Wen Mengyao
Postdoctoral Station of Applied Economics , Fudan University, Shanghai, China.
Postdoctoral Station of China Foreign Exchange Trade System, Shanghai, China.
Environ Sci Pollut Res Int. 2023 Jan;30(3):6530-6543. doi: 10.1007/s11356-022-22614-8. Epub 2022 Aug 23.
In recent years, under the background of vigorously promoting environmental governance, the implementation effect of the central environmental protection inspection is an issue of great concern to the government and the public. This paper systematically investigates the impact of central environmental protection inspection on the risk of stock price crash using a sample of listed firms in polluting industries. The results show that compared with non-supervised areas, central environmental protection inspection can reduce the polluting industries' firms' stock price crash risk by reducing stock price bubbles. After a series of robustness tests, the results still held. The above transmission mechanism is more effective in the samples of private enterprises, low information transparency and disclosure quality enterprises, non-national civilized urban areas, and high promotion incentive areas. Furthermore, this paper found that there were differences in the effects of central environmental protection inspection in different batches. Among the effects of central environmental protection inspection in different batches, the effect of environmental regulation in the second, third, and fourth batches was better, and the effect of central environmental protection inspection in different batches gradually deepened. Finally, by analyzing the environmental governance of the central environmental protection inspection, it is found that the central environmental protection inspection has significant short-term and long-term control effect in air pollution governance, and it is still necessary to strengthen the law enforcement in water pollution governance.
近年来，在大力推进环境治理的背景下，中央环保督察的实施效果是政府和公众高度关注的问题。本文以污染行业上市公司为样本，系统考察了中央环保督察对股价崩盘风险的影响。研究结果表明，与非督察地区相比，中央环保督察能够通过减少股价泡沫来降低污染行业企业的股价崩盘风险。经过一系列稳健性检验，结果依然成立。上述传导机制在民营企业、信息透明度和披露质量较低企业、非全国文明城市地区以及晋升激励较高地区的样本中更为有效。此外，本文发现中央环保督察不同批次的效果存在差异。在中央环保督察不同批次的效果中，第二批、第三批和第四批的环境规制效果较好，且中央环保督察不同批次的效果逐渐深化。最后，通过分析中央环保督察的环境治理情况发现，中央环保督察在空气污染治理方面具有显著的短期和长期治理效果，在水污染治理方面仍需加强执法力度。
