The Impact of Donation Behavior on Environmental Penalty: Evidence from the Industrial Listed Companies
Song Pingfan and Qi Yu
摘要：本文使用我国工业类上市公司的数据，发现在控制了排污水平的前提下，上市公司社会捐赠数量越多，关联企业所受到的环保平均处罚程度越不严厉，且平均处罚行政层级越低，从而说明工业类上市公司的捐赠行为可能影响其所承受的行政处罚力度。但文章同时又证明了这种相关性是存在边界的，具体表现在捐赠行为并未显著降低来自环保监管部门的处罚次数（或概率）。进一步地，本文还检验了制度环境对该种机制的异质性作用，环境信息披露越健全的地区，企业捐赠行为与其受处罚行政层级的关联性越弱。本文认为要使环境执法达到公平公正，必须健全环境保护制度，减少环境执法的自由裁量权，同时还应充分发挥非正式制度在环境
保护事业中的作用以弥补正式制度的短板。
关键词 ： 企业捐赠, 环境处罚, 信息披露, 环境执法
Abstract: This paper uses the data of industrial listed firms of China, finding that the more the listed firms donate, the less serious and lower administrative level of the average punishment which connected sub-firms suffered. The result indicates that listed firms may seek to reduce the punishment through donation. On the other hand, that role that donations play is limited, that is, the listed companies can not reduce the probability and frequency of penalties. Furthermore, the heterogeneous mechanism of donations is also tested, which shows that in a districts with more transparent environment disclosure, the correlation between donation and the administrative level of the punishment is weaker. The conclusion is that in order to make environmental enforcement more fair, we must make a completely environmental protection system and suppress the space of administrational discretion power of environmental law. At the same time, we should also give full attention of the informal system in order to make up for the shortage of formal system.
Keywords: Corporate Donation; Environmental Penalty; Information Disclosure; Environmental Law Enforcement
全文：
企业捐赠对环境处罚的影响研究——来自工业类上市公司的证据.pdf
DOI:10.19511/j.cnki.jee.2017.04.007