Does the Environmental Credit Evaluation System Foster Corporate Environmental Investment?
The environmental credit evaluation system represents an innovative approach that levera-ges credit mechanisms to stimulate green development.This research explores the influence of the environmental credit evaluation system on corporate environmental investment,employing the multi-period difference-in-differences method.The sample comprises A-share listed companies in Shanghai and Shenzhen,spanning from 2010 to 2020.The findings indicate that the environmental credit evaluation system significantly encourages corporate environmental investment.The potential mechanism behind this is the system's capability to bolster government,market,media and public environmental supervision,thus mobilizing societal forces to pressurize enterprises into enhancing their environmental investment.Further analysis reveals that the impact of the system on environ-mental investment is more pronounced when property rights are non-state,financial development is advanced,the proportion of independent directors is high,and the quality of internal control is su-perior.Our conclusion underscores the environmental efficacy of the environmental credit evaluation system,broadens the research on institutional factors influencing corporate environmental invest-ment,and offers empirical references for environmental departments to enhance the system and for enterprises to optimize their environmental investment decisions.
万方数据
维普
