关键词: 排污收费, 环保补助, 环境司法, 企业环境责任 

Abstract: Environmental regulation is an important factor in the formation of external pressure on enterprises, and has mandatory constraints on the environmental behavior of enterprises. Based on the panel data of listed companies in China?s A-share heavy polluting industries, this paper uses a multi-dimensional fixed-effect model to examine the impact and mechanism of environmental regulation on corporate environmental responsibility performance from the perspective of heterogeneity. The results show that: first, the sewage charge significantly improves firms’ fulfillment of environmental responsibility, which is reflected in the external pressure and internal incentive. However, environmental subsidies crowd out firms’ fulfillment of environmental responsibility, which is reflected in rent-seeking and speculation behavior. Second, the strengthening of environmental judicature the positive relationship between sewage charge and corporate environmental responsibility performance, and plays a positive role in moderating the relationship between environmental subsidy and corporate environmental responsibility performance. Third, the effect of sewage charge is more obvious when the level of regional marketization is higher and managerial competence is stronger. The crowding-out effect of environmental subsidy on corporate environmental responsibility performance is not obvious in non-state-owned firms and firms with strong managerial competence, but the compensation effect is more obvious. The conclusions are of positive significance to encourage firms to fulfill environmental responsibility, give full play to their main role in environmental governance, and promote the early realization of the carbon peak and neutral goals.

Key words: Sewage Charge, Environmental Subsidy, Environmental Judicature, Corporate Environmental Responsibility