金融学院知识库

中国资本市场改革进程“蹄疾而步稳”，进一步扩大对外开放对于推进资本市场改革和人民币国际化具有重要意义。我国坚定不移地实行对外开放政策，不断调整政策的导向和重点，是深化金融改革、增强国际竞争力、促进中国经济平稳健康发展的重要步骤。随着我国市场经济体制逐步建立和完善，环境保护任重道远，秉承着“污染防治，谁污染、谁治理”的原则，企业作为环境污染主要责任者，必须承担环保责任。环保投资作为企业战略的重要组成部分，也是企业承担环保责任的主要指标，资本市场的不断开放不可避免地对我国企业的环保投资产生影响。资本市场开放不但带来了先进的价值投资管理理念，为我国融入国际资本市场、拓宽投资渠道带来更多的机会；也吸引了更多投资者和分析师的关注、施加了更大的外部信息监督压力、提出了更高的法律法规要求，从而影响企业的微观行为；此外，作为世界上最大的发展中国家，我国所处的制度环境与欧美等发达国家有较大的差异，从而也会影响企业环境战略选择。

本文在梳理了资本市场开放沿革和探究企业环保投资现状的基础上，用价值投资理论、利益相关者理论、信号传递等理论刻画了资本市场开放与企业环保投资之间的关系。从外部监督和内部治理角度研究资本市场开放对环保投资的影响效应及其实现路径。实证检验中，利用“沪深港通”政策这一准自然实验，系统地探讨了资本市场开放对上市公司环保投资的影响。研究发现：资本市场开放有助于上市公司主动增加环保投资；以分析师跟踪为衡量指标的外部监督机制力量弱和以内部控制质量为衡量指标的内部治理机制力量弱的样本中，资本市场开放对环保投资规模的影响更为显著；在股权集中度更高的企业和非国有上市公司中，资本市场开放政策会显著促进企业的环保投资。据此，本文提出了相应的政策建议。本文丰富了资本市场开放经济后果和环保投资影响因素的相关研究，为进一步推动资本市场开放、提高信息披露质量、促进企业环保投资提供了一定的理论支撑与经验证据。

The reform of China's capital market is stepping steadily, and further opening up is of great significance to the reform of capital market and the internationalization of RMB. China's unswervingly implementing the policy of opening up to the outside world and constantly adjusting the orientation and focus of the policy are important steps to deepen the financial reform, enhance international competitiveness and promote the steady and healthy development of China's economy. With the gradual establishment and improvement of the market economic system of our country, there is a long way to go for environmental protection. Adhering to the principle of "pollution prevention and control, whoever causes pollution shall be responsible for the treatment", enterprises, as the main responsible persons for environmental pollution, must bear the responsibility for environmental protection. As an important part of enterprise strategy, environmental investment is also the main indicator for enterprises to undertake environmental responsibility. The opening up of the capital market has not only brought advanced value investment management concepts, but also brought more opportunities for China to integrate into the international capital market and broaden investment channels; it has also attracted more investors and analysts' attention, exerted greater pressure on external information supervision, and raised higher requirements for laws and regulations, thus affecting the micro-behavior of enterprises; in addition, as the largest developing country in the world, China's institutional environment differs greatly from that of developed countries such as Europe and the United States, thus affecting the environmental strategy choice of enterprises.

On the basis of analyzing the history of capital market opening and the current situation of environmental investment, this paper describes the relationship between capital market opening and environmental investment. From the perspective of external supervision and internal governance, this paper studies the impact of capital market opening on environmental investment and its realization path. In the empirical test, using the quasi-natural experiment of "Shanghai-Shenzhen-Hong Kong Stock Connect" policy, this paper systematically discusses the impact of capital market opening on environmental investment of listed companies. It is found that the opening up of the capital market helps listed companies to increase environmental protection investment on their own initiative; in the sample of weak external supervision mechanism based on analyst tracking and weak internal governance mechanism based on internal control quality, the impact of the opening up of the capital market on the scale of environmental protection investment is more significant; among enterprises with higher equity concentration and non-state-owned listed companies, the capital market opening policy will significantly promote the environmental protection investment of enterprises. Accordingly, this paper puts forward the corresponding policy recommendations. This paper enriches the relevant research on the economic consequences of capital market opening and the influencing factors of environmental protection investment.