产权性质、环境规制与企业环保投资

Ownership,Environmental Regulation and Companies' Environmental Investment

本文以2013—2016年我国A股上市企业数据为样本,实证研究了行业环境规制强度对企业环保投资的影响,以及这一影响在不同性质企业之间的异质性。研究结果表明:政府环境规制强度与企业环保投资规模之间呈现"U"型关系,即企业环保投资规模随着环境规制强度的加大而先减后增。进一步的分析发现:与国有企业相比,非国有企业环保投资规模的相对值更高,非国有企业环保投资对环境规制的反应更为敏感;而在国有企业样本中,央企环保投资对环境规制的敏感性又强于地方国企。本文的研究结论揭示了环境规制的投资效应及其在不同产权性质企业之间的异质性,为政府针对企业产权性质的不同而精准制定相应的环境规制政策提供了参考依据。

We investigated the influence of industry environmental regulation intensity on companies＇environmental investment as well as heterogenicity of the influence among companies of different ownership based on data from typical A-share listed companies of our country from 2013 to 2016.Our research shows that the relationship between government environmental regulation intensity and companies＇environmental investment scale is＂U-shaped＂,which means that companies＇environmental investment scale is becoming larger first and smaller later as environmental regulation intensity is enhancing.Through further analysis,it can be found that the relative companies＇environmental investment of non-stateowned is higher compared with that of the state-owned companies,and non-state-owned companies are more sensitive to environmental regulations.While in the state-owned enterprises,the central stateowned enterprises are more sensitive to environmental regulations than the local state-owned enterprises are.The conclusion is that the environmental regulation＇s investment effect and its heterogenicity among companies of different ownership can be used as reference for the government to accurately make corresponding environmental regulation policies based on various companies＇ownership.