《保险研究》20220204-《环境污染责任保险与企业金融化——基于中国重污染企业的分析》（胡珺、穆颜如）

［摘   要］环境成本压力可能导致实体企业为逃离竞争而“脱实向虚”。本文基于生态环境部(原环境保护部)在2014与2015年公布的环境污染责任保险投保企业名单，以沪深A股重污染行业上市公司为研究样本，考察了重污染企业投保环境污染责任保险对其金融化的影响。研究发现:投保环境污染责任保险对企业金融化起到了显著的抑制作用，且这种积极影响在非国有企业、行业竞争程度较大的企业以及环境规制力度较强地区的企业中更为明显；经过稳健性检验之后，上述结果依旧成立；进一步研究发现，环境污染责任保险还有助于推动企业进行环境治理和绿色创新，引导实体经济高质量发展。本文建议:政府部门应尽快构建并完善相关法律制度，出台相关优惠以及激励政策，鼓励市场主体投保环责险，与各部门及企业协同进行环境治理；重污染企业应将环责险作为自身的环境风险管理工具，在保险公司等的帮助下积极进行环境治理，加大环保投资，进行技术创新，提升自身的行业竞争力，从根本上创造经济与环境效益双赢局面。

［关键词］环境污染责任保险；金融化；环境治理；绿色创新

［基金项目］国家自然科学基金青年项目“环境规制下的企业成本转嫁研究:机制、后果与治理”(71902050)、海南省自然科学基金青年项目“地理位置扭曲金融资源配置的传导机制与优化路径研究”(720QN242)。

［作者简介］胡珺，海南大学管理学院副教授、博士、博士生导师，研究方向:企业社会责任和环境会计；穆颜如，海南大学管理学院硕士研究生。

Environmental Pollution Liability Insurance and Corporate Financialization—Evidences from Chinese Heavy-pollution Enterprises

HU Jun,MU Yan-ru

Abstract：The pressure of environmental cost may lead industrial enterprises to flee from competition and get distracted from their intended purpose.Based on the list of enterprises insured by environmental pollution liability insurance published by the Ministry of Ecology and Environment (formerly the Ministry of Environmental Protection) in 2014 and 2015,this paper examined the impacts of purchasing environmental pollution liability insurance on the financialization of heavily polluting enterprises,using Shanghai and Shenzhen A-share listed companies in heavily polluting industries as the sample.It is found that:taking out environmental pollution liability insurance has a significant inhibiting effect on the financialization of enterprises,and this positive effect is more pronounced among non-state enterprises,enterprises with a greater degree of industry competition and enterprises in regions with stronger environmental regulations.After robustness tests,the above results still hold.Further research finds that environmental pollution liability insurance also helps to promote corporate environmental governance and green innovation,and boosts the high-quality development of the real economy.The paper suggests:firstly,relevant government departments should establish and perfect related laws and regulations as soon as possible,including preferential and incentivizing policies,to encourage market entities to purchase environmental pollution liability insurance,and work together with relevant departments and enterprises on environmental governance;secondly,heavy-pollution enterprises should regard environmental pollution liability insurance as their environmental risk management tool,proactively promote environmental governance with the help of insurance companies,increase investments into environmental protection,innovate on related technologies,enhance their market competitive competence,and achieve a win-win results on both financial and environmental benefits.

Key words：environmental pollution liability insurance;financialization;environmental governance;green innovation