企业环境政策不确定性感知如何影响绿色投资?
How can Corporate Environmental Policy Uncertainty Perception Affect Green Investment?
董丹丹1
作者信息
- 1. 辽宁大学 金融与贸易学院,辽宁 沈阳 110036
- 折叠
摘要
企业感知的环境政策不确定性程度会影响绿色投资.利用 2011-2020 年上市公司数据,采用文本挖掘方法,从企业年报文件中提取信息,测度企业环境政策不确定性感知指标,检验环境政策不确定性感知对企业绿色投资的影响.结果表明企业感知的环境政策不确定性程度上升会显著抑制企业绿色投资;异质性检验结果表明环境政策不确定性感知对企业绿色投资的抑制作用在制造业企业、低技术企业、非国有企业和"国控点"企业更加显著;机制检验结果表明企业感知的环境政策不确定性上升会降低企业风险承担能力,从而减少绿色投资;调节效应表明企业融资约束和投资不可逆程度均会强化环境政策不确定性感知对企业绿色投资的抑制作用.研究结论揭示了企业环境政策不确定性感知对绿色投资的影响,为降低企业感知环境政策不确定性程度以增加绿色投资提供了经验证据.
Abstract
The environmental policy uncertainty perception(EPUP)may affect the corporate green investment behavior.Based on Chinese listed company data from 2011 to 2020,text mining methods are used to extract information from the annual report documents,which measures EPUP,and this paper identified the impact of EPUP on the green investment of enterprises.Results show that the rising environmental policies uncertainty perceived by enterprise will significantly suppress green investment.The results of heterogeneity test show that the inhibitory effect of EPUP on green investment is more significant in manufacturing enterprises,low-tech enterprises,non-state-owned enterprises and"national control points"enterprises.The mechanism analysis shows that rising EPUP will reduce the ability to risk bearing,thereby reducing green investment.The moderating effect concludes that corporate financial constraints and irreversible investment extent strengthen the inhibitory effect of EPUP on green investment.The research conclusion reveals the impact of the environmental policy uncertainty perception on corporate green investment,and provides empirical evidence for reducing EPUP to increase green investment.
关键词
环境政策不确定性感知/企业绿色投资/文本分析/风险承担Key words
environmental policy uncertainty perception/enterprise green investment/text analysis/risk bearing引用本文复制引用
基金项目
国家自然科学基金青年项目(42201185)
国家社会科学基金一般项目(19BJL089)
国家社会科学基金一般项目(21BJL100)
出版年
2024
NETL
NSTL
万方数据