海外投资提升了企业环保支出？异质性分析与机制检验

doi:10.16381/j.cnki.issn1003-207x.2021.1675

摘要/Abstract

摘要：

虽然学界大量文献从不同视角对中国企业海外投资问题进行了探讨，但从企业环境保护支出这一视角分析海外投资对企业行为的影响的文献尚不多见。本文从制度压力视角，利用中国2010-2019年上市公司相关数据，采用双向面板固定效应模型和PSM-DID计量方法检验了海外投资对企业环保支出的影响，并进一步考察了母公司异质性和东道国异质性的影响。研究结果显示，海外投资企业的环保支出显著高于其他企业。海外投资对企业环保支出的影响受到母公司异质性和东道国异质性特征的影响。在东部地区、民营企业和重污染行业中，海外投资对企业环保支出的提升效果更强。东道国异质性分析结果表明，当东道国是OECD国家或一带一路沿线国家时，海外投资更有助于提高企业的环境保护支出。机制分析表明，海外投资有助于提升公司治理水平、提高公司媒体关注度和股票流动性，从而推动企业更多地进行环境保护支出。其政策意义在于，中国环境治理的症结是企业环保支出水平较低，当政府能合理引导企业进行对外投资时，企业的海外投资将有利于提升企业环保支出。

关键词: 海外投资, 环保支出, 制度距离, 异质性

Abstract:

Although a large number of academic literatures discusses the issue of overseas investment by Chinese companies from different perspectives， so far， there is no literature that analyzes the impact of overseas investment on corporate behavior from the perspective of corporate environmental awareness. The increasing number of Chinese overseas investment enterprises provides an opportunity for us to study this issue. The analysis and discussion of the impact of overseas investment on corporate environmental protection expenditure from the perspective of institutional distance can not only further expand and enrich the relevant research on overseas investment and corporate behavior in theory， but also provide a new perspective and theoretical basis for relevant government departments to formulate relevant policies to enhance the ability of enterprises to develop green and sustainable development.The relevant data of China’s listed companies from 2010 to 2019 and the two-way panel fixed effects model and the PSM-DID measurement method are used to test the impact of overseas investment on corporate environmental awareness and its dynamics， and further whether the heterogeneity of the company and the heterogeneity of the host country change this effect is examined. The research results show that the environmental awareness of overseas investment companies is significantly higher than that of other companies. The impact of overseas investment on corporate environmental awareness is dynamic， and it only help improve corporate environmental awareness after three years of investment. In the eastern region， private enterprises， and heavy-polluting industries， overseas investment has a stronger effect on corporate environmental awareness. When the institutional distance between the host country and China is higher， overseas investment is more conducive to improving corporate environmental awareness. It is conducive to causally identifying the logical relationship between overseas investment， institutional distance and corporate environmental awareness in this article.Accordingly， the following policy recommendations are put forward： First， in the context of complex international situation， the government should guide more enterprises to go global， regulate enterprises' overseas investment behavior， and adopt the reverse spillover effect and learning effect of enterprises in host countries and the institutional constraints of host countries on enterprises' behavior， and improve their own environmental protection efforts. Second， the government should formulate corresponding preferential policies to encourage enterprises to make more strategic long-term foreign investment rather than short-term profitable foreign investment. Third， government should strive to resolve the concerns of private enterprises in making foreign investment， improve the enthusiasm of Chinese private enterprises to go global， and use the interest competition and institutional supervision in the international market to improve the enthusiasm of enterprises in environmental protection. In addition， considering the high proportion of private enterprises in the market， in order to fully mobilize the enthusiasm of private enterprises to protect the environment， while fully releasing the economic vitality of private enterprises， the leadership of the Party should be integrated into all aspects of the governance of private enterprises， and the behavior of private enterprises should be regulated through the leadership of the Party and external systems， so as to promote private enterprises to operate in a more environmentally friendly way. Fourth， while guiding enterprises in the eastern region to invest abroad， the government should focus on promoting the opening up of the central and western regions and the improvement of the legal market， improve the ability of enterprises in the central and western regions to take advantage of the dual system advantages of the host country and China. Fifth， the government should properly guide heavy polluting enterprises to make foreign investment， protect the environmental interests of biochemical enterprises through international competition， and enhance the intensity of environmental protection expenditure of enterprises. Sixth， Chinese enterprises can invest in those countries with a higher distance from China's system， take advantage of the institutional constraints of the two countries， improve the international adaptability of enterprises， and improve the intensity of enterprises' environmental protection expenditure.

Key words: overseas investment, environmental protection expenditure, institutional distance, heterogeneity

中图分类号:

F276.6

王全景, 李汶治, 王海杰. 海外投资提升了企业环保支出？异质性分析与机制检验[J]. 中国管理科学, 2024, 32(12): 60-70.

Quanjing Wang, Wenzhi Li, Haijie Wang. Does Overseas Investment Improve Corporate Environmental Awareness? Empirical Test Based on Heterogeneity[J]. Chinese Journal of Management Science, 2024, 32(12): 60-70.

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变量类型	变量名称	变量符号	变量定义
被解释变量	企业环保支出	Envirpro	企业当年的环保支出占企业资产规模的百分比
解释变量	海外直接投资	Oversea	若企业在样本期间内某一年进行海外投资，则把企业当年及之后年份定义为海外投资企业，Oversea =1；否则，Oversea=0。
控制变量	企业层面
	股权集中度	CR	当年前十大股东持股数量之和/总股数
	董事人数	DSRS	当年年末董事会所有董事人数
	独董人数	DDRS	当年年末独立董事人数
	两权分离	LQFL	所有权和经营权分离的程度
	两职合一	LZHY	董事长和总经理是否为同一人，若是，LZHY=1，否则，0
	净资产收益率	ROE	息税前利润总额/净资产平均总额
	财务杠杆	CWGG	企业年末总负债/总资产
	企业风险	ZHGG	企业当年普通股每股利润变动率/销售量变动率
	流动比率	LDR	企业年末流动资产/流动负债
	企业规模	Size	企业年末总资产的自然对数
	企业属性	Nature	根据企业实际控制人性质生成虚拟变量
	行业集中度	HHI	利用行业内企业营业收入逐年计算赫芬达尔指数
	行业ROA	INDROA	以总资产为权重，行业内企业总资产报酬率加权取均值
	行业LEV	INDLEV	以总资产为权重，行业内企业总资产负债率加权取均值

Variable	N	Mean	SD	Min	Median	Max
Envirpro	4827	14.633	1.921	0.000	14.535	20.299
Oversea	4827	0.100	0.297	0.000	0.000	1.002
CR	4827	57.285	15.623	22.582	57.088	94.737
DSRS	4827	8.895	1.816	4.010	8.968	19.026
DDRS	4827	3.272	0.639	0.000	2.977	8.052
LQFL	4827	5.602	8.270	-35.351	0.000	40.284
LZHY	4827	1.795	0.405	1.010	1.994	2.018
ROE	4827	-0.006	1.894	-75.306	0.059	26.833
CWGG	4827	1.568	1.372	-0.741	1.115	7.594
ZHGG	4827	2.853	3.574	-2.509	1.683	18.713
LDR	4827	2.081	2.937	0.000	1.335	68.968
Size	4827	22.416	1.169	18.804	21.984	27.851
Nature	4827	0.526	0.498	0.000	0.993	1.003
HHI	4827	0.099	0.096	0.015	0.071	1.009
Indroa	4827	0.040	0.045	-0.226	0.038	0.876
Indlev	4827	0.453	0.107	0.173	0.421	1.465

变量	(1)	(2)	(3)	(4)	(5)
Oversea	0.348^*	0.268^**	0.256^**	0.258^***	0.240^***
Oversea	(1.71)	(2.46)	(2.51)	(2.91)	(2.58)
CR		0.203	0.206	0.345	0.893^**
CR		(0.89)	(0.60)	(1.13)	(2.40)
DSRS		-0.025^***	-0.033^***	-0.026^***	0.005
DSRS		(-3.53)	(-3.92)	(-3.36)	(0.72)
DDRS		0.020	-0.083	-0.084	-0.423^*
DDRS		(0.36)	(-0.99)	(-1.08)	(-1.82)
LQFL		-0.004	0.016	0.008	0.081^***
LQFL		(-0.55)	(1.04)	(0.78)	(3.87)
LZHY		-0.009	-0.110^**	-0.104^**	0.326^***
LZHY		(-0.23)	(-2.03)	(-2.06)	(4.80)
ROE			0.094	0.084	0.232
ROE			(1.26)	(1.19)	(1.47)
CWGG			0.959^***	0.817^***	0.663^***
CWGG			(9.71)	(9.37)	(7.48)
ZHGG			-0.327	-0.014	-0.311
ZHGG			(-0.87)	(-0.03)	(-0.88)
LDR			-0.544^***	-0.486^***	-0.126^***
LDR			(-18.31)	(-19.91)	(-6.18)
Size				-0.347	0.106
Size				(-0.65)	(0.17)
Nature				0.030	-0.004
Nature				(1.16)	(-0.14)
HHI					-0.931^**
HHI					(-2.29)
Indroa					-0.140
Indroa					(-0.31)
Indlev					-0.848^*
Indlev					(-1.70)
年份	控制	控制	控制	控制	控制
个体	控制	控制	控制	控制	控制
Cons	17.517^***	6.592^***	10.605^***	8.709^***	7.169^***
Cons	(6.43)	(5.14)	(5.64)	(4.99)	(3.94)
N	4827	4018	3902	3629	3629
R²	0.128	0.132	0.138	0.142	0.167
F	4.15	3.00	3.74	6.58	12.50

变量	（1）Envirpro	(2)Git+1	(3)Git+2	(4)ESG	(5)ENV
Oversea_share	1.239^***
Oversea_share	(3.61)
Oversea		4.350^***	1.872^***	0.597^***	0.905^***
Oversea		(7.03)	(7.51)	(2.78)	(2.47)
控制变量	控制	控制	控制	控制	控制
年份	控制	控制	控制	控制	控制
个体	控制	控制	控制	控制	控制
Cons	9.358^***	40.522^***	41.134^***	2.825	5.454^***
Cons	(4.29)	(18.83)	(21.61)	(1.24)	(2.75)
N	3629	3608	3215	2652	3629
R²	0.172	0.196	0.154	0.144	0.107
F	19.24	100.38	67.66	121.48	101.31

变量	(1) PSM 1∶1	(2) PSM 1∶3
Before1	0.360	-0.149
Before1	(0.60)	(-0.79)
Before2	0.895	0.100
Before2	(1.27)	(0.39)
Treat	0.155	0.201
Treat	(0.82)	(0.89)
Time	-0.008	0.130
Time	(-0.13)	(0.95)
Treat×Time	0.808^***	0.904^***
Treat×Time	(8.03)	(5.86)
控制变量	控制	控制
年份	控制	控制
Cons	-6.579^***	-8.503^***
Cons	(-15.68)	(-14.35)
N	1026	1662
R²	0.268	0.307
F	44.60	66.70