绿色正义的代价：环境法庭和跨地区资本不流动

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-07-02 DOI:10.1016/j.frl.2025.107883

Wenqi Zhao , Moau Yong Toh , Yongmin Zhang

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引用次数: 0

摘要

本研究探讨了环境法院对中国跨区域资本流动的影响。采用2007 - 2023年a股上市公司面板数据，采用异中异法分析发现，环境法院显著降低了企业的非本地子公司数量和跨区域投资规模。这些影响在多个模型规范之间是健壮的，并通过资源挤出机制进行调节。这种抑制效应是由企业的风险对冲动机、经济成本和行业类型驱动的。本研究揭示了环境司法改革的意外后果，并为环境治理与经济发展之间的关系提供了新的见解。

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The price of green justice: Environmental courts and cross-regional capital immobility

This study investigates the impact of environmental courts on cross-regional capital mobility in China. Employing the panel data of A-share listed firms from 2007 to 2023 and a Difference-in-Differences method, the findings reveal that environmental courts significantly reduce both the number of non-local subsidiaries and the volume of cross-regional investment by firms. These effects are robust across multiple model specifications and mediated through a resource crowding-out mechanism. This inhibitory effect is driven by firms’ motivations related to risk hedging, economic costs, and industry type. This study uncovers the unintended consequences of environmental judicial reform and offers new insights into the relationship between environmental governance and economic development.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance