环境规制、企业投资取向与空气质量——基于上市公司的证据

Environmental Regulation,Investment Direction of Enterprises and Air Quality——Evidence from Listed Companies

关于环境规制对空气质量产生影响的研究很多,本文从理论和实证两个方面探讨了环境规制、企业投资取向和空气质量之间的关系。本文通过理论模型分析发现,环境规制的实施可以改变工业企业"清洁"生产部门和"污染"生产部门的预期收益,从而减少"污染"生产部门的生产性投资,增加"污染"生产部门的技术类投资,最终达到改善空气质量的效果。实证上,本文利用2014—2017年的企业投资数据匹配城市空气质量数据,基于中介效应模型和门槛效应模型进行实证检验。主要发现如下:(1)环境规制影响空气质量的一条路径是企业投资取向,环境规制的实施会减少企业的生产性投资,同时增加企业的类金融投资和技术类投资,最终促进空气质量改善;(2)环境规制对空气质量的影响是非线性的,随着环境规制的加强,生产性投资和技术类投资对空气质量的影响由恶化转为改善,类金融投资对空气质量的改善作用会增强。

There are many researches on the impact of environmental regulation on air quality through various ways.This paper discusses the relationship between environmental regulation,investment direction of enterprises and air quality from theoretical and empirical aspects.The theoretical model shows that the implementation of environmental regulation can change the expected income of“clean”production sector and“polluted”production sector of industrial enterprises,so as to reduce the productive investment of“polluted”production sector,increase the technical investment of“polluted”production sector,and finally achieve the effect of improving air quality.Empirically.Empirically,this paper uses 2014-2017 corporate investment data to match the urban air quality data,based on the intermediary effect model and threshold effect model for empirical test.The main findings are as follows:firstly,one of the ways that environmental regulations affect air quality is the investment orientation of enterprises.The implementation of environmental regulation will reduce the productive investment of enterprises,increase the financial investment and technological investment of enterprises,and ultimately improve the air quality;secondly,the impact of environmental regulation on air quality is non-linear.With the strengthening of environmental regulations,the impact of productive investment and technology investment on air quality has changed from deterioration to improvement,and the increase of financial investment has enhanced the improvement of air quality.