Will Environmental Judicial Reform Affect the Risk Level of Heavily Polluting Enterprises?——Quasi Natural Experiments Based on the Establishment of Environmental Courts
Taking heavily polluting enterprises listed on the Shanghai and Shenzhen A-shares from 2003 to 2022 as research sam-ples,this paper empirically tests the impact of environmental judicial reform on the risk level of heavily polluting enter-prises.Research has found that environmental judicial reform has significantly increased the risk level of heavily polluting enterprises.Compared to other enterprises,the risk impact of environmental justice reform on non-state-owned enterpri-ses,smaller scale and heavily polluting enterprises with greater competitive pressure is more significant.Mechanism anal-ysis found that environmental judicial reform significantly increased the financing costs(including equity financing costs and debt financing costs)of heavily polluting enterprises,thereby enhancing their risk level.Further analysis reveals that environmental justice reform will also force heavily polluting enterprises to invest in environmental protection,and envi-ronmental justice reform has significantly improved the level of environmental protection investment of heavily polluting enterprises.
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