How do environmental subsidies affect the environmental performance of heavily polluting enterprises: evidence from China

3区经济学 Q1 Economics, Econometrics and Finance

Economic Research-Ekonomska Istrazivanja Pub Date : 2023-01-03 DOI:10.1080/1331677x.2022.2160777

Feimei Liao, Yaoyao Hu, Shulin Xu

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引用次数: 1

Abstract

We investigate the influence of environmental subsidies on enterprise environmental performance based on 257 heavily polluting A-share listed companies in Shanghai and Shenzhen stock exchange from 2010 to 2017. We also discuss the mechanism of how these environmental subsidies influence enterprise environmental performance further. The study employs OLS and PSM methods to evaluate the association between environmental subsidies and enterprise environmental performance. The study finds that environmental subsidies have a positive incentive effect on the environmental performance of heavily polluting enterprises. Its positive incentive effect mainly contributes through three channels: promoting green technology innovation, increasing government environmental supervision and enhancing executives’ environmental awareness. Further research shows that environmental subsidies significantly promote environmental performance in non-state-owned enterprises, with a high degree of financing constraints and high levels of risk-taking. This study contributes to prior works by revealing the black box of the government’s macro policies affecting enterprise micro behaviour and exploring how environmental subsidies influence firm-specific behaviours.

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环境补贴如何影响重污染企业的环境绩效:来自中国的证据

本文以2010 - 2017年沪深两市a股257家重污染上市公司为样本，研究了环境补贴对企业环境绩效的影响。并进一步探讨了环境补贴对企业环境绩效的影响机制。本研究采用OLS和PSM方法来评估环境补贴与企业环境绩效的关系。研究发现，环境补贴对重污染企业的环境绩效具有正向激励作用。其积极激励作用主要通过促进绿色技术创新、加大政府环境监管和提高管理者环境意识三个渠道发挥作用。进一步的研究表明，环境补贴显著地促进了非国有企业的环境绩效，这些企业具有高度的融资约束和高水平的风险承担。本研究通过揭示政府宏观政策影响企业微观行为的黑箱，探索环境补贴如何影响企业特定行为，对前人的研究有贡献。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Economic Research-Ekonomska Istrazivanja ECONOMICS-

CiteScore

7.10

自引率

0.00%

发文量

351

审稿时长

45 weeks

期刊介绍： Economic Research-Ekonomska Istraživanja publishes rigorous scientific papers which make a significant contribution to any field of economics – theoretical, applied or empirical – with special attention given to experiences of the transition from socialism to market economies in Eastern Europe. New research on regional development in other geographical areas is welcomed, particularly papers addressing theoretical and empirical issues in economics for countries in transition and former transitional economies. The journal encourages submissions that explore broad economic topics that can contribute to the development of economics as a discipline, discussing important economic issues both from an orthodox or heterodox point of view.