中国环保政策对污染型、环保型上市公司业绩的影响——对PH理论的一个实证检验

THE IMPACT OF CHINA'S ENVIRONMENTAL POLICIES ON THE FINANCIAL PERFORMANCE OF POLLUTING AND ENVIRONMENTAL PROTECTION LISTED COMPANIES——AN EMPIRICAL TEST FOR PORTER HYPOTHESIS

周新明

11749013

硕士

金融

何佳

2019-05-25

2019-07-05

哈尔滨工业大学

深圳

党的十八大以来，环保问题被放在执政工作的突出位置，一系列环保相关政策出台，调整了经济与环保的关系，影响了经济体中的每一个角色。我们“既要金山银山，也要绿水青山”。在90年代国外就有对于经济发展和环保的关系的研究，Porter指出“设计得当的环保机制能鼓励企业技术创新，提升竞争力”（Porter Hypothesis）。如果PH在国内是成立的，那就意味着我们可以实现经济和环保的双赢。我从ROA角度考虑环保政策的影响。将所有A股上市公司分为三类：污染型企业、环保型企业、其他企业，前两类对环保政策敏感，将其他企业作为基准组，考察2013-2016年期间的环保政策对污染企业ROA的相对影响。利用双重差分模型，我测算环保政策对于污染企业和环保企业的处理效应。结果显示，环保政策对污染企业有显著为正的处理效应，这表明环保政策反而能提升企业的利润率，支持PH。另外，环保企业的处理效不显著。

Since the 18th National Congress of the Communist Party of China, environmental protection issues have been placed in a prominent position in the ruling work. A series of environmental protection related policies have been introduced, which have adjusted the relationship between economy and environmental protection and affected every role in the economy. We "want Gold Mountain&Silver Mountain，as well as Clean Water&Green Mountain”. In the 1990s, there were studies on the relationship between economic development and environmental protection. Porter pointed out that “properly designed environmental protection mechanisms can encourage technological innovation and enhance competitiveness” (Porter Hypothesis). If PH makes sense in China, it means that we can achieve a win-win situation for both the economy and the environment.I explore the impact of environmental policy from the perspective of ROA. All A-share listed companies are divided into three categories: polluting ones, environmental protection ones, and others. The first two categories are sensitive to environmental protection policies. Other companies are used as benchmarks to messure environmental policies’ relative impact on polluting companies during the period 2013-2016. Using DID, I measured the treatment effect of environmental protection policies on polluting companies and environmental protection companies.The result shows that environmental protection policies have a significant positive effect on polluting enterprises’ ROA, which means that environmental protection policies can increase their profitability. The result support PH. In addition, the treatment effect on environmental protection companies is not significant.

环保 经济 PH 双重差分模型

Environmental Protection Economy Porter Hypothesis DID

中文

联合培养

南方科技大学

周新明. 中国环保政策对污染型、环保型上市公司业绩的影响——对PH理论的一个实证检验[D]. 深圳. 哈尔滨工业大学,2019.