统计研究 ›› 2018, Vol. 35 ›› Issue (9): 54-66.doi: 10.19343/j.cnki.11-1302/c.2018.09.005

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公共压力、企业国际化与企业环境治理

程博等   

  • 出版日期:2018-09-25 发布日期:2018-09-25

Public Pressure, Firm Globalization and Environmental Governance

Cheng Bo et al.   

  • Online:2018-09-25 Published:2018-09-25

摘要: 企业环境行为和环境治理责任是社会各界普遍关注的重要话题。本文借助2011年年底的PM2.5爆表事件作为外生冲击,系统地考察了PM2.5爆表事件后企业国际化对环境治理行为的影响机理和作用机制。实证检验发现:第一,在PM2.5爆表事件后,相比于国际化程度低的企业,国际化程度高的企业环境治理绩效更好,表现为企业环境资本投资更多;第二,PM2.5爆表事件带来的公共压力对国际化程度高的企业环境治理的提升现象在信息透明度低、分析师跟踪少的企业更加显著;第三,在民营性质、高管理层权力及行业竞争程度高的企业中,PM2.5爆表事件带来的公共压力对国际化程度高的企业环境治理的提升现象更为明显。

关键词: 公共压力, PM2.5, 企业国际化, 环境治理

Abstract: The firm environmental management behavior and the responsibilities of the environmental governance have always been one of the attentive topics in China. With an exogenous shock caused by the case of PM 2.5 exceeding the limit (beyond 500 micrograms/m3 of PM2.5 concentration values) at the end of 2011, this paper observes the influence mechanism of firm globalization on environmental governance performance. By using China's A-share listed companies from 2007 to 2014 as research samples, the results show that: 1) firms with a higher degree of globalization have a better performance in environmental governance in comparison with those in lower globalization, resulting in more environmental investment, after the case happened; 2) the public pressure following the case has an obviously more impacts on the firms with higher globalization in the improvement of environmental governance than in the firms with low transparency and less follow-up by analysts. 3) in the firms with a private nature and strong competition among the high executives and the sectors, the public pressure brought up by the case has an obviously more effects in the firms with higher globalization on enhancing the environmental governance.

Key words: Public Pressure, PM2.5, Firm Internationalization, Environmental Governance