污染行业、环境规制程度强的地区更强,而环境执法对企业环保投资的促进作用则是在民营企业、非重污染行业、环境规制程度强的地区更强。文章的研究结果对于促进企业环保投资和生态法治建设提供了有益启示。The issue of environmental governance cannot be separated from the participation of micro enterprises.One important way for enterprises to participate in environmental governance is environmental investment.Based on the dual research framework of government policy and legal environment,this paper discusses the impacts of environmental policy and environmental enforcement on regional enterprises'environmental investment from the perspectives of environmental policy uncertainty and the establishment of environmental tribunals,respectively.This paper finds that from the perspective of environmental policy,environmental policy uncertainty inhibits corporate environmental investment;from the perspective of environmental enforcement,environmental investment increases when environmental tribunals are set up by the intermediate people's courts in prefecturelevel cities.Meanwhile,it is found that the establishment of environmental tribunals weakens the inhibitory effect of environmental policy uncertainty on environmental investment,indicating that environmental enforcement is an effective complement to environmental policy uncertainty.Heterogeneity testing shows that the inhibitory effect is stronger in private enterprises,heavily polluting industries,and regions with stricter environmental regulations;and the promotion effect is stronger in private enterprises,non-heavily polluting industries,and regions with stricter environmental regulations.Additionally,this paper adopts research methods such as instrumental variables and DID to reduce endogeneity issues in empirical research.The contributions of this paper are as follows:First,it innovatively synthesizes policy and law into the framework of corporate environmental investment.Government policy and legal environment are the two most important external mechanisms that constrain environmental investment behavior,and they have a synergistic effect.Second,it penetrates the research method of economic policy uncertainty to environmental policy uncertainty,and analyzes how

关 键 词：环境政策不确定性 企业环保投资 环境执法 环保法庭 

分 类 号：F275[经济管理—企业管理]