环境规制对企业绿色投资的影响研究--基于218个重污染行业上市公司的实证研究

Research on the Impact of Environmental Regulation on Enterprise Green Investment-An Empirical Study Based on 218 Listed Companies in Heavy Pollution Industries

企业绿色投资是绿色发展的一项重要内容。文章选取2013—2019年218个重污染行业上市公司的数据,通过门槛模型实证研究了环境规制与企业绿色投资的门槛效应,研究结果表明:环境规制对企业绿色投资存在单门槛效应。当环境规制小于门槛值时,环境规制的“遵循成本”相对较高,此时环境规制对企业绿色投资具有显著抑制作用,验证了“要素禀赋”假说;当环境规制大于门槛值时,环境规制的“遵循成本”相对较低,同时企业会考虑到绿色投资的“创新补偿”效应,此时环境规制对于企业绿色投资具有显著促进作用。此外,通过对企业规模的异质性检验得出,大规模企业进行绿色投资更为主动。基于上述结论,提出通过建立监督体系、制定适宜的环境规制政策、因企制宜来促进企业绿色投资的建议。

Enterprise green investment is an important part of green development.Using the data of 218 listed companies in heavy pollution industries from 2013 to 2019,this paper empirically studies the threshold effect of environmental regulation and enterprise green investment through the threshold model.The results show that there is a single threshold effect of environmental regulation on enterprise green investment.When environmental regulation is less than the threshold,the“compliance cost”of environmental regulation is relatively high.Environmental regulation has a significant inhibitory effect on enterprise green investment,which confirms the“factor endowment”hypothesis;when environmental regulation is greater than the threshold value,the“compliance cost”of environmental regulation is relatively low.At the same time,enterprises will consider the“innovation compensation”effect of green investment.Environmental regulation can significantly promote enterprise green investment.In addition,through the heterogeneity test of enterprise scale,it is concluded that large-scale enterprises are more active in green investment.Based on the above conclusions,this paper puts forward some suggestions to promote enterprise green investment by establishing a supervision system,formulating an appropriate range of environmental regulation and adjusting measures according to enterprise conditions.