地方政府官员考核与企业投资——基于大气污染防治考核的视角

Local Official Assessment and Corporate Investments——From the Perspective of Atmospheric Governance Assessment

随着大气污染防治行动的持续推进,大气污染防治的考核指标被纳入地方官员考核范围。此次考核是在地方党政领导干部考核机制转变背景下,在环保方面的一次刚性考核,因而备受关注。本文从企业投资这一视角研究地方官员大气污染防治考核对企业行为的影响。实证结果表明,大气污染防治考核目标会使得地方政府采取严格的环境规制政策、限制金融资源配置等途径减少重污染企业过度投资行为,但也可能由于极端的停产限产行为而使民营企业出现投资不足的现象。这说明在对官员的考核中加入环境绩效这一增量因素有利于减少企业过度投资,但需警惕投资不足现象的发生。

With the steady progressing of atmospheric pollution prevention action, the target of atmospheric pollution prevention assessment is newly added into the current local government performance examination system. This examination of environment protection is carried out into force in the context of reform on the local government official performance assessment mechanism and is acquiring much attention for its unprecedented rigidness. So it is now of great interest how this change will influence the behaviors of local corporates. This study examines the impact that atmospheric pollution prevention assessment for local officials has on corporate investment behaviors. The results demonstrate that the atmospheric pollution prevention assessment for local government officials will mitigate over?investments of local corporates by strict environment policies and limited available financial resources. But at the same time, extreme restrictions may lead to under-investments of private firms. Our conclusions implicate that incorporating the target of atmospheric pollution prevention assessment into current local government performance examination system contributes to the decrease of corporate over-investments. However enough attention should be paid to the increase of corporate under-investments during the process.