【摘要】 国务院颁布的《土壤污染防治行动计划》（亦称“土十条”）作为中国土壤环境保护领域的顶层设计，有助于激励重污染企业参与土壤污染预防与治理。不同于一般的土壤污染治理政策，“土十条”是中国土壤污染防治领域长时期的工作纲领，旨在用制度保障土壤环境质量、严控新增污染，因而具有着重预防而轻治理的本质，这一本质特征可能会使“土十条”在微观层面的可持续整治效果研究得出不一样的结论。该研究选取2013—2020年中国土壤环境污染重点监管的A股上市公司为样本，运用双重差分法检验了“土十条”政策实施对企业可持续发展的影响效果及机制。研究发现：“土十条”显著促进了企业可持续发展，这得益于“土十条”的风险管控理念，但这种促进作用受到地区产业结构水平的反向调节，第三产业比重越大的地区，“土十条”对当地企业可持续发展的促进作用越有限；进一步研究的实证结果表明，地方政府土地财政机制和企业现金防御机制是“土十条”发挥促进作用的重要渠道，同时，“土十条”对企业可持续发展的促进作用在国有企业、大规模企业以及环境规制强度更高的地区更为明显。该研究从企业可持续发展的视角补充了“土十条”实施效果的研究，明确了重污染企业在土壤污染防治领域的主体作用，为形成政府主导与企业担责的土壤污染防治体系提供了经验证据，也为强化企业责任认定和土壤污染治理指明了方向。更多还原

【Abstract】 As the top-level design for soil environmental protection in China, the ‘Action Plan for Soil Pollution Prevention and Control’(abbreviated as the ‘10-Chapter Soil Pollution Action Plan’) encourages enterprises to actively engage in soil pollution prevention and control. Diverging from conventional soil pollution control policies, the ‘10-Chapter Soil Pollution Action Plan’ serves as a protracted working framework for addressing soil pollution in China. Aimed at safeguarding soil environmental quality through institutional means and rigorously curbing new pollution, this plan inherently prioritizes prevention over remediation. This fundamental orientation may yield divergent conclusions in micro-level studies that assess the sustainable remediation effects of the plan. To evaluate the implementation effect of the ‘10-Chapter Soil Pollution Action Plan,’ this study took the A-share enterprises under key soil pollution supervision from 2013 to 2020 as samples and used the difference-in-differences model(DID) to examine the effect and mechanisms of the plan on corporate sustainability. The study found that the ‘10-Chapter Soil Pollution Action Plan’ significantly promoted corporate sustainability, attributable to the risk management principles embedded in these measures. However, this promoting effect could be subject to the reverse adjustment of the regional industrial structure level. In areas where the proportion of the tertiary industry was higher, the promoting effect of the ‘10-Chapter Soil Pollution Action Plan’ on corporate sustainability was more limited. Further research showed that the local government’s land finance mechanism and the enterprises’ cash defense mechanism were important channels through which the ‘10-Chapter Soil Pollution Action Plan’ played a facilitating role, and this role in promoting corporate sustainability was more significant in state-owned enterprises, large-scale enterprises, and regions under stronger environmental regulations. This study,adopting the perspective of corporate sustainability, serves as a supplement to existing research on the implementation effects of the ‘10-Chapter Soil Pollution Action Plan.’ It highlights the pivotal role of high polluting enterprises in the field of soil pollution prevention and control. The study provides empirical evidence for the formation of a soil pollution prevention and control system that is led by the government and requires corporate responsibility. Additionally, it points out the direction for strengthening corporate responsibility identification and soil pollution control.更多还原