School of Environment and Natural Resources, Renmin University of China, Beijing 100872, China.
China Academy of Macroeconomic Research, Beijing 100038, China.
Int J Environ Res Public Health. 2021 Mar 10;18(6):2799. doi: 10.3390/ijerph18062799.
As municipal solid waste severely threatens human health and the ecological environment, since 2019, China has started to fully practice MSW sorting in all prefecture-level cities. In this paper, we apply the event study and difference-in-difference methods to investigate how China's green policy of promoting MSW sorting influences listed waste sorting companies from the perspective of investors' short-term and long-term reactions. This paper finds that investors are not sensitive to the introduction of MSW sorting in the short term, the new environmental policy does not relieve the financing constraints of related enterprises in the long run, and the financing constraints of private enterprises are stricter than those of state-owned enterprises. These findings indicate that China's current encouragement of garbage sorting is not efficient enough as it has not brought benefits to the waste classification industry yet. More measures need to be taken to eliminate uncertainties in urban waste sorting. Our paper enriches the research on China's waste sorting practices and provides new evidence of the effects of environmental policy on related firms from the perspective of green industry.
随着城市固体废物严重威胁人类健康和生态环境，自 2019 年以来，中国已开始在所有地级城市全面实施生活垃圾分类。本文应用事件研究和双重差分法，从投资者的短期和长期反应角度，考察中国促进垃圾强制分类的绿色政策如何影响上市垃圾分类企业。本文发现，投资者对垃圾分类的引入在短期内并不敏感，新的环境政策从长远来看并没有缓解相关企业的融资约束，民营企业的融资约束比国有企业更严格。这些发现表明，中国目前的垃圾分类激励措施效率不够高，因为它尚未给垃圾分类行业带来收益。需要采取更多措施来消除城市垃圾分类的不确定性。本文丰富了中国垃圾分类实践的研究，并从绿色产业的角度为环境政策对相关企业的影响提供了新的证据。
