The Impact Of Environmental Policy On The Performence Of Listed Companies ——Based On PSM-DID Method

At present,China is against a background of environmental protection policy.Environmental policy is no a unique social problem any more,but environment exits problems because that economic growth is the price of environment in China.This thesis try to probe the influence of environmental policy called the new environmental law by means of the positive study of panal data of listed companies.In this thesis,the basic differences-in-differences model and the regulation model are established.Because this thesis have to take into accounts that there are considerable number of control variables affecting the achievement of listed companies and these variables affect each other,for the sake of refraining from collinearity,so this thesis uses factor analysis to reduce the dimension of control variables.The empirical results of factor analysis put the 10 control variables into four public factors,which are solvency factor,enterprise scale factor,growth ability factor and operation ability factor.In view of public factor score,four common factors are substituted into the empirical analysis model as control variables.Based on the above analysis,this thesis uses the annual data of 513 listed companies from 2010 to 2019 to inspect the influence of the new environmental protection law on fantasy polluting enterprises by using the full sample differences-in-differences model.Secondly,considering the possible selective bias of the model,this thesis leads into the propensity score matching and builds a differences-in-differences model based on the propensity score matching for further analysis.Then,this thesis conduct the robustness test and the placebo test of the model.Finally,implementing the policy can improve the performance of fantasy polluting enterprises,that is,environmental policy has a obviously forward influence on enterprise performance.The conclusion supports the Porter hypothesis,at the same time,the conclusion passes the robustness and the placebo test.Finally,the score variable of corporate social responsibility is introduced.The result show that corporate social responsibility is instrumental in enterprise performance growth,and implementing new environmental protection law has a forward moderating effect on development of heavy polluting enterprises.In consideration of the results of above analyses,this thesis give some inspirations to the government and enterprises.With regard to our government,the government has to set up a more perfect system of environmental governance and protection to restrain enterprises and make them cultivate a preferable environmental awareness.In terms of enterprises,they need to organize employees to take part in environmental protection activities,which will be advantageous to the accumulation of word-of-mouth and the overall development of enterprises.