Does High-Speed Railway Affect Corporate Environmental Investment?Analysis Based on the Perspective of Environmental Supervision
Since the 21st century,the rapid development of high-speed railway in China has greatly promoted the transmission of information and other elements.This paper,by using the quasi-natural experiment of the operation of high-speed railway,measures the change of environmental supervision efficiency.It adopts the difference-in-difference method to test the impact of the operation of high-speed railway on the environmental protection investment of enterprises from the perspective of environmental supervision.It is found that the operation of high-speed railway has increased the scale of environmental investment by listed companies in cities along the high-speed railway lines,which is more significant when the new Environmental Protection Law has been implemented,or in those companies which are far away from the Environmental Protection Department.Moreover,the promotion effect of high-speed railway on corporate environmental investment is more significant in situations where state-owned enterprises and local governments have a strong environmental awareness,and corporate environmental information disclosure is poor.The results show that the operation of high-speed railway facilitates environmental supervision activities,which is conducive to improving the efficiency of environmental supervision.This paper provides empirical evidence that transportation infrastructure construction affects the high-quality development of enterprises.
国家科技期刊平台
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