摘要
本文选取2010~2017年重污染上市企业为研究对象,考察了环境规制对企业长短期绩效的影响和作用机制。结果表明,环境规制会显著促进企业绿色创新;以绿色创新为中介变量,环境规制会显著抑制企业短期绩效,显著提升企业长期绩效。进一步研究发现,环境规制对绿色创新的正向影响在非国有企业、东部地区企业和成熟期企业更为显著。本文基于绿色创新的视角,丰富了环境规制的经济后果研究,为绿色创新主体差异和动机强弱的理论研究提供了经验证据,也为今后环境规制政策的优化和精准定位提供了参考。
By taking heavily polluted listed companies from year 2010 to 2017 as the research object,this paper investigates the impact and the mechanism of environmental regulation on long-term and short-term enterprise performance.The results show that environmental regulation can significantly promote enterprise green innovation,and with green innovation as an intermediary variable,environmental regulation can significantly inhibit short-term performance and significantly promote long-term performance.Further research shows that the positive impact of environmental regulations on green innovation is more pronounced in non-state-owned enterprises,eastern enterprises and mature companies.Based on the unique perspective of green innovation,this paper studies the impact of environmental regulation on the long-term and short-term performance of enterprises,enriches the research on the economic consequences of environmental regulation;the sub sample test,which distinguishes the nature of property rights,the regional differences and the life cycle,provides empirical evidence for the theoretical research on the differences between the subject of green innovation and its strong or weak motivation,as well as a reference for the optimization and precise position of environmental regulation policies in the future.
作者
耿云江
赵欣欣
GENG Yun-jiang;ZHAO Xin-xin
出处
《财务研究》
2020年第2期15-24,共10页
Finance Research
基金
国家自然科学基金一般项目(71972187)
国家社会科学基金一般项目(19BGL066)
教育部人文社会科学研究项目(16YJC790069)。
关键词
环境规制
绿色创新
企业绩效
environmental regulation
green innovation
enterprise performance
