摘要
本文基于2015年新环保法实施这一准自然实验,利用双重差分回归分析方法,实证研究了环境规制对僵尸企业形成的影响。回归结果表明,新环保法的颁布显著降低了僵尸企业的形成概率。机制检验结果显示,企业研发创新投入的增加和转型升级的加快是环境规制抑制僵尸企业形成的重要渠道。区分所有权性质、融资约束、企业规模、地区环境执法强度与市场竞争程度等因素的进一步检验发现,新环保法的颁布对僵尸企业形成的抑制作用在国有企业、低融资约束企业、大规模企业以及高环境执法强度地区企业中更为显著,且市场竞争程度越激烈,新环保法的颁布对于僵尸企业形成的抑制作用越强。进一步地,从中长期来看,新环保法的颁布对企业价值与盈利能力有显著的正向效应。本文的研究丰富了僵尸企业影响因素及环境规制经济后果领域的相关文献,对如何运用市场机制抑制僵尸企业形成有较强的启示意义。
This paper takes the public companies as a sample during 2012-2017,using DID analysis to test the relationship between 2015 new“Environmental Protection Law”and zombie companies.The results show that the promulgation of the new environmental protection law has significantly negative with zombie enterprises.The strengthening of environmental regulation has accelerated of transformation and upgrading by assets restructuring and promoted technological innovation,which inhibiting the formation of zombie enterprises.Furthermore,this paper found that the negative relationship between environmental law and zombie companies mainly concentrate in non-state-owned enterprises,small-scale enterprises and enterprises with high regional environmental law enforcement intensity.Moreover,the promulgation of the new environmental law has a significant positive effect on corporate value and profitability in the medium and long term.This paper enriches the research literature in the field of zombie enterprises and economic consequences of environmental regulation.
作者
周冬华
黄雨秀
Zhou Donghua;Huang Yuxiu
出处
《会计研究》
CSSCI
北大核心
2024年第8期116-134,共19页
Accounting Research
基金
国家自然科学基金面上项目(71972091)的资助
关键词
新环保法
僵尸企业
创新投入
转型升级
Environmental Protection Law
Zombie Companies
Enterprises Innovation
Asset Restructuring
