环境保护法与僵尸企业——来自准自然实验方法的证据

Q4 Business, Management and Accounting

China Journal of Accounting Studies Pub Date : 2023-09-18 DOI:10.1080/21697213.2023.2249041

Donghua Zhou, Yuxiu Huang

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引用次数: 0

摘要

本文以2012-2017年的上市公司为样本，运用DID分析法检验2015年新《环境保护法》与僵尸公司的关系。结果表明，新环保法的颁布对僵尸企业有显著的负面影响。环境监管的加强加快了资产重组转型升级，促进了技术创新，抑制了僵尸企业的形成。此外，本文还发现环境法与僵尸企业的负向关系主要集中在非国有企业、小型企业和区域环境执法强度较高的企业。此外，新环境法的颁布对中长期企业价值有显著的正向影响。本文丰富了僵尸企业与环境规制经济后果领域的研究文献。

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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The environmental protection law and the zombie companies – evidence from a quasi-natural experimental method

This paper takes the public companies as a sample during 2012–2017, using DID analysis to test the relationship between 2015 new ‘Environmental Protection Law’ and zombie companies. The results show that the promulgation of the new environmental protection law has significantly negative with zombie enterprises. The strengthening of environmental regulation has accelerated of transformation and upgrading by assets restructuring and promoted technological innovation, which inhibiting the formation of zombie enterprises. Furthermore, this paper found that the negative relationship between environmental law and zombie companies mainly concentrate in non-state-owned enterprises, small-scale enterprises and enterprises with high regional environmental law enforcement intensity. Moreover, the promulgation of the new environmental law has a significant positive effect on corporate value in the medium and long term. This paper enriches the research literature in the field of zombie enterprises and economic consequences of environmental regulation.

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来源期刊

China Journal of Accounting Studies Business, Management and Accounting-Business, Management and Accounting (all)

CiteScore

0.70

自引率

0.00%

发文量

审稿时长

6 weeks