摘要：本文基于企业内部和外部环境治理参与视角，利用2012—2022年上市公司数据建立多时点双重差分模型，系统分析了中央环保督察对企业“漂绿”行为的影响。结果显示，中央环保督察显著抑制了地方企业的“漂绿”行为。机制分析发现，中央环保督察通过提升地方政府和公众的环境关注度、强化企业高管绿色治理意识等途径有效遏制了“漂绿”行为。中央环保督察增加了企业象征性环境信息披露的曝光风险，同时提高了企业实质性绿色投入的回报。同时，中央环保督察的震慑作用在非重污染行业、融资难度大、所在地官员晋升意愿高以及所在地开展“回头看”的企业组别中表现更显著。从经济后果来看，中央环保督察能促进企业加大绿色经营投入，且该制度对“漂绿”行为的抑制作用有利于提高地方企业的环境信息披露质量、市场声誉和风险承担能力。上述研究为更深入理解企业“漂绿”行为的影响因素提供了基于中央环保督察的经验证据，也为更好地开展环境规制政策实践、提升环境治理效果提供了新的思路。
关键词：中央环保督察；漂绿；政府治理；公众参与；高管绿色认知
From Symbolic Disclosure to Substantial Investment: How Does Central Environmental Inspection Curb Corporate Greenwashing Behavior
Yang Yongcong, Li Xuexuan
Abstract: Based on the perspective of internal and external environmental governance participation of enterprises, this article uses listed company data from 2012 to 2022 to establish a staggered DID model and systematically analyzes the impact of Central Environmental Inspection (CEI) on corporate“greenwashing”behavior. The results show that the CEI significantly inhibits the“greenwashing”behavior of local enterprises. Mechanism analysis found that the CEI has increased the environmental attention of local governments and the public, strengthened the green governance awareness of corporate executives, effectively curbing“greenwashing”behavior. The CEI increased the exposure risk of companies’symbolic environmental information disclosure, and at the same time increased the returns on substantial green investments, effectively curbing“greenwashing”behavior. At the same time, the deterrent effect of the CEI is particularly evident in non-heavy pollution industries, enterprises with high financing difficulties, local officials with high willingness to be promoted, and those in which the locality conducts“looking back”. From the perspective of economic consequences, the CEI promote enterprises to increase their investment in green operations, and the inhibitory effect of the system on“greenwashing”behavior is conducive to improving the quality of environmental information disclosure, market reputation and risk-bearing capacity of local enterprises. The above research provides empirical evidence based on CEI for a deeper understanding of the influencing factors of corporate“greenwashing”
behavior, and also provides new ideas for better implementation of environmental regulation policies and improved environmental governance effects.
Keywords: Central Environmental Inspection; Greenwashing; Government Governance; Public Participation; Executive Green Perception
