制度环境、政治关联与企业环保投资——来自A股上市公司的经验证据

Institutional Environment, Political Connection and Enterprise Environmental Protection Investment Based on Chinese A-Share Companies

以2008~2015年A股环境敏感型上市公司为研究对象,实证检验了管理层政治关联对企业环保投资的影响,并进一步研究了制度环境对该影响的调节作用。研究发现:管理层政治关联对企业环保投资具有负面影响,即管理层的政治关联越强,企业环保投资越少。管理层利用政治关联规避环保投资,在一定程度上符合地方官员以经济规模为主的考核目标。但是,制度环境的改善能够减少上述负面影响。对反腐败、市场化和国际化3个制度环境因素的调节作用进行了研究,发现反腐败、市场化等制度环境的改善,有利于遏制管理层利用政治关联减少环保投资;而国际化的加快对两者关系的调节作用并不显著。本文认为,进一步贯彻反腐败、加快市场化机制进度,是驱动企业增加环保投资的重要手段。

In this paper, the data of environmentally sensitive companies in A-share market between 2008 and 2015 are analyzed to figure out the influence of political connections of management on the environmental protection investment of enterprises and the amends of the institutional environment for the influence. It is found that companies with stronger political connections invest less in environmental protection, while anti-corruption and marketization can weaken the negative influence. The influence of internationalization on their relationship is not significant.