Central Environmental Protection Inspector and Enterprises Allocation of Financial Assets
Under the dual background of the changes of ecological environment supervision sys-tem and economic"shifting from real to fictitious",this paper takes Chinese A-share listed indus-trial companies from 2012 to 2021 as the research sample,and adopts the staggered difference-in-differences method to test the impact of central environmental protection inspector(CEPI)on the allocation of financial assets of heavily polluting enterprises.The results show that CEPI has an in-hibiting effect on the financial assets allocation of enterprises.The mechanism analysis shows that the central environmental protection inspector inhibits the allocation of financial assets of enterprises by increasing environmental protection investment.Further research shows that the inhibiting effect of CEPI on allocation of financial assets is more significant in non-state-owned companies,areas with healthy government-business relationship and high financial development level.Compared with the first round of CEPI,"looking back"has a stronger inhibitory effect on allocation of financial as-sets of heavily polluting enterprises.And the restraining effect of CEPI on the allocation of financial assets of enterprises is mainly reflected in short-term financial assets.The economic consequence a-nalysis shows that CEPI can finally improve the main business performance of companies by restrai-ning their allocation of financial assets.
central environmental protection inspectorallocation of financial assetsenviron-mental investmentmulti-period difference-in-differences
万方数据
维普
