环境司法专门化能抑制企业“脱实向虚”吗?——来自环境法庭设立的经验证据  

Can environmental justice specialization curb“the shift from the real to the virtual”of enterprises?Empirical evidence from the establishment of environmental courts

作　　者：于连超 季培楠 YU Lianchao;JI Peinan(Lanzhou University,Lanzhou 730000)

机构地区：[1]兰州大学,甘肃兰州730000

出　　处：《财贸研究》2024年第11期95-110,共16页Finance and Trade Research

基　　金：国家自然科学基金青年项目“环境监管数字化转型与企业环保应对研究:来自设立污染源在线监控系统的视角”(72302111);国家自然科学基金青年项目“先发制人还是后来居上?竞争环境下的企业IT生产力及投资决策研究”(72201117)。

摘　　要：借助环境法庭设立的准自然实验,运用沪深A股上市公司2007—2022年的经验证据,使用多期双重差分法探讨环境司法专门化对企业金融化的影响。研究发现,环境法庭能够抑制企业金融化。作用机制检验结果表明,环境法庭会促使企业提高环保投资、加强绿色创新和开展绿色并购,进而抑制企业金融化。异质性分析显示,当法治环境较差、环境规制较弱和公司治理较好时,环境法庭对企业金融化的抑制作用更显著。溢出效应分析发现,环境法庭既能抑制设立地区的企业金融化,还能抑制邻近地区的企业金融化。经济后果分析表明,环境法庭对企业金融化的抑制作用能降低企业经营风险、提高企业生产效率和改善企业主业业绩。研究结论为司法部门推进环境法治建设、微观企业优化投资决策提供了经验参考。Drawing on the quasi-natural experiment of the establishment of environmental courts,this study employs empirical evidence from A-share listed companies in Shanghai and Shenzhen over the period 2007-2022 to explore the impact of environmental justice specialization on corporate financialization using a multi-period difference-in-differences approach.The study finds that environmental courts inhibit corporate financialization.Mechanism analysis finds that environmental courts inhibit corporate financialization by inducing firms to increase environmental investment,enhance green innovation,and engage in green mergers and acquisitions.Heterogeneity analysis finds that environmental courts inhibit corporate financialization more significantly when the law environment is poor,environmental regulation is weak,and corporate governance is better.Spillover effect analysis finds that environmental courts can inhibit corporate financialization both in the region where they are established and in neighboring regions,exhibiting spillover effects.Economic consequence analysis finds that environmental courts can reduce business risks,increase business productivity and improve main business performance by inhibiting corporate financialization.The findings of this study offer empirical references for the judiciary to promote the environmental rule of law and for microenterprises to optimize their investment decisions.

关 键 词：环境司法专门化 环境法庭 金融化 金融资产 溢出效应 

分 类 号：F272.3[经济管理—企业管理]