The Spillover Effects of Green Industry Policies from the Perspective of Common Shareholders——A Quasi Natural Experiment Based on Green Factory Evaluation
The Spillover Effects of Green Industry Policies from the Perspective of Common Shareholders——A Quasi Natural Experiment Based on Green Factory Evaluation
Green industry policy guides enterprises to carry out green transformation and upgrading by internalizing the negative externalities of the environment.Based on the perspective of common shareholder and ESG,this paper uses a multi-stage different-difference model to identify the common shareholder spillover effect of green industrial policies with a quasi natural experiment of green factory evaluation.It is found that green factory evaluation can improve the ESG level of common shareholders affiliated enterprises,indicating that green industrial policy has significant common shareholder spillover effect.According to the mechanism test,the green factory assessment can improve the ESG level of common shareholders affiliated enterprises by enhancing the green management concept,improving the quality of internal governance and strengthening the supervision of green investors.Heterogeneity analysis shows that:On the one hand,the more green factory listed companies are heavy polluters,the more obvious the spillover effect of common shareholders is,while whether the common shareholders affiliated enterprises are in the same region has no significant impact on the spillover effect;On the other hand,the above spillover effect are more significant for enterprises in areas with higher financing constraints,higher public attention and stronger government environmental concern.From the unique perspective of common shareholder spillover,this paper expands and deepens the research on the effect of green industry policy,and provides theoretical reference for the design of sustainable development-related policies.
关键词
绿色产业政策/共同股东/溢出效应/ESG
Key words
green industry policies/common shareholder/spillover effect/ESG
万方数据