既要绿水青山,也要金山银山:企业环保负担的弱化机制与实证检验

Clear Waters and Green Mountains,as well as Mountains of Gold and Silver:A Study on Mechanism of Weakening Financial Burden of Corporate Environmental Protection Input with an Empirical Test

环境规制既能促使工业企业增加环保投入,也会加重其财务负担。制定合理的产业政策,弱化环保投入造成的财务负担,是科学处理环境保护与企业发展关系的关键。本文从源头端政府创新激励与末端产业化环保治理两个维度,讨论企业环保负担的弱化机制及国有企业的异质性,并手动收集A股制造业上市企业样本数据进行实证检验。结果表明,源头端技术创新激励及利用专业企业进行末端产业化环保治理两种机制能够缓解环保投入给企业财务造成的压力,但机制的有效性存在一定条件约束。国有企业的政策工具属性,会弱化源头端创新机制的激励效果。政府为发挥国企的环保示范作用,可能造成国企的末端环保投入过大,降低末端产业化治理的效率。随着更严厉的环保法规出台,地方政府可能给予企业过度的环保激励,进而降低产业化治理的收益。

Environmental regulation can not only increase the environmental protection input of industrial enterprises,but also bring them financial burden. It is necessary to formulate effective policies to balance the relationship between environmental protection and corporate development. By establishing two models from the perspectives of government innovation incentive at the source of production and industrialized environmental protection activities at the end of production,the mechanism of weakening the negative impact of environmental protection input on financial performance and the heterogeneity of state-owned enterprises are discussed,and the conclusions are empirically tested by using the samples of listed enterprises in A-share manufacturing industry. The results show that government innovation incentive at the source of production and industrialized environmental protection activities at the end of production can weaken such a negative impact,but the effectiveness of two mechanisms is conditioned. State-owned enterprises,as policy tools,can reduce the effect of innovation incentive. The government may fund the environmental protection of state-owned enterprises too much,prompting them to increase terminal environmental protection input and reducing the efficiency of industrialized environmental protection. With the introduction of stricter environmental protection laws and regulations,local governments may give excessive incentives to corporate environmental protection,reducing the benefits of industrialized environmental protection.