How to Evaluate Investment Efficiency of Environmental Pollution Control: Evidence from China

Xiao-chun, Zhao; Long, Laichun; Sun, Qun; Zhang, Wei

doi:10.3390/ijerph19127252

Cited by 8 publications

(7 citation statements)

References 65 publications

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“…Some findings in the literature suggest that China's ETS is a valid tool in stimulating corporate green innovation [49,50], with no significant adverse effects on corporate production or employment [51]. On the one hand, technical innovation is the primary force for enhancing effectiveness of controlling and reducing environmental pollution [52] and increasing corporate social and environmental performance. Additionally, it can promote production efficiency of enterprises [53], thereby optimizing the governance performance of the enterprises.…”

Section: Literature Review and Hypothesis Developmentmentioning

confidence: 99%

The Impact of China’s ETS on Corporate Green Governance Based on the Perspective of Corporate ESG Performance

Yao

Fei

Wang

et al. 2023

IJERPH

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To achieve China’s “dual carbon” and common prosperity goals, corporate green governance is crucial. A key tool for promoting green growth is environmental legislation, particularly market-based regulation. With China’s carbon emission trading as a natural experiment, we adopt the DID method to quantitatively compare the gap between ESG performance of pilot and non-pilot carbon trading enterprises before and after policy implementation, thereby examining the impact, mechanism and optimization conditions of market-based environmental policy on corporate green governance based on panel data of China’s A-share listed companies from 2007 to 2019. In addition, PSM-DID and other methods are employed for preventing estimation bias caused by sample self-selection bias. It is found that: (1) the green governance level of pilot firms can be considerably improved by a carbon emission trading scheme (ETS); (2) the ETS primarily encourages enterprises to uphold their ESG obligations through increasing regulatory pressure from the government and corporate involvement in clean innovation; (3) enhancing regional marketization can strengthen the impact of carbon trading policy, and enterprises that are large and non-state-owned exhibit better performance with regard to green governance as a result of carbon trading policy. This paper provides practical experience for promoting corporate green governance to achieve the “dual carbon” goal based on a market mechanism from a micro perspective.

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Section: Literature Review and Hypothesis Developmentmentioning

confidence: 99%

The Impact of China’s ETS on Corporate Green Governance Based on the Perspective of Corporate ESG Performance

Yao

Fei

Wang

et al. 2023

IJERPH

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“…CO 2 emissions per 10,000 yuan of GDP are used to measure the intensity of carbon emissions, which is more scientific than using carbon dioxide emissions directly 32 , as shown in Eq. ( 6 ).…”

Section: The Intensity Of Carbon Emission Measurementmentioning

confidence: 99%

Regional common prosperity level and its spatial relationship with carbon emission intensity in China

Zhao,

Long,

Yin

2023

Sci Rep

Self Cite

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The characteristics of common prosperity include harmonious relationships between humans and the environment, as well as sustainable economic and social growth. The process of achieving common prosperity will necessarily have an impact on carbon emissions. In this article, panel statistics collected from 30 Chinese provinces and cities between the years 2006 and 2020 are utilized to assess the level of common prosperity and the intensity of carbon emissions in China. Then the SDM model is applied to explore the effects of the common prosperity level on the intensity of carbon emissions. The findings reveal that: (i) The common prosperity level in China has shown an increasing tendency. Between 2006 and 2020, the mean level of common prosperity increased from 0.254 to 0.486. From the regional perspective, eastern China has seen greater levels of common prosperity than central China, while central China has experienced greater levels of common prosperity than western China; regional disparities in the degree of common prosperity are substantial among Chinese provinces from 2006 to 2020; the common prosperity level is relatively high in economically developed provinces and relatively low in economically backward provinces. (ii) China's carbon emission intensity shows a continuous downward tendency. The annual average intensity of China's carbon emissions decreased from 4.458 in 2006 to 2.234 in 2020. From the regional perspective, the three main regions' carbon emission intensity likewise exhibits a decline in tendency between 2006 and 2020; still, western China continues to have the greatest carbon emission intensity, following central China, while eastern China has the smallest; however, certain provinces, notably Inner Mongolia and Shanxi, continue to have high carbon emission intensity. (iii) China's common prosperity level and carbon emission intensity both exhibit positive spatial autocorrelation at a 1% significant level under the adjacency matrix. The spatial agglomeration effect is significant, and adjacent provinces can affect each other. (iv) The SDM (Spatial Durbin Model) model test with fixed effects finds that the increase in the level of common prosperity suppresses the intensity of carbon emissions in the local area and neighboring regions. (v) The mediating effects model indicates that the process of common prosperity suppresses carbon emission intensity through high-quality economic development, narrowing the income disparity, and the development of a sharing economy.

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“…Ma et al (2016) [29] found that environmental regulations increase enterprises' spending on environmental protection. However, Zhao et al (2022) [30] believed that more advanced environmental protection technologies should be learned by increasing R&D investment to enhance the efficiency of environmental protection investment. Therefore, according to the ideas in the existing literature, we identified two factors affecting GFRI corporate environmental investment: R&D expenditure and innovation.…”

Section: Introductionmentioning

confidence: 99%

Green finance and corporate environmental investment: "Scale Up" or "Efficiency Up"?

Yang,

Ming,

Zhang

et al. 2024

PLoS ONE

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The establishment of green finance reform and innovation (GFRI) pilot zone is an important measure of the Chinese government to urge enterprises to develop green transformation. This paper explores the impact of pilot policies in the GFRI pilot zone on corporate environmental investment. Based on 819 A-share listed enterprises from 2010 to 2020, our staggered difference-in-differences (staggered DID) estimation documents revealed that enterprises in the GFRI pilot zone significantly increased the corporate environmental investment efficiency but reduced the scale of corporate environmental investment.This conclusion remained robust after Propensity Scores Matching difference-in-differences (PSM-DID), replacing dependent variables, and shortening the time window. We contend that the increased research and development (R&D) expenditure and technological innovation are the potential mechanisms at work. Heterogeneity analysis showed that the establishment of GFRI improved the environmental investment efficiency of polluting enterprises but had no effect on green enterprises.Meanwhile, the effect of GFRI exhibited heterogeneity in the type of enterprise ownership. This paper evaluates the implementation effect of GFRI from the perspective of corporate environmental investment, and provides theoretical support and an empirical basis for green finance policy to serve China’s green economy.

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How to Evaluate Investment Efficiency of Environmental Pollution Control: Evidence from China

Cited by 8 publications

References 65 publications

The Impact of China’s ETS on Corporate Green Governance Based on the Perspective of Corporate ESG Performance

The Impact of China’s ETS on Corporate Green Governance Based on the Perspective of Corporate ESG Performance

Regional common prosperity level and its spatial relationship with carbon emission intensity in China

Green finance and corporate environmental investment: "Scale Up" or "Efficiency Up"?

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