环境规制对企业财务、会计行为的影响机理及经济后果研究---基于环保立法与督察的视角

改善企业环境绩效是实现宏观环境治理目标的微观基础。就打赢污染防治攻坚战而言，考察环境规制能否推动企业采取积极行为来改善环境表现显然尤为重要。已有研究普遍认为因环境违法成本较低和执法不严导致环境规制效果不佳，因此，实施新环保法与中央环保督察为我们从环保立法和监督执行的视角考察强环境规制对企业与环保有关的财务、会计行为的影响机理及经济后果提供好的场景。具体拟研究如下三个话题：一、环境规制是否影响资本市场投资者的投资决策？二、环境规制是否影响企业投资行为（是否加大环保投资？是否转型投资？）、生产行为（是否通过减产减少污染？或通过贿赂达到不减产？）和信息披露行为（是否披露更多环保信息？或通过盈余管理降低政治成本？）三、环境规制对企业环保绩效和财务绩效的影响如何？并进一步考察上述影响在不同地区和特征的企业中是否存在差异？本项目研究可丰富环境规制微观效应研究，也为政府制定和执行政策提供重要的经验证据。

Improving the environmental performance of enterprises is the micro foundation for achieving the goals of macro environmental governance. In terms of winning the battle against pollution, it is obviously important to examine whether environmental regulation can promote positive behaviors for enterprises in improving environmental performance. Previous studies generally argue that environmental regulations are inefficient due to low environmental violation costs and lax enforcement. Therefore, the implementation of the new environmental protection law and the central environmental protection inspector provide a good scenario for us to examine the impact mechanism and economic consequences of strong environmental regulation on enterprises from the perspective of environmental protection legislation and supervision. Specifically, this project intends to investigate the following three important topics: Firstly, whether environmental regulation can affect the investment decisions of capital market investors? Secondly, whether environmental regulation can affect corporate investment behavior (whether to increase environmental investment and achieve investment transformation), production behavior (whether to reduce pollution through production reduction or bribe to achieve no reduction in production) and information disclosure behavior (whether to disclose more environmental information, or reduce political costs through earnings management)? Thirdly, what is the impact of environmental regulation on enterprises’ environmental performance and financial performance? Besides, this project will further investigate whether the above influences have differences among enterprises with different characteristics or in different regions. This project can not only enrich relative studies on micro-effects of environmental regulation, but also provide important empirical evidence for the central government to formulate and implement policies.