共同股东视角下绿色产业政策的溢出效应——基于绿色工厂评定的准自然实验

The Spillover Effects of Green Industry Policies from the Perspective of Common Shareholders-A Quasi Natural Experiment Based on Green Factory Evaluation

绿色产业政策通过内化环境的负外部性成本引导企业进行绿色转型升级。本文基于共同股东和ESG视角,借助绿色工厂评定的准自然实验,利用多期双重差分模型识别绿色产业政策产生的共同股东溢出效应。研究发现,绿色工厂评定能够提高共同股东企业的ESG水平,表明绿色产业政策具有显著的共同股东溢出效应。机制检验发现,绿色工厂评定通过增强股东关联企业的绿色经营理念、提升企业内部治理质量以及加强绿色投资者监督,从而提升其ESG水平。异质性分析发现,一方面,绿色工厂上市公司属于重污染企业数量越多,共同股东溢出效应越明显,而共同股东企业是否在同一地区对溢出效应影响不显著;另一方面,在融资约束较高、公众关注度较高以及处于政府环境关注度较强地区的企业,上述溢出效应更加显著。本文从共同股东溢出这一独特视角拓展并深化了绿色产业政策的作用效果研究,为可持续发展相关政策的设计提供了理论参考。

Green industry policy guides enterprises to carry out green transformation and upgrading by internalizing the negative externalities of the environment.Based on the perspective of common shareholder and ESG,this paper uses a multi-stage different-difference model to identify the common shareholder spillover effect of green industrial policies with a quasi natural experiment of green factory evaluation.It is found that green factory evaluation can improve the ESG level of common shareholders affiliated enterprises,indicating that green industrial policy has significant common shareholder spillover effect.According to the mechanism test,the green factory assessment can improve the ESG level of common shareholders affiliated enterprises by enhancing the green management concept,improving the quality of internal governance and strengthening the supervision of green investors.Heterogeneity analysis shows that:On the one hand,the more green factory listed companies are heavy polluters,the more obvious the spillover effect of common shareholders is,while whether the common shareholders affiliated enterprises are in the same region has no significant impact on the spillover effect;On the other hand,the above spillover effect are more significant for enterprises in areas with higher financing constraints,higher public attention and stronger government environmental concern.From the unique perspective of common shareholder spillover,this paper expands and deepens the research on the effect of green industry policy,and provides theoretical reference for the design of sustainable development-related policies.