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绿色制造体系建设不仅是限制制造业企业环境污染、提高资源利用效率的关键举措，亦是促进制造业企业构建发展新动能的重要驱动力。该研究将绿色制造体系示范建设项目下的绿色工厂认证作为准自然实验，结合投资-投资机会敏感模型与多时点双重差分模型，以2008-2022年沪深A股制造业上市公司为样本，从不确定性视角考察绿色工厂认证对制造业企业投资效率的影响。研究发现：(1)在获得绿色工厂认证后，制造业企业的投资效率显著提高。在使用平行趋势检验、倾向匹配得分、熵平衡法、工具变量法等多维度的稳健性检验方法检验后，该结论仍然显著成立。(2)机制分析表明，绿色工厂认证通过降低信息不确定性、治理不确定性、资金不确定性以及需求不确定性，影响制造业企业的投资效率。(3)通过划分绿色制造公共服务平台披露的绿色工厂文本信息进行异质性分析发现，当先进经验披露较多时，绿色工厂认证对制造业企业投资效率的积极促进作用更强。与此同时，绿色工厂认证信息中的前瞻性内容并未提供增量信息，反而会削弱绿色工厂认证与制造业企业投资效率之间的正向关系。此外，绿色工厂认证对于制造业企业投资效率的改善还在行业竞争压力大、高技术制造业企业中更显著。该研究旨在揭示绿色工厂认证对提升制造业企业投资效率的重要作用，为理解制造业企业在面对环境约束和政策激励时的投资行为提供新的视角，也为政府制定绿色发展政策、推动制造业高质量发展提供参考。
Abstract：The development of green manufacturing systems not only serves as a key initiative to curb environmental pollution and improve resource utilization efficiency in the manufacturing sector but also as a significant driver for fostering new growth momentum. This study treated Green Factory Certification(GFC)—implemented under the demonstration program for green manufacturing systems—as a quasi-natural experiment. Drawing on the investment-investment opportunity sensitivity model and a multi-period difference-in-differences(DID) approach, the study used data from Shanghai and Shenzhen A-share listed manufacturing firms between 2008 and 2022 to examine the impact of GFC on corporate investment efficiency from the perspective of uncertainty. The results showed that:(1) GFC significantly improved manufacturing firms' investment efficiency. This result remained robust after a series of tests, including parallel trend testing, propensity score matching, entropy balancing, and instrumental variable approaches.(2) Mechanism analysis indicated that GFC enhanced investment efficiency by reducing various forms of uncertainty: specifically, information uncertainty, governance uncertainty, capital uncertainty, and demand uncertainty.(3) Heterogeneity analysis, based on the classification of green factory disclosure texts from the Green Manufacturing Public Service Platform, showed that the positive effect of GFC on investment efficiency was stronger when firms disclosed more advanced practices. In contrast, forward-looking content in these disclosures did not provide incremental information and tended to weaken the positive relationship between GFC and investment efficiency. Moreover, the positive impact of GFC was more pronounced among firms operating in highly competitive industries and those in high-tech manufacturing sectors. Overall, this study highlights the vital role of GFC in optimizing investment efficiency in manufacturing firms. It offers new insights into corporate investment behavior under environmental constraints and policy incentives, while providing theoretical and practical guidance for policymakers aiming to promote green development and high-quality growth in manufacturing.
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基本信息:
中图分类号:F425;F406.7;F832.51
引用信息:
[1]李成,吴沁霖,汪锋.绿色制造体系建设如何影响制造业企业投资效率？[J].中国人口·资源与环境,2026,36(03):89-102.
基金信息:
国家自然科学基金面上项目“城市群发展对中国经济低碳转型的影响：理论机制与政策优化”（批准号：72373015）,“基于环境效用异质性的收入分配对雾霾污染的影响机制与治理研究”（批准号：71973019）,“税收政策不确定性,企业税收风险控制与税收战略选择”（批准号：71772156）; 教育部人文社会科学规划基金项目“数智时代企业数据要素治理叠加‘人工智能+’的溢出效应研究”（批准号：24YJA630039）
2026-03-15
2026-03-15