产业政策对企业环保投资的影响研究

Research on the Influence of Industrial Policy on Environmental Protection Investment in Enterprises

企业环保投资行为是企业参与环境治理的直接表现,产业政策作为国家宏观调控的手段,在企业履行环境责任过程中发挥着至关重要的作用。基于我国产业政策制度背景,论文以2011-2018年沪市A股重污染行业上市公司为研究样本,实证分析产业政策对企业环保投资的影响。研究发现:产业政策的支持能够促进企业环保投资,这种“正向激励”的作用机制主要通过缓解企业的融资约束体现。论文的结论丰富了现有产业政策微观经济后果研究,拓展了企业环保投资的影响因素。

Enterprises'environmental protection investment behavior is the direct performance of enterprises'participation in environmental governance.As a means of national macro-control,industrial policy plays a vital role in the implementation process of enterprises'responsibility for the environment.Based on the background of China's industrial policy and system,this paper takes listed companies in the heavy pollution industry in Shanghai A-shares from 2011 to 2018 as the research sample to empirically analyze the influence of industrial policy on environmental protection investment in enterprises.The results show that:the support of industrial policy can promote the environmental protection investment of enterprises,and the mechanism of action of this"positive incentive"is mainly reflected by easing the financing constraints of enterprises.The conclusion of this paper enriches the existing research on the microeconomic consequences of industrial policy and expands the influencing factors of environmental protection investment.