This study examines the effect of environmental regulations on the investment behavior of high-polluting enterprises.Our data are from A-share listed ?rms in China from 2006 to 2014.We use a sudden surge in the PM2.5 ...This study examines the effect of environmental regulations on the investment behavior of high-polluting enterprises.Our data are from A-share listed ?rms in China from 2006 to 2014.We use a sudden surge in the PM2.5 index as an exogenous event to conduct a natural experiment.We?nd that after the event with a series of regulatory policies introduced,investment expenditure declines signi?cantly in local state-owned enterprises(SOEs)and non-state-owned enterprises(non-SOEs),whereas investment opportunity declines signi?cantly in non-SOEs compared with SOEs.However,there are no signi?cant changes in central SOEs’investment expenditure and investment opportunity.Further analysis shows that investment expenditure and investment opportunity decline for high-polluting enterprises located in East China but increase for those located in West China.Our study is the?rst to investigate the effect of smog on enterprises’investment behavior.Our?ndings reveal that environmental regulation has in?uence on the investment behavior of enterprises with different property rights and regional differences.展开更多
China＇s rapid economic growth poses serious concerns over environmental degradation, especially in the context of higher pollution levels resulting from unprecedented industrial activity. It is commonly held that gov...China＇s rapid economic growth poses serious concerns over environmental degradation, especially in the context of higher pollution levels resulting from unprecedented industrial activity. It is commonly held that government policies are effective in the form of investment in pollution control and the imposition of a discharge fee on industrial units for the purpose of safety of environmental quality. In this study, we find that government policies do not prove to be successful in controlling air pollution in comparison to water pollution. Furthermore, air pollution is increasing, while water pollution is following a stable, decreasing curve. Hence, some reforms need to be implemented in government policies, particularly those concerning the effectiveness of investment in environmental protection and improving managerial skills in industry.展开更多
基金Humanities and Social Science in Colleges and Universities in Jiang Xi Province Key Base Research Project (JD16052)Natural Foundation Science of China (71762014)
文摘This study examines the effect of environmental regulations on the investment behavior of high-polluting enterprises.Our data are from A-share listed ?rms in China from 2006 to 2014.We use a sudden surge in the PM2.5 index as an exogenous event to conduct a natural experiment.We?nd that after the event with a series of regulatory policies introduced,investment expenditure declines signi?cantly in local state-owned enterprises(SOEs)and non-state-owned enterprises(non-SOEs),whereas investment opportunity declines signi?cantly in non-SOEs compared with SOEs.However,there are no signi?cant changes in central SOEs’investment expenditure and investment opportunity.Further analysis shows that investment expenditure and investment opportunity decline for high-polluting enterprises located in East China but increase for those located in West China.Our study is the?rst to investigate the effect of smog on enterprises’investment behavior.Our?ndings reveal that environmental regulation has in?uence on the investment behavior of enterprises with different property rights and regional differences.
文摘China＇s rapid economic growth poses serious concerns over environmental degradation, especially in the context of higher pollution levels resulting from unprecedented industrial activity. It is commonly held that government policies are effective in the form of investment in pollution control and the imposition of a discharge fee on industrial units for the purpose of safety of environmental quality. In this study, we find that government policies do not prove to be successful in controlling air pollution in comparison to water pollution. Furthermore, air pollution is increasing, while water pollution is following a stable, decreasing curve. Hence, some reforms need to be implemented in government policies, particularly those concerning the effectiveness of investment in environmental protection and improving managerial skills in industry.
