中央环保督察对上市房地产企业价值影响的实证研究  

Empirical Study on the Impact of Central Environmental Protection Inspector on the Value of Listed Real Estate Enterprises

作　　者：马子红[1] 范立茹 Ma Zihong;Fan Liru(School of Economics,Yunnan University,Kunming Yunnan 650504,China)

机构地区：[1]云南大学经济学院,云南昆明650504

出　　处：《西南林业大学学报（社会科学）》2024年第6期7-13,共7页Journal of Southwest Forestry University(Social Sciences)

基　　金：“云南省高等教育本科教学成果立项培育”项目(JXCG22013)资助;“云南省教师教学创新能力提升”项目(W8242702001)资助;“云南大学2023年研究生课程思政示范课程”项目(2023KCSZ12)资助。

摘　　要：房地产业是国民经济的支柱产业,也是典型的高排放、高耗能行业,在蓬勃发展的同时也产生了大量环境问题。以平衡环境保护与经济增长关系为主要目的的环境规制,正通过创新、融资、信息披露等维度对房地产企业价值产生影响。为了客观评价其影响程度,本研究利用2012—2021年我国上市房地产企业的相关数据,构建强度双重差分模型来进行深入探究。结果表明:中央环保督察对上市房地产企业价值具有负向影响,第二轮中央环保督察对企业价值抑制效应更为明显;不同类型的上市房地产企业受影响程度存在明显差异,中央环保督察对小型非国有上市房地产企业价值产生负向冲击,而对大型国家上市房地产企业价值形成正向促进。据此,本研究针对房地产企业有效应对环境规制提出相应建议。The real estate industry is a pillar industry of the national economy and a typical high energy consuming and high emission industry.While it is thriving,it has also generated a large number of environmental problems.The environmental regulations aimed at balancing the relationship between environmental protection and economic growth are having an impact on the value of real estate enterprises through dimensions such as innovation,financing,and information disclosure.In order to objectively evaluate its impact,this article uses relevant data from listed real estate companies in China from 2012 to 2021 to construct a strength double difference model for in-depth exploration.The results indicate that central environmental inspections have a negative impact on the value of listed real estate enterprises,and the inhibitory effect of the second round of central environmental inspections on enterprise value is more pronounced;There are significant differences in the degree of impact on different types of listed real estate enterprises.Central environmental inspections have a negative impact on the value of small and non-state-owned listed real estate enterprises,while they have a positive impact on the value of large and state-owned listed real estate enterprises.Based on this,this article proposes corresponding suggestions for real estate enterprises to effectively respond to environmental regulations.

关 键 词：中央环保督察 房地产企业 价值 强度双重差分法 

分 类 号：F205[经济管理—国民经济]