环保产业政策支持与企业环境治理动机——基于重污染上市公司的经验证据

Industrial Policy Support of Environmental Protection and the Environmental Governance Motivation of Enterprises:Based on Empirical Evidence of Listed Companies with Heavy Pollution

以2006—2015年沪深A股重污染上市公司为研究样本,实证考察环保产业政策支持企业参与环境治理的动机。研究表明,环保产业政策支持企业的环境治理行为兼具价值创造动机与高管自利动机,且主要体现在非国有企业或高融资约束企业方面。进一步分析发现,环保产业政策支持企业的环境治理投资整体有利于企业价值创造,但具有时滞性。具体而言,基于价值创造动机的环境治理投资可提升企业价值,而高管自利动机下的环境治理投资不利于企业价值创造。这一研究丰富了环保产业政策的分析视角以及企业环境治理投资的相关研究,为政府从高管动机层面优化环境治理政策以实现高质量可持续发展提供经验证据。

Taking A-share heavy polluting listed companies from 2006 to 2015 as samples,this paper investigates the motivation of enterprises supported by industrial policy of environmental protection to participate in environmental governance.We find that the environmental investment behavior of enterprises supported by industrial policy of environmental protection is both based on the motivation of value creation and the motivation of executive self-interest,which is mainly embodied in non-SOEs or high financing constraint enterprises.Further research shows that environmental investment of enterprises supported by industrial policy of environmental protection is beneficial to the enterprise value creation,but has the time lag.Specifically,environmental investment based on the motivation of value creation can enhance the value of enterprises,while the environmental investment under the self-interest motivation of executives is not conducive to improve enterprise value.This paper expands and enriches the research perspective of industrial policy of environmental protection and the related research of enterprise environmental investment.What's more,it also provides empirical evidence for the government to optimize environmental policy from the perspective of executive motivation to achieve high quality sustainable development.