环境经济政策对环保上市公司绩效的影响

The Impact of Environmental Economic Policies on the Performance of Environmental Listed Firms

环境经济政策有利于环境改善,有利于经济发展和环保产业发展,那么,是否也会有利于环保企业的绩效?把环境经济政策分为直接经济政策和间接经济政策,分别用环保投资和排污费来指代,研究发现:间接环境经济政策比直接环境经济政策对环保上市公司绩效的促进效果更明显。对环保上市公司分类研究发现,大气治理类环保上市公司比水处理类环保上市公司对环境经济政策的反应更敏感,进一步研究发现,政治关联减弱了环境经济政策对环保上市公司绩效的促进作用。

Environmental economic policies are conducive to environmental improvement,economic development,and environmental protection industry.Will environmental economic policies lead to the enhanced performance of environmental listed firms？We divide the environmental economic policies into direct environmental economic policies and indirect environmental economic policies,which are measured by the investment in environmental protection and the pollution charge,respectively.The empirical study finds that the indirect environmental economic policies are more effective than the direct ones on the performance of environmental listed firms.After categorizing the firms based on their business,we have found that air pollution control firms,compared with the water treatment firms,are more responsive to the environmental economic policies.Our studies also show that political connections of firms diminish the impact of environmental economic policies on their performance.