大股东股权质押会提升企业环境治理水平吗?——来自重污染上市公司的经验证据

Can Stock Rights Pledging of Blockholders Improve Corporate Environmental Governance?Evidence from Heavily Polluting Listed Companies

本文以2000—2018年中国A股重污染上市公司为样本,实证检验大股东股权质押是否会影响企业环境治理水平。研究发现,重污染上市公司的大股东股权质押后为了规避因企业环境治理不善可能带来的控制权转移风险会显著提高企业的环境治理水平。进一步研究发现,这一现象在融资约束较高的企业和民营企业中更为明显。此外,本文还发现大股东股权质押后进行的环境治理投资确实会显著降低企业股价崩盘风险,从而达到规避控制权转移风险的目的。上述主要结果在进行了一系列稳健性检验后结论依然成立。本文的研究为新时代中国特色社会主义背景下的环境治理提供了来自资本市场的经验证据。

This paper investigates the relationship between stock rights pledging of blockholders and corporate environmental governance based on heavily polluting listed companies of China from 2000-2018.We find that blockholders of heavily polluting listed companies who pledge stock rights is more likely to improve corporate environmental governance.Further research shows that this relationship is more significant in enterprises with severe financing constraints and private enterprises.In addition,this paper also finds that environmental governance will significantly reduce the risk of stock price crash.The above main results are still valid after a series of robustness tests.This paper provides empirical evidence from the capital market for environmental governance in the context of socialism with Chinese characteristics in the new era.