新《环保法》对企业绿色转型的影响研究

摘要基于2010—2023年沪深A股上市企业数据,利用因果森林方法考察新《环保法》对企业响应性绿色转型与真实性绿色转型的影响效应与内在机制。研究发现:新《环保法》对企业两类绿色转型均具有显著促进作用。异质性分析表明,基于分样本检验发现新《环保法》对企业两类绿色转型的影响在非正式制度和产权性质层面存在差异;基于因果森林算法检验发现新《环保法》对两类绿色转型存在异质性个体处理效应,根据特征重要性排序得到相对重要的控制变量与企业两类绿色转型呈现非线性变动关系。机制检验表明,新《环保法》主要通过提升高管团队环境注意力、增加政府环保补助和吸引媒体关注三条路径促进企业绿色转型。研究结论加深了对新《环保法》政策实施效果的理论认知,为推进绿色经济高质量发展提供了参考价值。基于此,需加快完善环境规制政策体系,制定差异化规制措施,引导更多企业走绿色转型之路。

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	韩君
	赵甜甜
	尉昊

关键词：新《环保法》响应性绿色转型真实性绿色转型环境注意力

Abstract： Based on the data of Shanghai and Shenzhen A-share listed companies from 2010 to 2023, the paper uses the causal forest method to examine the impact and underlying mechanisms of the new Environmental Protection Law on the responsive and authentic green transformation of enterprises. The results show that the new Environmental Protection Law has a significant promoting effect on both types of green transformation for enterprises. The heterogeneity analysis indicates that, based on subsample tests, the impact of the New Environmental Protection Law on two types of corporate green transformation differs across informal institutions and property rights nature. Based on the causal forest algorithm, it was found that the New Environmental Protection Law has heterogeneous individual treatment effects on the two types of green transformation. According to the ranking of feature importance, the relatively important splitting variables obtained show a nonlinear relationship with the two types of corporate green transformation. Mechanism testing reveals that the New Environmental Protection Law mainly promotes green transformation of enterprises through three ways: enhancing the environmental attention of the executive team, increasing government environmental subsidies and attracting media attention. The conclusions deepen the theoretical understanding of the implementation effects of the New Environmental Protection Law and provide reference value for promoting high-quality development of the green economy. Based on this, it is necessary to accelerate the improvement of the environmental regulation policy system, formulate differentiated regulatory measuresa nd guide more enterprises towards the path of green transformation.

Keywords： New Environmental Protection Law Responsive Green Transformation Authentic Green Transformation Management’s Attention to the Environment

收稿日期 2024-11-24; 接受日期 ;

基金资助:国家社会科学基金项目(22BTJ001);甘肃省高校研究生“创新之星”项目(2025CXZX-856);兰州财经大学2023年博士研究生科研创新项目(2023D13)。

通讯作者 赵甜甜(1997— ),女,甘肃天水人,博士研究生,主要从事经济统计和公司治理研究。

作者简介: 韩君(1980— ),男,河南南阳人,博士,教授,博士生导师,主要从事经济统计和能源经济研究;尉昊(1997— ),男,甘肃天水人,博士研究生,主要从事机器学习和因果推断研究。

引用本文:

韩君, 赵甜甜, 尉昊.新《环保法》对企业绿色转型的影响研究[J]. 经济经纬, 2025,5: 146-160

HAN Jun, ZHAO Tiantian, WEI Hao.Study on the Impact of the New Environmental Protection Law of People’s Republic of China on Corporate Green Transformation[J] Economic Survey, 2025,V42(5): 146-160

链接本文:

http://www.jjjw.org.cn/CN/ 或 http://www.jjjw.org.cn/CN/Y2025/V42/I5/146

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