Abstract:

Since the 21st century, the rapid development of high-speed railway in China has greatly promoted the transmission of information and other elements. This paper, by using the quasi-natural experiment of the operation of high-speed railway, measures the change of environmental supervision efficiency. It adopts the difference-in-difference method to test the impact of the operation of high-speed railway on the environmental protection investment of enterprises from the perspective of environmental supervision. It is found that the operation of high-speed railway has increased the scale of environmental investment by listed companies in cities along the high-speed railway lines, which is more significant when the new Environmental Protection Law has been implemented, or in those companies which are far away from the Environmental Protection Department. Moreover, the promotion effect of high-speed railway on corporate environmental investment is more significant in situations where state-owned enterprises and local governments have a strong environmental awareness, and corporate environmental information disclosure is poor. The results show that the operation of high-speed railway facilitates environmental supervision activities, which is conducive to improving the efficiency of environmental supervision. This paper provides empirical evidence that transportation infrastructure construction affects the high-quality development of enterprises.

Key words:

high-speed railway, enterprise environmental protection investment, environmental supervision, information asymmetry

摘要：

21世纪以来，我国高铁建设飞速发展，极大地促进了信息等要素的传递。利用高铁开通这一准自然实验衡量环境监管效率的变化，采用双重差分法，从环境监管视角研究高铁开通对企业环保投资的影响。研究发现，高铁开通使沿线城市上市公司环保投资规模有所提升，这一关系在新《环保法》实施后以及距离环保厅较远的情况下更为显著。进一步，高铁开通对企业环保投资的促进作用在国有企业、地方政府环保意识较强、企业环境信息披露较差的情况下更为显著。结果表明，高铁开通为环境监管活动提供了便利，促进了企业环境信息的跨地区流动，有利于提高环境监管效率，促使企业转变发展模式，提供了交通基础设施建设影响企业高质量发展的经验证据。

关键词:

高铁开通, 企业环保投资, 环境监管, 信息不对称