The Driving Factors of Green Investment Behavior of Firms
Ma Yanbai
摘要：绿色投资是加强污染治理、改善环境质量的重要方式。面对绿色投资不足的现实，探索企业进行绿色投资的动因对于进一步扩大绿色投资规模和经济增长向绿色转型至关重要。本文以2008—2017年中国A股上市公司作为研究样本，从环境规制和市场竞争两个角度对企业绿色投资行为的驱动因素进行实证检验。研究表明：环境规制和市场竞争是企业开展绿色投资的两个基本动因，二者会共同作用于企业的绿色投资行为。长期贷款在环境规制与绿色投资、市场竞争与绿色投资之间起中介作用。媒体压力、环保补贴对企业扩大绿色投资规模具有积极作用，但媒体压力对绿色投资动因的调节作用不显著，而环保补贴会减弱两个动因促使企业开展绿色投资的积极性。要解决资源环境问题、推动经济社会可持续发展，政府要制定与市场运行机制相协调的环境政策和法规，增强企业参与绿色实践的主动性和竞争优势。
关键词：绿色投资行为；环境规制；市场竞争；媒体压力；环保补贴
Abstract: Green investment is an important way to strengthen pollution control and improve environmental quality. Facing the reality of insufficient green investment, it is very important to explore the driving factors of green investment for firms to further expand the scale of green investment and the transformation of economic growth to green. This paper takes Chinese A-share listed firms from 2008 to 2017 as the research sample, and empirically tests the driving factors of green investment behavior from the perspectives of environmental regulation and market competition. The research shows that environmental regulation and market competition are the two basic driving factors for firms to carry out green investment, and they will work together on firms' green investment behavior. Environmental regulation and differentiation strategy can promote green investment, while cost-leadership strategy can dampen green investment. Long term loan plays a mediating effect between environmental regulation and green investment, market competition and green investment. Media pressure and environmental subsidies have a positive effect on firms to expand the scale of green investment, but the moderating effect of media pressure on the driving factors of green investment are not significant, and environmental subsidies will weaken the enthusiasm of firms to carry out green investment. In order to solve the problems of resources and environment and promote the sustainable development of economy and society, the government should formulate environmental policies and regulations in coordination with the market operation mechanism, and enhance the initiative and competitive advantage of firms to participate in green practice.
Keywords: Green Investment Behavior; Environmental Regulation; Market Competition; Media Pressure; Environmental Subsidies
DOI:10.19511/j.cnki.jee.2021.02.005
基金项目：国家自然科学基金项目“风险导向式企业经营绩效评价体系的构建与应用研究”（71572118）。
