摘要
良善法治是巩固企业家投资预期,增强企业投资信心的重要途径.鲜有文献从环境司法审判视角提供司法质量改善影响企业投资决策的微观证据.本文基于2003年—2020年中国上市公司数据,采用双重差分方法考察了环境司法专门化对企业投资行为的影响.研究发现,环保法庭设立驱动企业投资规模扩张,这一效应主要是由企业环保投资和研发投资增加所驱动的.机制分析表明,环保法庭设立的投资驱动效应主要通过改善企业融资约束和降低信息不对称程度来实现.进一步分析发现,环保法庭设立的投资驱动效应在重污染行业、无政治关联企业和非国家环保模范示范城市中表现更明显.此外,环保法庭设立尚未改善企业价值和投资效率.本文为厘清环境规制与企业投资之间是“冲突”还是“协调”的争论提供了微观证据,对进一步完善环境司法专门化建设和推动企业高质量发展提供了有益启示.
Good law and governance are important ways to enhance the investment expectations and investment confidence of entrepreneurs.Few studies provide micro-evidence that the improvement of judicial quality affects the investment decisions of enterprises from the perspective of environmental justice.Based on the data of listed companies in China from 2003 to 2020,this study investigates the impact of environmental judicial specialization on enterprise investment behavior by using the differences-in-differences method.The results show that the establishment of environmental courts could boost the expansion of the investment scale of enterprises,which is driven by the increase of environmental protection investment and R&D investment of enterprises.Mechanism analysis shows that the investment-driven effect of the establishment of environmental courts is mainly achieved by alleviating the financing constraints of enterprises and reducing the degree of information asymmetry.Further analysis shows that the investment-driven effect of the establishment of environmental courts is more obvious in heavily polluting industries,enterprises without political affiliation,and non-national environmental protection model demonstration cities.In addition,the establishment of environmental courts could not improve the value orinvestment efficiency of the enterprises.This study provides detailed micro-level evidence to clarify the debate on whether environmental regulation and enterprise investment are in conflict or coordination and offers enlightenment for further improving environmental justice specialization and promoting the high-quality development of enterprises.
作者
袁华锡
赵仁杰
YUAN Hua-xi;ZHAO Ren-jie(School of Economics,Zhongnan University of Economics and Law,Wuhan 430073,China;School of Economics&Management,Northwest University,Xi'an 710127,China)
出处
《管理科学学报》
北大核心
2025年第12期60-72,共13页
Journal of Management Sciences in China
基金
国家自然科学基金资助项目(72103205,72203167,72403190,72573122)
教育部人文社会科学基金资助青年项目(24YJC790040)
陕西高校青年创新团队项目,西北大学仲英青年学者项目,湖北省教育厅哲学社会科学研究项目(22Q063)。
关键词
环境司法专门化
环保法庭
企业投资
法与金融
specialization of environmental justice
environmental courts
enterprise investment
law and finance
