企业上市与污染排放  

IPO and Firm Pollution

作　　者：李青原[1] 邵凌霜 胡龙吟 章尹赛楠 LI Qingyuan;SHAO Lingshuang;HU Longyin;ZHANG Yinsainan(School of Economics and Management,Wuhan University;School of Economics and Management,Hubei University of Technology;School of Economics and Management,South China Normal University)

机构地区：[1]武汉大学经济与管理学院,430072 [2]湖北工业大学经济与管理学院 [3]华南师范大学经济与管理学院

出　　处：《经济理论与经济管理》2025年第1期131-150,共20页Economic Theory and Business Management

基　　金：国家自然科学基金重点项目(72332003)的资助。

摘　　要：资本市场应该如何服务于企业绿色经营是经济高质量发展的重要内容,基于企业首次公开募股(IPO)的视角,本文使用1998—2013年中国A股上市工业企业污染数据,分析企业上市对污染排放的影响。研究发现,企业IPO后污染排放程度显著提升。机制检验表明,企业上市后代理问题的加剧会增加企业业绩压力和股价下行压力,促使管理层通过削减环境治理开支以提高经营业绩,导致污染排放上升。异质性分析表明,在环境议价能力、所处地区政府财政压力较大和行业竞争程度更高的企业中,IPO后其污染排放水平上升更为显著;而较大的地方政府环境监管力度以及较强外部机构投资者监督能够弱化IPO对企业污染排放的促进作用。本文通过检验IPO对企业污染排放的影响,为深化资本市场和政府环境监管制度改革提供政策启示。Listed companies face stronger disclosure requirements and market concerns,however,they are often penalized for environmental issues.By studying the changes in the pollution emission behavior of enterprises before and after going public from the perspective of IPO,we can clarify the consequencesand mechanisms of equity financing affecting the environmental behavior of enterprises.Based on the perspective of corporate initial public offering(IPO),this paper uses the pollution data of China's A-share listed industrial enterprises from 1998-2013 to analyze the impact of corporate IPO on pollution emission.It is found that the degree of pollution emission increases significantly after corporate IPOs Mechanism tests indicate that the aggravation of agency problems after IPOs increases the pressure on corporate performance and downward pressure on stock prices,which prompts management to improve operating performance by cutting environmental governance expenditures,leading to a rise in pollution emissions.Heterogeneity analysis shows that among firms with higher environmental bargaining power,higher financial pressure from the government of the region they are located in,and a higher degree of competition in the industry,the level of their pollution emissions rises more significantly after IPO;whereas stronger local government environmental regulation and external institutional investor supervision can weaken the promotion effect of IPO on firms'pollution emissions.Compared to existing literature,the main contributions of this paper is expanding the research on the differences in the level of pollution emissions between unlisted and listed firms.Meanwhile,by examining the trade-off between costs and benefits of corporate pollution emissions before and after IPOs,studying the multi-party co-construction mechanism to realize corporate pollution reduction and emission reduction under different regulatory environments,the study supplements the research on the impact of capital market surplus pressure on corporate pollution

关 键 词：企业上市 污染排放 业绩压力 代理问题 信息环境 

分 类 号：X322[环境科学与工程—环境工程] F832.51[经济管理—金融学]