河长制对重污染企业绿色转型策略的影响

Discussions on river chief system and green transformation of heavy polluting enterprises

基于中国重污染上市企业2008—2019年数据和河长制演进数据,采用双重差分法考察河长制对重污染企业绿色转型策略的影响。实证研究结果表明,受河长制导致的环境监管压力的影响,重污染企业更倾向于采取绿色并购的外部获取策略、而非绿色技术创新的内部研发策略来实现绿色转型;当重污染企业面对较大媒体压力或环境不确定性较低时,影响程度更为明显;从后续机制检验结果可以看出,河长制实施后地方政府可能通过收紧环境规制促使企业绿色转型。地方政府应当制定明确的环境治理目标,并通过制度支持和制度压力等方式督促重污染企业节能减排,从源头缓解污染问题。

Based on the data of China’s heavily polluting listed enterprises from 2008 to 2019 and manually compiled data on the evolution of the river chief system,we use the double difference method to identify the policy impact of the river chief system on the green transformation.The empirical results show that,under the influence of environmental regulatory pressure caused by river chief system,heavy polluting enterprises are more inclined to adopt external acquisition strategy of green M&A rather than internal R&D strategy of green technology innovation to achieve green transformation.Further research shows that this phenomenon is more obvious when heavy polluting enterprises face greater media pressure or environmental uncertainty is low.The mechanism test shows that local governments may promote enterprises to make green transformation by tightening environmental regulations.Local governments should set clear targets for environmental control and urge heavily polluting enterprises to save energy and reduce emissions through institutional support and pressure,so as to alleviate pollution from the source.