摘要
环境保护与经济增长的协同发展已成为当今社会关注的重要问题。针对环境政策对企业绩效的影响还需要更多的研究。本文从国泰安数据库以及上市公司财务报表中选取了2010-2019年的A股上市公司中513家企业,并结合和讯网中上市公司的企业社会责任的评分,从中选取重污染企业作为处理组,非重污染企业作为对照组。本文首先利用因子分析对协变量降维,利用得到的4个因子作为模型的控制变量进行研究。进一步采用双重差分倾向得分匹配方法(PSM-DID)进行政策评估,研究新环保法与企业绩效之间的因果关系,并且探讨了企业社会责任在两者关系中的调节作用。研究结果表明,新环保法对上市公司企业绩效具有正向影响,企业社会责任在新环保法对上市公司企业绩效的影响机制中具有正向调节作用。
The synergetic development of environmental protection and economic growth has become an important issue.It need to make more research on the impact of environmental policies on corporate performance.This paper selects 513 A-share listed companies in 2010-2019 from guotaian database and financial statements of listed companies,combined with the score of corporate social responsibility of Listed Companies in Hexun,selected the heavy pollution as the treatment group and the non-heavy pollution enterprises as the control group.In this paper,we first use factor analysis to reduce the dimension of the data,and use the four factors as the control variables of the model.Furthermore,we use probability scores matching with differences-in-differences(psm-did)to evaluate the policy,studies the causal relationship between the new environmental protection law and corporate performance,and discusses the moderating role of corporate social responsibility in the relationship.The results show that the new environmental protection law has a positive effect on the corporate performance of listed companies,and corporate social responsibility plays a positive regulating role in the influence of the new environmental protection law on the corporate performance of listed companies.
作者
戴君
杨文静
张珊珊
DAI Jun;YANG Wen-jing;ZHANG Shan-shan(School of Mathematics,Statistics and Mechanics,Beijing University of Technology,Beijing 100124 China)
出处
《数理统计与管理》
北大核心
2025年第6期1115-1127,共13页
Journal of Applied Statistics and Management
基金
国家自然科学基金(11971045)。
