Taking the Paris Agreement adopted by the Paris Climate Conference on December 12,2015 as a quasi-natural experiment,this paper empirically tests the impact of global temperature control on enterprise investment efficiency by using the DID method.It is found that,compared with non-energy industry enterprises,the investment efficiency of energy industry enterprises is significantly improved after setting the upper limit of the global average temperature rise of 2℃,which is mainly manifested in the alleviation of insufficient investment.This phenomenon is more significant in the samples with improved business vitality,more financial support and better social responsibility after global temperature control.When enterprises are subject to more strict environmental supervision,the impact of global temperature control on the investment efficiency of enterprises in the energy industry is more significant;the improvement of investment efficiency of enterprises in the energy industry does come from global temperature control rather than from the original attention of energy companies to environmental protection;when the regional elevated pollutant emission level is high,energy companies need to increase environmental protection investment by improving investment efficiency.Further research shows that improving the investment efficiency of enterprises in the energy industry can significantly increase the total environmental protection investment of the company.This paper directly tests whether global temperature control can promote enterprises to improve investment efficiency,and then promote them to increase environmental protection investment,which has important theoretical and policy implications.
关键词
《巴黎协定》/全球气温控制/投资效率/投资不足/环保投资
Key words
The paris agreement/Global temperature control/Investment efficiency/Insufficient in-vestment/Environmental protection investment
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