地区污染治理投资与企业环境成本

Impact of Regional Pollution Control Investment on Enterprises' Environmental Cost

随着生态文明建设的加强与各项环境政策的落实,中国各地区环境污染治理投资额度逐年增加,对企业产生了重要影响。本文选择2007-2016年全部A股上市公司为研究样本,通过财务报表信息形成较为全面的企业环境成本,并将其划分为资本化与费用化两个部分,在微观层面考察省级地区污染治理投资对环境成本的影响,研究结果显示:地区污染治理投资越多,企业发生的环境成本越小—投资具有"挤出效应";该效应集中在资本化的环境成本中,而对费用化部分影响不显著;该效应在非三大经济区域等经济欠发达地区更为明显。进一步细分地区污染治理投资的类型,发现废气、废水与其他治理项目投资产生了显著的"挤出效应",而其他投资无显著影响。其他指标分析显示:企业规模越大能够支付的企业环境成本越大;相较于资本化环境成本,重污染企业缴纳了更多的排污费与环保罚款等费用化成本。

With the reinforcement of China’s ecological civilization construction and the continuous implementation of various environmental policies,the investment for environmental pollution control in various regions has increased year by year.It has an important impact on enterprises.This paper selects the A-share listed companies from 2007 to 2016.Through the financial report information,it forms a more comprehensive enterprise environmental cost,and divides the cost into two parts:capitalization and expense.We try to examine the impact of provincial pollution control investment on enterprises’environmental cost from the micro aspect.The research results show that,the more investment in regional pollution control,the smaller environmental cost of the enterprise,which shows an extrusion effect.This effect is obvious for the capitalization part,and the impact on the expense part is not significant.And the effect is more obvious in less economically developed areas.The investment in waste gas and water treatment projects produces a significant extrusion effect,while other investment has no significant impact.Analyses of other indicators show that larger enterprises invest more in environmental cost and the polluting enterprises pay more sewage charges and environmental fines.