汪海凤，韩刚，侯君霞

摘要：在加快生态文明体制改革、大力推进绿色发展的过程中，作为环境污染和治理主体的企业，增加绿色投资是实现绿色发展的关键。文章基于2011—2020年我国制造业企业A股上市公司的相关数据，探究制造业企业绿色投资的驱动因素。研究发现：企业社会责任、市场势力均能显著促进制造业企业绿色投资，但环保制度并未表现出显著的促进作用。此外，道德、制度、市场对制造業企业绿色投资的影响效应因企业生命周期、行业污染密集度和地区执法力度的差异而呈现出异质性。为提升制造业企业绿色投资水平，应进一步强化企业社会责任，强化文本立法与执法实践，同时适当增强企业市场势力。

关键词：制造业企业；绿色投资；企业社会责任；环保制度；市场势力

中图分类号：F425；F406.7          文献标志码：A            文章编号：1671-9840（2023）04-0041-12

DOI：10.16713/j.cnki.65-1269/c.2023.04.005

On Driving Factors of Green Investment

—Empirical Evidence from China's A-Share Manufacturing Listed Companies

WANG Haifeng1， HAN Gang1， HOU Junxia2

（1.Inner Mongolia University of Science and Technology， Baotou 014010， China；

2.School of Zhangjiakou CPC， Zhangjiakou 075000， China）

Abstract： In the process of accelerating the reform of the ecological civilization system and vigorously promoting green development， whether enterprises， as the main body of environmental pollution and control， can increase green investment is the key to achieve green development. This paper uses the data of A-share listed companies of Chinese manufacturing enterprises from 2011 to 2020 to explore the driving factors of green investment of manufacturing enterprises. The results show that both corporate social responsibility and market power drive can significantly promote the green investment of manufacturing enterprises. However， the environmental protection system does not promote the green investment of manufacturing enterprises. In addition， the effects of morality， system and market on green investment of manufacturing enterprises show certain heterogeneity with the differences of enterprise life cycle， industrial pollution intensity and regional law enforcement intensity. In order to improve the level of green investment of manufacturing enterprises， it is of great necessity to continue to strengthen corporate social responsibility， strengthen the practice of text legislation and law enforcement， and appropriately enhance the market power of enterprises.

Key words： manufacturing enterprises; green investment; corporate social responsibility（CSR）; environmental protection system; market power

一、问题的提出

2017年5月，习近平总书记在主持中共中央政治局第四十一次集体学习时指出，“推动形成绿色发展方式和生活方式，是发展观的一场深刻革命……坚决摒弃损害甚至破坏生态环境的发展模式，坚决摒弃以牺牲生态环境换取一时一地经济增长的做法”。2022年10月，党的二十大报告指出，要建设现代化产业体系，坚持把发展经济的着力点放在实体经济上，加快生产方式绿色转型，推动形成绿色低碳的生产方式和生活方式。制造业企业是我国经济发展中的主要能源消耗者，其绿色发展水平对我国生态保护意义重大。