行政处罚与企业环保费用粘性--基于中国上市公司的经验研究  

The Stickiness of Administrative Penalties and Environmental Costs--An Empirical Study Based on Listed Companies in China

作　　者：梁进城 Jincheng Liang(College of Business,Hunan University of Science and Technology,Xiangtan,Hunan,411100,China)

机构地区：[1]湖南科技大学商学院,湖南湘潭411100

出　　处：《管理科学与研究（中英文版）》2024年第11期52-63,共12页Management Science and Research

摘　　要：本文基于我国A股上市公司2010-2020年环保费用数据,运用ABJ模型实证考察企业环保费用“粘性”的存在性及其属性,并考察行政处罚对企业环保费用粘性的影响。研究发现,企业环保费用存在“易涨难跌”的粘性,而行政处罚则能够强化企业环保费用粘性。进一步研究发现,行政处罚通过对企业环保投入的资金能力发挥威慑效应。另外,该抑制作用在低法制化进程地区的企业表现得更显著,表明上述强化效应的发挥还依赖于外部法制环境。且对于机构持股比例高组与内外信息不对称程度高组表现得更显著,表明外部监督对企业环保费用粘性起强化作用。本研究从环保费用粘性的视角,揭示了行政处罚这一政府监督政策的实施效果、作用机理及其对外部环境的依赖性,为优化行政处罚政策,强化企业生态环境的主体责任提供了经验证据。Based on the environmental protection expenses data of listed companies on the A-share market in China from 2010 to 2020,this paper uses the ABJ model to empirically investigate the existence and attributes of corporate environmental protection expenses"stickiness"and the impact of administrative punishment on corporate environmental protection expenses stickiness.The study finds that corporate environmental protection expenses exhibit"easy to rise but difficult to fall"stickiness,while administrative punishment can intensify corporate environmental protection expenses stickiness.Further research shows that administrative punishment exerts a deterrent effect on corporate environmental protection investment through its suppression effect.Moreover,the suppression effect is more pronounced in regions with low levels of legalization,indicating that the intensification of the effect depends on the external legal environment.Furthermore,the suppression effect is more pronounced for firms with high institutional ownership ratio and high levels of information asymmetry,indicating that external supervision plays a role in intensifying corporate environmental protection expenses stickiness.This study provides empirical evidence from the perspective of environmental protection expenses stickiness to reveal the implementation effects,mechanisms,and external dependence of the administrative punishment,a government supervision policy,and provides evidence for optimizing the administrative punishment policy and strengthening the corporate environmental responsibility.

关 键 词：行政处罚 环保费用粘性 异质性 

分 类 号：D92[政治法律—法学]