The Corporate Environmental Investment Effect of Ecological Regulation: A Quasi-natural Experiment Based on Central Environmental Protection Inspection
The Corporate Environmental Investment Effect of Ecological Regulation: A Quasi-natural Experiment Based on Central Environmental Protection Inspection
YANG Lanpin, CHEN Jiaoyu
School of Economics, Wuhan University Of Technology, Wuhan, 430070, China
Abstract Base on the panel data of A-share listed heavily polluted companies from 2008 to 2018 and taking the first round of the central environmental protection inspection (CEPI) as quasi natural experiment, this paper empirically tests the impact of the Central Environmental Protection Supervision Group on the environmental protection investment of enterprises by using a multi period DID model on the basis of theoretical analysis. The study shows that after the arrival of the central environmental protection supervision team, the scale of environmental protection investment of enterprises has increased significantly, and this conclusion is still valid after a series of robustness tests. It is also found that CEPI can further influence corporate environmental investment through the intermediary role of local government governance pressures, and that the effect of environmental governance strategy of “supervising the government” to “supervising enterprises” is effective. And the optimization of institutional environment can ensure the effective implementation of environmental protection policy, and the higher the “pro” and “clear” degree of the relationship between government and business, the better the implementation of the central environmental protection inspector. Additionally, the government competition to attract external high-quality resources can enhance the influence of the central environmental protection inspectors on enterprises, while the government competition in pursuit of economic growth will weaken the effect of this policy. Further study indicates that, compared with non-state-owned enterprises, the CEPI had a more significant effect on increased corporate environmental investment by state-owned enterprises. The above conclusions enrich the literature of environmental protection inspectors and their influence, and provides useful inspirations for the government to further improve the ecological supervision system.
YANG Lanpin,CHEN Jiaoyu. The Corporate Environmental Investment Effect of Ecological Regulation: A Quasi-natural Experiment Based on Central Environmental Protection Inspection. Economic Survey, 2022, 39(6): 0150.
2022, Vol. 39 
