生态损害赔偿制度促进了企业环保投资吗?

Do the Implementation of Ecological Damage Compensation System Promote Corporate Environmental Investment?

以沪深A股重污染行业上市公司为研究样本,实证检验《生态环境损害赔偿制度改革试点方案》的实施对企业环保投资的影响及政治关联的调节效应。结果显示:该制度的出台显著提高了试点地区企业的环保投资水平,且企业政治关联对二者之间的关系具有正向调节作用。在解决了自选择偏差问题以及通过安慰剂检验后,该结论依然成立。进一步分析发现,该制度主要通过提高地方环境规制力度来促进企业环保投资。此外,其促进效应在非国有企业、地方财政环保支出较低及市场化程度较高的地区中更为显著。

Using a sample of the listed companies in Shanghai and Shenzhen A-share heavily polluting industries during 2014 to 2017,we examine the impact of the implementation of the Ecological Damage Compensation System on the corporate environmental investments,and the mediated role of political connections.The results show that the implementation of the Ecological Damage Compensation System has significantly improved the environmental investment level of enterprises in the pilot areas,and the corporate political connection has a positive regulatory effect on the relationship between the above.The above conclusions are robust to alleviate the self-selection bias and pass the placebo test.Further analysis have found that the Ecological Damage Compensation System mainly promotes the environmental investment by improving the intensity of local environmental regulation.In addition,this kind of promoting effect is more significant in non-state-owned enterprises,areas where local financial investment in environmental protection is lower and the degree of marketization is higher.