政府绿色认证制度对制造业企业的环境激励效应与溢出效应

Environmental incentive effect and spillover effect of the government′s green certification system on manufacturing enterprises

如何充分激励制造业企业履行环境治理责任,促进制造业企业绿色转型升级已经成为推动经济高质量发展的重要课题。已有研究主要关注命令控制型环境规制的环境倒逼效应,关于绿色认证这类软性工具的环境激励效应关注不足且结论莫衷一是。该研究依据《工业和信息化部办公厅关于开展绿色制造体系建设的通知》,基于2015—2021年A股制造业上市企业数据,通过构建多时点双重差分模型,实证检验了绿色工厂认定这一政府绿色认证制度对企业环境治理责任的影响效应、作用机制及其溢出效应。研究发现:①政府绿色认证制度具有显著的环境激励效应,相比非认定企业,获评绿色工厂能够显著促进企业积极履行环保投资和绿色创新等环境治理责任,该结论在经过一系列稳健性检验后保持不变。②机制分析表明,政府绿色认证主要通过成本效应、资源效应和监督效应3个渠道促进企业积极履行环境治理责任。③溢出效应检验显示,政府绿色认证能够激励同行业和同城市其他企业同步提升环境履责水平。④规模效应分析发现,政府绿色认证会扩大企业的产出规模,表明政府绿色认证的环境激励效应不以牺牲企业规模化发展为代价。⑤异质性检验表明,政府绿色认证制度的环境激励效应在大规模企业、重污染企业和长期机构投资者持股比例较高企业更加显著。为加快推动发展方式的绿色低碳转型,政府一方面可以借鉴绿色工厂的成功经验创新其他的绿色认证工具,更充分地发挥政府绿色认证在绿色发展中的积极作用;另一方面需要完善政府绿色认证发挥作用的激励机制和市场环境,挑选合适企业进行重点支持。

How to fully motivate manufacturing enterprises to fulfill their environmental governance responsibilities and promote their green transformation and upgrading has become an important issue in China′s high-quality economic development.The existing research mainly focuses on the environmental forcing effect of command-and-control environmental regulations,and the environmental incentive effect of soft tools such as green certification has received insufficient attention,and the conclusions are inconsistent.Based on the data of China′s A-share listed manufacturing enterprises from 2015 to 2021,this study used the Notice on the Construction of Green Manufacturing System Issued by the Ministry of Industry and Information Technology to empirically test the impact,mechanisms,and spillover effect of green factory certification,a government green certification system,on corporate environmental governance responsibilities by constructing a multi-time point DID model.The results showed that:①The government′s green certification system had a significant environmental incentive effect.Compared with non-certified enterprises,certified green factories could significantly encourage enterprises to actively fulfill their environmental governance responsibilities,such as environmental protection investment and green innovation.This result held after a series of robustness tests.②Mechanism analysis showed that government green certification mainly promoted enterprises to actively fulfill their environmental governance responsibilities through three channels:cost effect,resource effect,and supervision effect.③The spillover effect test showed that government green certification could encourage enterprises in the same industry and other enterprises in the same city to simultaneously improve their environmental responsibilities.④The analysis of scale effect showed that government green certification could expand the output scale of enterprises,indicating that the environmental incentive effect of government green certification could be achieved without sacrificing the large-scale development of enterprises.⑤The heterogeneity test showed that the environmental incentive effect of the government green certification system was more pronounced in large-scale enterprises,high-polluting enterprises,and enterprises with a high shareholding ratio of long-term institutional investors.To accelerate the green and low-carbon transformation of the development mode,the government can,on the one hand,draw on the successful experience of green factories to develop other green certification tools and fully utilize the positive role of government green certification in green development.On the other hand,it is necessary to improve the incentive mechanisms and the market environment,where the government′s green certification plays a role,and carry out targeted support for appropriate enterprises.