【作者】 赵婷婷；

【导师】 张婷婷；

【作者基本信息】 东北财经大学 ， 会计学， 2020， 硕士

【摘要】 改革开放以来,中国经济逐渐由农业向工业过渡,社会经济快速增长,人民生活水平快速提高,但企业进行生产经营不可避免地给环境带来了较大压力,生态环境治理迫在眉睫。企业作为社会环境治理的主体,如果其能够有效作为积极进行环保投资对于社会环境治理意义重大。然而,由于环境治理的私人成本较高,私人收益可能得不到充分补偿,企业主动进行环境治理的动力不足,这时就需要国家通过颁布环保产业政策的手段对企业行为进行干预,通过给予支持行业企业政府资源倾斜,缓解企业环境治理的资金压力,并向外界释放利好信号,由政府来为政策支持行业进行一定程度上的风险承担,吸引投资者进行投资,为企业降低资金压力,提升其环保投资的积极性;同时,政治关联作为企业与政府关系的一种特殊属性,基于资源效应以及环境治理社会责任承担,政治关联关系可以进一步加强环保产业政策对行业内企业环保投资的影响。在此背景下,本文对上述问题进行了研究,具体如下:第一部分介绍了研究背景与意义、研究思路与架构以及研究方法与创新;第二部分梳理产业政策经济后果、企业环保投资影响因素以及政治关联与企业环保投资关系的已有文献并进行总结与述评;第三部分从产业政策制度背景与影响企业环保投资的基础理论出发,基于环境外部性理论、信息不对称理论和信号传递理论对环保产业政策支持与企业环保投资的关系进行研究,在此基础上从企业是否具有政治关联这一特殊属性出发,对环保产业政策支持、政治关联与企业环保投资的关系进行分析,从而提出本文的两个研究假设;第四部分对本文的研究设计展开详细说明;第五部分对假设进行检验,报告并分析了环保产业政策支持与企业环保投资的实证结果,以及政治关联调节作用的实证结果。之后,运用倾向得分匹配法、剔除特殊年份样本、替换指标等方法对全文的研究结论进行稳健性检验;第六部分进一步探析了环保产业政策是通过怎样的作用机制来影响企业环保投资;第七部分提出了本文的研究结论、政策建议以及现阶段研究存在的缺陷。本文的主要结论如下:第一,省级环保产业政策支持会促进当地企业进行环保投资,具体表现为,与未受到产业政策影响的企业相比,受到产业政策影响的企业环保投资规模更大;第二,政治关联可以调节环保产业政策支持与企业环保投资的关系,具体表现在,对于具有政治关联关系企业,环保产业政策支持对其进行环保投资的促进效果更显著;第三,环保产业政策的施行提高了企业政府补助和银行贷款的持有水平,降低企业融资成本,提供更充足的资金,促进企业进行环保投资;第四,环保产业政策的扶持会拓宽企业环保投资的融资渠道,企业更容易获得环保投资所需资金,减轻了企业环保投资对现金的依赖。本文的创新之处主要体现在如下方面:第一,本文以省级政府支持型环保产业政策为解释变量。目前,现有文献对环保产业政策与企业环保投资进行研究是基于国家“五年规划”文件内容进行分析的,鉴于我国各地区环境治理的不均衡性,国家“五年规划”并不一定贴近地区环境治理实际,同时省级产业政策通常会指明政府具体支持方式,因此,本文手工搜集我国省级政府的支持型环保产业政策,运用省级政府发布的支持型环保产业政策进行研究。第二,本文构建了环保产业政策影响企业环保投资的理论框架及基于政府补助、银行贷款和现金持有量的传导机制,并基于2011-2017年A股非金融类上市公司的数据对影响效果和作用机制进行了验证,丰富了国家颁布的产业政策给企业带来的经济后果的研究。更多还原

【Abstract】 With the reform and opening up,China’s economy has changed from an agricultural economy to an industrial economy by degrees.China’s economic development and people’s living standards have improved rapidly,but it has brought about serious environmental pollution problems,too.As the main part of social environmental governance,enterprises are important to protecting environment actively.However,because of the higher private costs of environmental governance,Private gains may not be fully compensated,There is insufficient motivation for enterprises to take the initiative to carry out environmental governance.State intervention is needed.Environmental protection industrial policy,as an important means of state intervention,gives preferential government resources to enterprises in supporting industries through government subsidies,bank credit,tax concessions and other auxiliary tools,and releases favorable signals to the outside world to attract investors to invest and promote enterprises to invest in environmental protection.In the meantime,political connection is a special and close relationship between enterprises and the government.In view of the resource effect and the social responsibility of protecting environmental,the existence of political connection will further strengthen the promotion effect of environmental protection industrial policies on environmental protection investment of enterprises in the industry.In this context,this paper studies the above issues as follows:The first portion presents the research background and meaning,research ideas and framework,research technique and innovations of this paper;The second portion presents the relevant research on industrial policies and environmental protection investment of enterprises and makes a summary and comment.The third part starts from the institutional background of industrial policy and the basic theory that affects the environmental protection investment of enterprises.This paper analyzes the relationship between policy support of environmental protection industry and environmental protection investment of enterprises.On this basis,starting from the special attribute of whether enterprises have political connection,it analyzes the relationship between policy support of environmental protection industry,political connection and environmental protection investment of enterprises,and thus proposes two research hypotheses of this paper.The fourth portion explains the research design of this article.The fifth part tests the hypothesis,reports and analyzes the empirical results of environmental protection industry policy support and enterprise environmental protection investment,as well as the empirical results of the regulatory effect of political connection.After that,the robustness test of the research conclusion of the full text is performed by using the methods of propensity score matching,eliminating samples of special years,replacing indexes,etc.The sixth part further analyzes the mechanism of environmental protection industrial policies affecting environmental protection investment of enterprises.The seventh part presents the analysis conclusion,policy recommendations and defects of this article.The main conclusions of this paper are following:First,provincial environmental protection industrial policy support will promote local enterprises to invest in environmental protection,specifically,compared with enterprises not affected by industrial policies,enterprises affected by industrial policies have a larger scale of environmental protection investment;Second,political connection has a regulating effect on the relationship between environmental protection industrial policy support and environmental protection investment of enterprises.Specifically,compared with enterprises without political connection,environmental protection industrial policy support plays a more significant role in promoting environmental protection investment of enterprises with political connection.Third,the implementation of the environmental protection industry policy has raised the holding level of government subsidies and bank loans for enterprises,reduced the financing costs of enterprises,provided more sufficient funds and promoted enterprises to make environmental protection investments.Fourth,the support of environmental protection industry policies will broaden the financing channels for enterprises’ environmental protection investment,make it easier for enterprises to obtain the funds needed for environmental protection investment,and reduce the dependence of enterprises’ environmental protection investment on cash.The innovation of this paper mainly includes something following:First,this paper takes the provincial government-supported environmental protection industrial policy as the explanatory variable.At present,that research on environmental protection industrial policy and environmental protection investment of enterprises in the exist studies is on the basis of the analysis of the contents of the national"five-year plan" document,In view of the imbalance of environmental governance in various regions of our country,the environmental protection industrial policies issued by the state do not necessarily conform to the actual situation in the regions.At the same time,the provincial industrial policies often clearly indicate specific support means,thus enabling us to further explore the impact of macro industrial policies on micro enterprise investment.Therefore,this paper manually collects the supporting environmental protection industrial policies of the provincial governments in our country,and conducts research based on the supporting environmental protection industrial policies of the provincial governments in our country to explore its impact and mechanism on the environmental protection investment of local enterprises.Secondly,this paper builds the theoretical framework of environmental protection industrial policies affecting environmental protection investment of enterprises and the transmission mechanism based on government subsidies,bank loans and cash holdings,and verifies the impact effect and mechanism based on the data of A-share non-financial listed corporations between 2011 and 2017,expanding the existing research on the economic consequences of industrial policies.更多还原