减排管制强度与企业投资行为--来自重污染上市公司的经验证据

环境管制强度会引发企业投资行为的策略回应。文章以2008年至2011年我国重污染行业 A 股上市公司数据为样本，基于企业所处行业和地区省份的减排管制政策，研究减排管制强度对企业投资行为的影响。研究发现，减排管制强度能激励企业增加投资，促进环境友好技术创新，且没有导致企业生产设备投资的“挤占效应”。同时，研究结论为进一步明确我国企业减排的分类激励政策、推进企业绿色改造升级提供了参考依据。

Emission Regulatory Intensity and Corporate Investment Behavior:Empirical Evidence from Heavy Pollution Listed Corporations

Environmental regulatory intensity leads to the strategic response of corporate investment behavior.Based on the data of A-share listed company from 2008 to 201 1 in heavy pollution industry and emission policy of industry and region provinces,this paper examines the impacts of emission regulatory intensity on corporate investment behav-ior.The result shows that emission regulatory intensity can stimulate corporations to increase investment,and pro-mote the innovation of environmental friendly technologies.However,it did not result in the"crowding-out effect"of corporate investment.These conclusions provide a reference for improving the emission policy,and promoting the green transformation and upgrading of enterprises in China.