The Influence Of Privatization Of State-Owned Enterprises On The Environmental Investment Of Enterprises

The 19 th NPC report clearly states that "deepening the reform of state-owned enterprises,accelerating the development of a mixed ownership economy,fostering a world-class enterprise with global competitiveness,supporting the development of private-owned enterprises and stimulating the vitality of various market players".The literature has focused on the economic consequences of the privatization of state-owned enterprises.There is still a gap in the study of the consequences of environmental performance.Therefore,based on the data of A-share listed companies in China from 2007 to 2015 and used both DID model and PSM method,this paper studied the non-economic consequences of state-owned enterprises privatization of state-owned enterprises from the perspective of enterprise environmental performance.The study found that after the privatization of state-owned enterprises,the environmental performance of enterprises will decline,but this phenomenon only exists in enterprises with less environmental subsidies and areas with weaker environmental regulation.In view of the problems that may exist in the model,after we conducted a double difference test based on the PSM method,added more control variables,conducted a sensitivity test for major indicators,conducted a sensitivity test for sample selection interval selection,and conducted a sensitivity test for sample selection,the conclusions remain unchanged.The above studies provide empirical evidence of the consequences of the privatization of state-owned enterprises from the perspective of environmental performance,which is of great reference to enrich the understanding of privatization of state-owned enterprises and improve the environmental governance of privatized enterprises.We can get the following enlightenment.At this stage,the development goals of our local enterprises mainly focus on chasing economic performance,failing to coordinate the relationship between economy and environment and making it difficult to fulfill their duties about their environmental responsibilities.Therefore,in the process of privatization of state-owned enterprises,the government should play an effective role of external governance,and under the premise of the effective operation of economic policies,lead the enterprises to fulfill their environmental responsibilities while giving environmental subsidy and environmental supervision.Specifically,on the one hand,we should increase environmental subsidies to give sufficient support for private-owned enterprises to help private-sector enterprises increase their environmental investment.On the other hand,they should strengthen environmental supervision and supervision over private-owned enterprises to better fulfill their environmental responsibilities and help enterprises achieve a win-win economic dividend and environmental dividend.