Abstract: Utilizing the attention-based view and treating the Central Environmental Protection Inspection (CEPI) initiated in early 2016 as a quasi-natural experiment, this paper examines the impact and underlying mechanisms of CEPI on corporate sustainable performance across a panel of 915 listed firms spanning the period between 2013 and 2019. Employing a time-varying difference-in-differences (DID) model, the findings reveal a significant improvement corporate sustainable performance of firms within heavy-polluting industries following the implementation of CEPI. Mediation analysis indicates that CEPI contributes to elevating corporate sustainable performance by increasing environmental awareness among both the public and top-level management. Further analysis reveals that industry competition mitigates the positive effects of CEPI corporate sustainable performance, whereas corporate financing constraints amplify it. This paper not only provides empirical evidence supporting the effectiveness of the China’s environmental governance efforts in enhancing corporate sustainable performance, but also offers policy recommendations and managerial insights for improving the efficiency of environmental protection inspection mechanisms and facilitating the green, low-carbon transformation of enterprises.

Key words: central environmental protection inspection (CEPI), corporate sustainable performance, industry competition, corporate financing constraints, time-varying difference-in-differences (DID)

摘要： 基于注意力基础观理论，以2016年启动的中央环保督察作为准自然实验，选取2013~2019年沪深 A 股915家上市公司为样本，运用多期倍分法考察中央环保督察对企业可持续发展绩效的影响及其作用机制。研究发现，环保督察实施后重污染行业企业的可持续发展绩效有显著提升。进一步的机制检验表明，督察通过增强公众和高管的环境注意力来促进企业可持续发展绩效水平。此外，研究还发现，行业竞争度会弱化督察对可持续发展绩效的正向影响，而企业融资约束则会强化这种正向影响。本研究不仅为政府环境治理和企业绩效提升提供了实证依据，也为优化环保督察机制和推动企业绿色低碳转型提出了政策建议与管理启示。

关键词: 中央环保督察, 企业可持续发展, 行业竞争度, 企业融资约束, 多期倍分法