《经济管理学刊》| 徐灿宇，梁上坤：混合所有制程度、环境监管强度与企业环保投入
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财经
2024-10-28 19:00
北京
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混合所有制程度、环境监管强度与企业环保投入
Mixed Ownership Reform, Environmental Supervision Intensity and Environmental Protection Investment
【原文刊载在《经济管理学刊》2024年第3卷第3期】（2024年9月出版）
徐灿宇，华东理工大学商学院
Canyu Xu (School of Business, East China University of Science and Technology)梁上坤，中央财经大学会计学院
Shangkun Liang (School of Accountancy, Central University of Finance and Economics)
混合所有制改革旨在提高中国国有企业的资本配置效率和治理水平，是中国国有企业当前改革的重点和关键。立足此背景，本文手工整理了企业环保数据，基于2008-2019年A股国有上市公司的样本，系统考察了混合所有制程度对环保投入的影响。研究发现：混合所有制程度与环保投入呈负相关关系，即混合所有制多样性越大、融合度越高，环保投入越少；而政府环境监管强度起到了调节混合所有制程度与环保投入负向关系的作用。进一步的研究显示：混合所有制程度通过强化融资约束来抑制国有企业的环保投入；区分环保投入类型，混合所有制程度对不同类型环保投入均存在抑制作用；区分行业污染程度，混合所有制程度的抑制作用在重污染行业中更高；区分混合主体参股程度，外资、民营参股程度越高，环保投入越低；区分国有企业层级，混合所有制程度的影响在中央企业中较小。本文从环保投入的角度揭示了混合所有制改革可能引发的微观影响及其应对思路，并进一步为监管机构和投资者提供了有益启示。
关键词：混合所有制；国有企业改革；环保投入；环境监管强度
Keywords: Mixed Ownership; State-Owned Enterprise Reform; Environmental Protection Investment; Environmental Supervision Intensity
一、研究背景与意义
混合所有制改革是中国经济改革的关键环节。近年来，中国政府连续出台多个文件，旨在大力发展混合所有制经济，混合所有制改革也在国有经济的不同层级中持续推进。随着改革力度不断加强，非国有资本纷纷入股国有企业，给国有企业的治理结构、经营机制、运行效率等方面带来显著影响。学术界也立足于此，积极探索混合所有制改革对国有企业的影响，主要聚焦于投资活动、融资活动、企业业绩等国有企业的经济效益方面。与此同时，绿色发展已经提升到国家战略高度，如何推动经济社会绿色发展受到世界瞩目。现有国有企业混合所有制后果方面的研究更多关注了企业经济发展，却鲜有关注对企业环境保护方面投入的影响。基于此，不同于现有研究对经济效益方面的考察，本文立足于环保投入这一视角，尝试探究混合所有制程度如何影响国有企业的环保投入？地方政府的环境监管强度又将产生怎样的影响？本文可能的贡献表现在以下方面：第一，本文从环境保护视角，拓宽了混合所有制程度经济后果的研究，有助于在经济高质量发展的背景下全面考察混合所有制程度的影响后果，并进行对策制定。第二，本文基于混合所有制改革背景研究国有企业股权变迁下的环保决策考量，为环境保护的研究提供了一个新视角。第三，本文发现政府环境监管力度缓解了混合所有制程度与环保投入的负向关系，以及新环保法实施对上述关系的缓解。这一发现凸显政府环境监管的重要性，也对如何协同推进混合所有制程度与生态环境保护，发挥其双方面的优势提供了启发。本文基于2008-2019年间A股国有上市公司的样本，首先考察了混合所有制程度对企业环保投入的影响。随着国有企业混合所有制改革的推进，非国有股东进入国有企业后会通过以下方面对企业环保投入产生影响：首先，注重利润动机的非国有股东进入国有企业后，企业可能会更关注利益最大化。其次，随着国有企业混合所有制进程的推进，企业与政府的关联逐渐减弱，补助优惠也随之减少。最后，国有企业混合所有制改革后，面临的资源约束会增加，预算软约束硬化。外部融资成本的提高导致国有企业需要重新考虑公司内部各项决策，对投资风险高、不确定性大的环保投入积极性降低，从而抑制企业的环保投入。随后，本文探究了政府环境监管在其中发挥的调节作用。地方政府对环境监管的力度直接影响企业环保投入的积极性，并能够有效抑制企业污染排放行为。在混合所有制改革后，企业与政府的关联关系减弱。而当企业所在地政府环境监管较强、对环保更为重视时，为了更好地维系与政府的关系，企业在环境保护方面的投入也会有所调整。因此，企业所在地政府环境监管力度会缓解混合所有制程度对企业环保投入的抑制作用。最后，本文从融资约束视角对混合所有制程度与企业环保投入之间关系展开机制分析；从环保投入类型、行业污染程度、混合主体参股程度以及国有企业层级的视角，展开异质性检验；从双重差分模型、Heckman两阶段模型、PSM模型、增加控制变量、改变环境监管度量等方面，进行一系列稳健性测试。本文发现，混合所有制程度与环保投入呈负相关关系，即混合所有制多样性越大、融合度越高，环保投入越少。同时，进一步考虑了2015年1月1日实施的新《中华人民共和国环境保护法》（简称新环保法）带来的影响，发现新环保法实施前后，混合所有制程度与环保投入之间仍保持负向关系，但新环保法实施后这一负向关系有显著缓解，这体现了政府环境监管的重要性。本文随后探讨了政府环境监管力度的影响，进一步证实政府环境监管力度对混合所有制程度与环保投入负向关系的缓解作用。进一步研究显示：混合所有制程度通过强化融资约束来抑制国有企业的环保投入；区分环保投入类型，混合所有制程度对不同类型环保投入均存在抑制作用；区分行业污染程度，混合所有制程度在重污染行业中的抑制作用更强；区分混合主体参股程度，外资、民营参股程度越高，环保投入越低；区分国有企业层级，在中央企业中混合所有制程度的影响较小。此外，在进行双重差分模型、Heckman两阶段模型、控制公司固定效应、增加控制变量、改变环境监管度量、考虑新环保法的影响等一系列稳健性测试后，发现结论保持不变。本文的研究也有一定的现实意义与政策启示。第一，结合经济效益与环境表现等视角，多角度、全方面地理解混合所有制改革给国有企业带来的影响。第二，推动混合所有制改革的同时需要综合考虑外资、民营等非国有股东的加入可能带来的多方面影响。非国有股东的加入虽然对国有企业形成制衡的股权结构、完善治理机制、提高经营绩效会产生积极作用，但也要注意引入非国有股东潜在的负面效应。第三，积极引入优质的战略投资者，助力国企长久发展。在国有企业混合所有制改革进程中，应当注重优质的非国有股东的引入，尤其是行业经验丰富、治理理念先进的战略投资者，他们更加注重企业长久发展，避免短期逐利行为，对于促进国有企业积极承担环境保护责任、可持续绿色发展具有重要影响。第四，突出政府监管地位，强化监管力度，创新监管方式，全面提高监管效率。政府环境监管力度能够有效缓解企业环保投入水平的降低以及其他治理机制引发的负面影响。而环境监管的治理效率取决于当地环境立法、信息披露程度、执法机构的监督效率、公众参与度等全方位的联动发展。因此，未来应该重视正式（政府机构）和非正式（媒体等）组织机构的联合监督，健全环境信息披露和环境违法违规行为揭露机制。
The mixed ownership reform aims to increase the efficiency of state-owned capital allocation and improve the corporate governance of state-owned enterprises. It is the current focus and key of China's state-owned enterprise reform. In October 2022,the 20th National Congress of the Communist Party of China (CPC) pointed out that “deepening the reform of state-owned capital and state-owned enterprises,accelerating the optimization of the state-owned economic layout and structural adjustment,promoting the state-owned capital and state-owned enterprises to become stronger and better,and enhancing the core competitiveness of enterprises”. Mixed ownership reform has continued to advance at different levels of the state-owned economy. With the continuous strengthening of mixed ownership reform,non-state capitals have taken shares in state-owned enterprises,which has brought significant impacts on the governance structure,business mechanism and operational efficiency of state-owned enterprises. Based on this,academics have explored the economic consequences of the mixed ownership reform of state-owned enterprises (SOEs),focusing mainly on the economic efficiency of SOEs in terms of investment activities,financing activities and enterprise performance.In recent years,how to promote green economic and social development has attracted worldwide attention. The overall task of China's ecological civilization in the new era is to promote green development and harmonious coexistence between human beings and nature. However,existing researches on the consequences of mixed ownership in SOEs have paid more attention to the economic development of the enterprises,but less attention to the impact of the investment on environmental protection. The impact of mixed ownership reform of state-owned enterprises on environmental issues has been an important topic of widespread concern in both theoretical and practical circles. Based on this, the paper explores how the degree of mixed ownership affects the environmental investment of state-owned enterprises and how local government environmental regulation influences this relationship.Focusing on the above issues,this paper uses the data of Chinese A-share state-owned listed companies as a sample to systematically investigate the relationship between mixed ownership and environmental protection investment. We find that the degree of mixed ownership is negatively correlated with environmental protection investment. The greater the diversity of mixed ownership and the higher the degree of integration,the less investment in environmental protection. We further consider the impact of the new Environmental Protection Law,which was implemented on 1 January 2015,and find that the relationship between the degree of mixed ownership and environmental protection investment remains negative before and after the implementation of the institution. This negative relationship is significantly alleviated after 2015,reflecting the importance of government environmental regulation. Therefore,we then explore the impact of government environmental regulation to further confirm the mitigating effect of government environmental regulation on the negative relationship between the degree of mixed ownership and environmental investment.Further analysis indicates:distinguishing the types of environmental protection investment,the degree of mixed ownership has an inhibitory effect on different types of environmental protection investment; distinguishing the degree of industry pollution,the degree of mixed ownership has a stronger inhibitory effect in heavy polluting industries; distinguishing the participation of mixed entities,the higher the degree of foreign and private equity participation,the lower the investment in environmental protection; distinguishing the level of state-owned enterprises,the degree of mixed ownership in central state-owned enterprises has less impact. The conclusions of the paper remain unchanged after a series of robustness tests including the difference-in-differences model,Heckman two-stage model,firm fixed-effects model,adding control variables,and changing the environmental regulation measure.The finding of this paper has the following contributions. First,previous studies on mixed ownership in SOEs have mainly focused on corporate performance,investment decisions,risk-taking,etc.,and few papers have paid attention to the impact of the degree of mixed ownership on environmental protection. Although most scholars have found that the degree of mixed ownership promotes the performance growth of SOEs,the performance growth does not mean the growth of environmental protection inputs,and it is even possible that the performance growth is at the expense of environmental protection inputs. This paper examines the impact of the degree of mixed ownership on environmental protection and broadens the study of the economic consequences of the degree of mixed ownership. Second,previous research on environmental protection has focused on environmental regulation,government regulation,social media and so on. Little literature has focused on the impact of changes in own equity structure. SOEs hold a large amount of economic resources and occupy a monopoly position in important industries affecting the environment,and the efficiency of SOEs in environmental protection largely determines the ultimate effect of environmental protection in China. This paper provides a new perspective for the study of environmental protection and highlights the importance of government environmental supervision,and also provides inspiration on how to synergistically improve mixed ownership and environmental protection.
原文引用：徐灿宇, 梁上坤. 混合所有制程度、环境监管强度与企业环保投入[J]. 经济管理学刊, 2024, 3(3): 173-198.
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