法律环境、媒体关注与企业环保投资——基于新《环保法》的实验研究

Legal Environment,Media Attention and Corporate Environmental Protection:InvestmentA Quasi-Natural Experiment from New Environmental Law

“新环保法”的实施不但对企业环保投资具有显著的提升效果,且在控制内生性问题、变更实验截点和观测周期的安慰剂检验后依旧具备稳健作用;政策对于环保投资的提升作用仅在媒体关注程度较高的企业中显著;政策实施前环保投资对企业价值具有显著负向影响,而在政策实施之后二者关系显著为正,即“新环保法”促进企业履行环境责任的同时并未对其市场价值产生不利影响。因此在企业环保投资中,需要密切关注“新环保法”,以确保企业环保投资的经济效益。

The implementation of the“new environmental protection law”not only has a significant effect on improving the environmental protection investment of enterprises,but also has a steady effect after controlling endogenous problems,changing the experimental cut-off point and the placebo test of observation cycle;The promotion effect of policies on environmental protection investment is only significant in enterprises with high media attention;Before the implementation of the policy,environmental protection investment has a significant negative impact on the value of enterprises,while after the implementation of the policy,the relationship between the two is significantly positive,that is,the“new environmental protection law”promotes enterprises to fulfill their environmental responsibilities without adversely affecting their market value.Therefore,in the environmental protection investment of enterprises,we need to pay close attention to the“new environmental protection law”to ensure the economic benefits of environmental protection investment of enterprises.