摘要：新质生产力本身就是绿色生产力，提升企业的环境绩效对于推动新质生产力发展具有重要意义。基于手工整理的2003—2021年城市政府工作报告数据和上市企业环境绩效数据，考察地方政府环境目标约束对企业环境绩效的影响。研究发现，地方政府环境目标约束显著提升了企业的环境绩效。机制分析显示，地方政府实施环境目标约束后一方面促使政府加大环境政策执行力度、提升了公众环境关注度；另一方面也激励企业实现绿色创新数量和质量的“双向提升”，进而推动企业提高了环境绩效水平。异质性检验结果表明，地方政府环境目标约束对企业不同维度的环境社会责任表现均有显著的改善作用，并且对于政治关联企业、社会关注度高、高管具有环保经历以及员工有绿色行为的企业的环境绩效有更强的激励效果。此外，主动型环境目标约束以及实行“硬约束”的方式对企业环境绩效的促进作用更大。本研究为如何解决环境规制中的“政企合谋”问题提供了微观证据，同时也对促进企业绿色转型具有一定的借鉴意义。
关键词：政府环境目标约束；企业环境绩效；公众环境关注度；绿色创新；交叠DID
Local Government Environmental Target Constraints and Corporate Environmental Performance:
Getting What You Want or Not Getting What You Want?
Sun Yangyang, Qi Xiaofeng, Luo Qingfeng
Abstract: Improving the environmental performance of enterprises is of great significance to promoting the development of new quality productivity. This study investigated the impact of local government environmental target constraints on corporate environmental performance. Using manually curated data from city government work reports and listed company environmental performance from 2003 to 2021, the research found that local government environmental target constraints significantly enhance corporate environmental performance. Mechanism analysis revealed that these constraints not only strengthen government enforcement of environmental policies and public awareness but also drive businesses to achieve dual enhancements in green innovation quantity and quality, thereby promoting improved environmental performance. Heterogeneity tests showed that these constraints particularly benefit politically affiliated firms, companies with high social visibility enterprises, executives with environmental experience firms, and companies with employees with green behavior. Additionally, proactive environmental target constraints and the implementation of hard constraints had a greater promoting effect on corporate environmental performance. This study offered micro-level evidence on addressing issues of government-enterprise collusion in environmental regulation and provides insights into promoting corporate green transformation.
Keywords:Government Environmental Goal Constraints；Enterprise Environmental Performance；Public Environmental Attention；Green Innovation；Staggered DID
