摘要
环境规制是生态文明建设的有力手段,而投资决策中的风险承担是企业进行绿色转型的重要条件。基于2010—2021年A股上市公司数据,实证检验了命令控制型环境规制对企业风险承担的影响及其作用机制。研究发现:命令控制型环境规制显著提升了企业风险承担水平。机制分析表明,命令控制型环境规制通过创新机制、信息机制及资源机制对企业风险承担产生正向影响,且这种影响在地方财政分权程度低的企业、非“双高”企业以及区域创新文化水平高的企业中更显著。有效性分析结果显示,尽管命令控制型环境规制推高的企业风险承担在短期内可以提升企业绩效,但其导致的资本配置效率降低会损害企业的长期价值。研究结论为推动企业绿色转型,完善政府主导的环境政策体制提供经验证据。
Environmental regulation is a powerful tool for the protection of ecological systems,while risk-taking in investment decision-making is an important condition for enterprises carrying out green transformation.This paper empirically examines the impact of command-and-control environmental regulation on corporate risk-taking and its mechanisms,based on the data of A-share listed companies from 2010 to 2021.The study finds that command-and-control environmental regulation significantly increases the level of corporate risk-taking.Mechanism analysis shows that command-and-control environmental regulation has a positive impact on corporate risk-taking through innovation,information,and resource mechanisms,and this impact is more significant in enterprises with a low degree of local fiscal decentralization,non-double-high enterprises,and enterprises with a high level of regional innovation culture.The results of the effectiveness analyses show that,although command-and-control environmental regulations increase risk-taking in the short term,they lead to capital allocation inefficiencies that reduce the long-term value of enterprises.The findings provide empirical evidence for promoting green corporate transformation and improving the government-led environmental policy regime.
作者
王生年
张佩
侯丹阳
WANG Shengnian;ZHANG Pei;HOU Danyang(School of Economics and Management,Shihezi University,Shihezi 832000,China)
出处
《南京财经大学学报》
CSSCI
2024年第1期22-32,共11页
Journal of Nanjing University of Finance and Economics
基金
国家自然科学基金项目“分析师关注与资产定价效率——基于会计异象的视角”(71862029)
国家自然科学基金项目“企业数字化转型与审计师风险决策:影响、机制与后果”(72262028)。
关键词
命令控制型环境规制
风险承担
挤出效应
补偿效应
环境治理
command-and-control environmental regulation
risk-taking
crowding out effect
compensation effect
environmental governance
