Government Engagement, Environmental Policy, and Environmental Performance: Evidence from the Most Polluting Chinese Listed Firms
Government Engagement, Environmental Policy, and Environmental Performance: Evidence from the Most Polluting Chinese Listed Firms
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政府参与、环境政策和环境绩效：来自污染最严重的中国上市公司的证据
DOI：
10.1002/bse.1802
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发表时间：
2015-01-01
影响因子：
13.4
通讯作者：
Lu, Xiaoyan
中科院分区：
文献类型：
--
作者：
Chang, Li;Li, Wenjing;Lu, Xiaoyan
本研究以中国上市公司为样本，以8个污染最严重的行业为研究对象，实证检验了环境政策的实施以及政府参与对企业环境绩效的影响。研究结果表明，政府参与，衡量所有权结构，是积极的环境绩效，衡量环境资本支出，国有企业，但没有发现显着的关系，为非国有企业。此外，在2006年颁布了一项明确将环境问题与地方政府的政治激励挂钩的新政策后，非国有企业更有可能在环境投资方面表现得更好。本研究还报告说，企业的环境绩效损害国有企业的企业价值，但对非国有企业的企业价值没有影响，这表明投资者消极响应国有企业的环境投资作为政府参与/政治压力的结果。Copyright © 2013 John Wiley & Sons，Ltd and ERP Environment.
This study empirically examines the implementation of environmental policies and how government engagement impacts on a firm's environmental performance based on a sample of Chinese listed firms in the eight most polluting industries over a 10-year period. The findings of the study demonstrate that government engagement, measured as ownership structure, is positively correlated with environmental performance, measured by environmental capital expenditure, for state-owned firms, but no significant relation is found for non-state-owned firms. In addition, non-state-owned firms are more likely to perform better in terms of environmental investment after the 2006 enactment of a new policy explicitly linking environmental issues with political incentives to regional governments. This study also reports that corporate environmental performance impairs firm value for state-owned firms but has no impact on firm value for non-state-owned firms, suggesting that investors negatively respond to environmental investments made by state-owned firms as a result of government engagement/political pressure. Copyright © 2013 John Wiley & Sons, Ltd and ERP Environment.