文献追踪|企业集团的相关研究-2

Pollution havens versus gates of hell: Environmental pollution and multinationals' foreign investment

污染天堂，还是地狱之门？环境污染与跨国企业的对外投资决策

Research Summary：This study investigates an under-explored cost of operating in pollution havens: the pollution-induced operational cost, or the increased labor costs and material supply constraints resulting from host countries' environmental pollution. Environmental degradation can thus turn “pollution havens,” where lax compliance beckons institutional arbitrage and attracts investments from foreign firms, into “gates of hell,” where ecological damage heightens the costs for business operations and discourages foreign investments. We find evidence in a panel of US multinational corporations from 2007 to 2020. A firm's investment in a host country is decreasing in the host country's environmental pollution, especially if the firm faces heightened constraints in finding alternative labor inputs and material supplies or is highly dependent on these resources.

Managerial Summary：Our findings offer practical insights for multinational corporate managers and policymakers. First, managers need to evaluate the opportunity of arbitrage against the cost of operation associated with environmental pollution, especially considering their firm’s labor and material supply constraints. Second, policymakers should consider the price of relaxing environmental regulations to attract foreign investments. While weak environmental policies may spur investment from arbitraging firms into a (developing) country, unregulated destruction of the natural environment will inflict inevitable operational costs to destroy broader business opportunities, as the crucial resources (e.g., labor inputs and material supplies) become degraded by pollution.

本研究聚焦于“污染天堂”运营中一个常被忽视的成本维度：污染诱发的运营成本，即由于东道国环境污染加剧所引发的劳动力成本上升与原材料供应受限。环境恶化可能使那些因监管宽松而吸引外资的“污染天堂”，转变为企业运营成本高企、外资望而却步的“地狱之门”。通过对2007至2020年间美国跨国公司的面板数据分析，作者发现，当东道国环境污染程度升高时，跨国企业对该国的投资意愿明显下降，尤其在企业高度依赖当地劳动力或物资供应、且替代空间有限的情况下，这一趋势更加显著。

研究结果为跨国公司管理者与政策制定者提供了重要启示。首先，企业在进行制度套利决策时，应将环境污染所带来的运营成本纳入考量，尤其要关注污染对劳动力与原材料供应链的潜在破坏性影响。其次，政策制定者应谨慎评估放松环保监管以吸引外资的代价。尽管宽松的环境政策可能短期内促使外资流入发展中地区，但若任由环境退化而缺乏有效管控，企业将面临不可避免的运营障碍，关键生产要素如劳动力与原材料也将因污染而失效，进而抑制更广泛的商业机会。

Power distance diversification, ownership structure, and business group performance

权力距离多样性、政府持股与外资持股：对企业集团绩效的影响研究

Abstract：From the perspective of the organizational learning theory, this study examines the effects of power distance diversification, government ownership, and foreign ownership on business group performance. To test the hypotheses, the study collects data from the top 100 Taiwanese business groups from 1999 to 2013. The results reveal an S-shaped relationship between power distance diversification and business group performance. It also reveals a decline, increase, and decline in performance in the low-, moderate-, and high levels of power distance diversification, respectively. The government and foreign ownership exert negative and positive moderating effects, respectively, on the S-shaped relationship. Finally, this study has important theoretical and managerial implications for strategic and international business management.

本文基于组织学习理论，探讨了权力距离多样性、政府持股与外资持股对企业集团绩效的影响。作者选取1999年至2013年间台湾前100大企业集团为样本进行实证研究。研究发现，权力距离多样性与集团绩效之间存在S型关系：在权力距离多样性处于低水平时，集团绩效下降；处于中等水平时，绩效提升；而在多样性过高的情况下，绩效再次下降。进一步分析显示，政府持股对上述关系具有负向调节效应，即抑制多样性带来的绩效提升，而外资持股则呈现正向调节作用，能够增强适度多样性对绩效的正面影响。本文为理解组织内部文化差异对集团绩效的作用机制提供了新视角，并对战略管理和国际化运营具有重要的理论与实践启示。

Regulating conglomerates: Evidence from an energy conservation program in China

管控企业集团：来自中国能效政策的证据

Abstract：We study a prominent energy regulation affecting large Chinese manufacturers that are part of broader conglomerates. Using detailed firm-level data and difference-in-differences research designs, we show that regulated firms cut output and shifted production to unregulated firms in the same conglomerate instead of improving their energy efficiency. Conglomerate spillovers account for 40% of the output loss of regulated firms and substantially reduce aggregate energy savings. Using a structural model, we show that alternative policies that use public information on business networks could lower the shadow cost of the regulation by more than 40% and increase aggregate energy savings by 10%.

本研究聚焦于一项对中国大型制造企业施加的重要节能管控政策，尤其关注其对企业集团内部行为的影响。通过运用详尽的企业层面数据与双重差分研究方法，作者发现，被监管的企业并非通过提升能效来响应政策要求，而是选择减少产出并将部分生产任务转移至同一集团内未受监管的子公司。这一“内部转移”策略削弱了政策本意所期望实现的节能效果。实证结果表明，这种企业集团内部的“外溢效应”占据了受监管企业产出损失的40%，同时显著降低了整体节能水平。作者进一步构建结构模型，显示若政府利用公开的企业网络信息来设计更具针对性的政策工具，可将监管的“影子成本”降低超过40%，并提升整体节能成效约10%。

Business groups and the study of international business: A Coasean synthesis and extension

企业集团与国际商务研究：一种科斯式理论框架的综合与延展

Abstract：This paper harmonizes the business group literature in international business and across relevant fields within a unified theoretical framework. Business groups (firms under common control but with different, if overlapping, owners) are economically important in much of the world. Business groups’ economic significance co-evolves with their economies’ institutions and market environments, patterns of particular interest to international business scholars. The vast literature on business groups raises discordant perspectives. This paper first proposes a unifying definition and provides a list of stylized historical observations on business groups across different parts of the world. It then develops a Coasean framework to harmonize seemingly disparate views from the literature by building on recent surveys and the stylized historical patterns of business groups. We enlist two concepts – fallacies of composition/decomposition and time inconsistency – to harmonize these perspectives. This yields a theoretical framework for understanding business groups that mobilizes concepts long-used to understand multinational enterprises: the economy’s market and hierarchical transaction costs, openness, and their dynamic interactions. We then apply this framework to globalization and business group internationalization. This work leads to an overarching research agenda encompassing seemingly inconsistent prior work.

本文旨在通过建立统一的理论框架，对国际商务领域及相关学科中关于企业集团的研究进行系统整合。企业集团是指在共同控制下运营、但所有权可能存在重叠差异的多家企业联合体，在全球多数经济体中均具有显著经济影响力。其经济功能随着制度环境与市场结构的演进而变迁，这一过程引起国际商务学界的广泛关注。然而，关于企业集团的既有文献在概念、解释路径与研究视角上存在大量分歧。为此，作者首先提出一套统一的企业集团定义，并梳理了各地区集团发展的典型历史特征。在此基础上，构建了一个基于科斯理论的分析框架，用以调和文献中看似对立的观点。文章引入了两个核心概念：“结构分解与组合谬误”以及“时间不一致性”，来整合这些分歧认知。该框架借助跨国企业研究中广泛使用的理论工具（如市场与等级交易成本、制度开放性及其动态交互）来深化对企业集团运行机制的理解。最后，作者将此框架应用于全球化背景下的企业集团国际化问题，推动形成涵盖既有研究异质性的整体性议程。

The contagion effect of overconfidence in business groups

企业集团中的过度自信传染效应：基于中国A股集团控股公司的实证分析

Abstract：Overconfidence is a common psychological phenomenon among individuals. Business groups are important participants in China. This paper combines these two important topics by studying the effects of overconfidence contagion effects in the business group. Based on the 2007–2019 Shanghai and Shenzhen A-share group holding listed companies’ hand-collected samples, this paper proves that if one group member shows overconfidence, the other members are more likely to be overconfidence in the next year, proving that there is overconfidence contagion effect within the business group. Further analyses find that the sociological theory, the psychological theory, and the business group theory can explain the mechanism of the contagion effect of overconfidence. Besides, this paper also finds that from macro to micro, there are many factors may influence this effect. Our findings not only enrich research on contagion effects in the business group, but also provide empirical evidence that why overconfidence has become a widespread psychological phenomenon.

过度自信是个体层面常见的一种心理现象，而企业集团则是中国资本市场的重要参与者。本文将这两个重要主题结合，研究了企业集团内部的过度自信传染效应。基于2007至2019年上海和深圳A股市场集团控股上市公司的手工收集样本，研究表明：当集团中某一成员企业表现出过度自信时，其它成员企业在下一年度出现过度自信的概率显著上升，证实了集团内部存在过度自信的传染机制。进一步的分析发现，社会学理论、心理学理论以及企业集团理论可共同解释该传染机制的形成路径。此外，研究还指出从宏观制度环境到微观企业特征，均可能对该效应产生影响。本研究不仅丰富了关于企业集团中行为效应传导的文献体系，也为解释“过度自信何以成为普遍心理现象”提供了实证支持。

The “Cinderella” effect in business groups: Choosing which subsidiary is the princess

企业集团中的“灰姑娘”效应：如何选定“公主”子公司

Abstract：This study examines the nature of financial distress for firms within business groups distributed across twentyfive European countries from 2000 to 2018. We show that business group membership and a firm's importance within the group explain both the incidence and resolution of financial distress. We find that critical subsidiaries have a negligible chance of default and bankruptcy. Less critical firms, however, are more likely to default and liquidate. It suggests that the future resolution of financial distress could be decided during the group formation and the subsidiary's positioning. We also show the persistent effect of national legal regimes.

本研究探讨了2000年至2018年间，分布于欧洲25个国家的企业集团内部成员企业财务困境的性质。我们发现，企业集团的成员身份及其在集团内的重要性，能够同时解释财务困境的发生与解决。关键子公司几乎不会面临违约或破产的风险，而重要性较低的企业则更容易发生违约并最终被清算。这表明，财务困境的最终解决方式可能早在集团形成与子公司定位阶段即已决定。此外，我们还揭示了各国法律制度的持续性影响。

Export controls and innovation transfer within Chinese business groups: Evidence from the US entity list

美国实体清单与中国企业集团的创新转移：出口管制的影响研究

Abstract：This paper investigates the positive effect of U.S. export controls on the innovation performance of firms in Chinese business groups. Using annual microdata from 2010 to 2022, we analyze how firms indirectly affected by the U.S. entity list respond to these shocks. The positive effect of export controls on innovation performance is evident when indirectly shocked firms are peers of the blacklisted firms and becomes even more pronounced when they are upstream of the blacklisted firms, driven by the need for suppliers to initiate their own innovations. Additionally, we find that both capital and talent within the group are reallocated to these indirectly affected firms following the sanctions. These findings suggest that business groups serve as an internal innovation market, where innovation transfer occurs through inter-firm industrial interaction and resource reallocation. However, the shocks show no significant effect on the innovation performance of the group as a whole, rejecting the hypothesis of overall innovation enhancement. Further analysis reveals that export controls significantly improve firms' productivity, illustrating positive spillover effects on product markets. Overall, this study reveals that export controls drive innovation transfer within Chinese business groups and accelerate technological decoupling from the United States.

本文探讨了美国出口管制对中国企业集团内部成员企业创新绩效的积极影响。基于2010年至2022年的年度微观数据，我们分析了受美国实体清单间接影响的企业如何应对这一冲击。当间接受冲击企业与清单所列企业处于同行业时，出口管制对创新绩效的正面效应已显现；而当其位于清单所列企业的上游时，该效应更为显著，这主要源于上游供应商为满足需求而主动开展自主创新。此外，我们发现，在制裁发生后，集团内部的资本和人才均会向这些间接受影响的企业重新配置。这些结果表明，企业集团充当了内部的创新市场，企业间的产业互动与资源再分配促进了创新的转移。然而，该冲击对整个集团的创新绩效并未产生显著影响，驳斥了整体创新水平提升的假设。进一步分析显示，出口管制显著提升了企业生产率，反映出对产品市场的积极溢出效应。总体而言，本研究表明，出口管制推动了中国企业集团内部的创新转移，并加速了与美国的技术脱钩进程。

Institutional voids and business group dynamics: Evidence from judicial reform in China

制度缺失与企业集团动态：来自中国司法改革的证据

Abstract：The influence of external institutional environments on the internal functioning of business groups remains a critical yet underexplored area of research. In this paper, we focus on China's pro-market judicial reforms and examine how these reforms affect internal product and service transactions within business groups, finding that such reforms significantly reduce intra-group transactions. We further demonstrate that this decline reflects a strategic substitution toward external market transactions rather than an overall contraction in firm operations, and that the effect is not driven by managerial self-dealing but aligns with institutional voids theory. The effect is particularly pronounced in regions with underdeveloped product markets and weaker informal institutions, and in firms with lower reputations and stronger political connections. Moreover, our results hold consistently across various transaction types, whether seller-or buyer-initiated, service-or goods-related, and remain robust across alternative regression models, explanations, and regardless of the geographic proximity of group firms. These findings contribute to understanding the role of internal transactions within business groups in addressing institutional voids and add to the broader literature on how business groups emerge and adapt in response to gaps in institutional frameworks.

外部制度环境对企业集团内部运作的影响，一直是研究领域中的关键且尚待深入探索的问题。本文聚焦于中国的市场化司法改革，探究这些改革如何影响企业集团内部的产品和服务交易。研究发现，此类改革显著减少了集团内交易。我们进一步证明，这种下降反映的是企业战略性地转向外部市场交易，而非整体运营规模的收缩，并且该效应并非由管理层自利行为驱动，而是与制度缺失理论相一致。这一效应在产品市场欠发达、非正式制度较弱的地区，以及声誉较低、政治关联较强的企业中尤为显著。此外，我们的结论在不同交易类型中均保持一致，无论交易由买方或卖方发起、涉及服务或商品，且在多种回归模型、不同解释路径以及集团内企业地理邻近度的影响下均保持稳健。这些发现有助于理解企业集团内部交易在应对制度缺失方面的作用，同时也丰富了关于企业集团如何在制度框架缺失环境下形成与适应的更广泛文献。

Business Groups and Tunneling: Evidence from Corporate Charitable Contributions by Korean Companies

企业集团与利益输送：来自韩国企业慈善捐赠的证据

Abstract：This paper investigates whether corporate philanthropic decisions are associated with a firm's listing status and business group affiliation. Analyzing a large sample of public and private firms in Korea, we find that (1) public firms make more charitable contributions than private firms and (2) business group-affiliated firms make more charitable contributions than non-affiliated firms. The results suggest that public firms, owing to greater public scrutiny, and business groups, owing to higher political costs, are encouraged to make more corporate charitable contributions. Further, we find that (3) greater corporate giving by public firms than private firms is more pronounced for business group-affiliated firms, compared with non-affiliated firms. The result is consistent with business groups' strategic coordination of their affiliates' philanthropic decisions to tunnel business group resources out to controlling shareholders who hold a larger portion of private affiliates than public affiliates.

本文旨在探究企业的慈善捐赠决策是否与其上市状态及企业集团隶属关系相关。通过对韩国大量上市企业与非上市企业样本的分析，我们发现：（1）上市企业的慈善捐赠金额高于非上市企业；（2）隶属于企业集团的企业比非集团所属企业的慈善捐赠更多。研究结果表明，上市企业因面临更强的公众监督，而企业集团因承担更高的政治成本，均更倾向于增加慈善捐赠支出。此外，我们还发现：（3）相较于非集团所属企业，集团隶属企业中 “上市企业比非上市企业捐赠更多” 的现象更为显著。这一结果与企业集团的战略协调逻辑一致 —— 企业集团通过统筹下属子公司的慈善捐赠决策，将集团资源向控股股东转移，而控股股东在非上市子公司中持有更高比例的股权。

Business group affiliation and corporate sustainability performance in emerging economies: Evidence from South Korea

新兴经济体的企业集团关联与企业可持续发展绩效：来自韩国的证据

Abstract：Does business group (BG) affiliation enhance corporate sustainability performance (CSP) in emerging economies? This paper focuses on the unique roles of BG affiliation in enhancing CSP amid increasing institutional pressures for more contributions to the society and stakeholders. The empirical evidence on the relationship between BG affiliation and CSP is inconclusive. Although BGs effectively insulate their affiliate firms from external shocks and pressures by internalizing various resources, they are vulnerable to institutional pressures for enhanced CSP. We argue that BG affiliates tend to have higher CSP than their non-affiliated counterparts because their unique roles and history of BG development in emerging economies exert stronger institutional pressures on them. However, affiliate centrality and foreign ownership reduce the positive effect of BG affiliation on CSP in emerging economies because BG firms can exercise agency in response to institutional pressures.

在新兴经济体中，企业集团（BG）隶属关系是否有助于提升企业可持续发展绩效（CSP）？本文聚焦于企业集团隶属关系在日益增长的制度压力下，为促进企业对社会及利益相关方作出更多贡献所发挥的独特作用。现有关于企业集团隶属关系与企业可持续发展绩效之间关联的实证证据尚不一致。尽管企业集团能够通过内部化各类资源有效帮助其成员企业抵御外部冲击与压力，但在提升企业可持续发展绩效方面，它们同样容易受到制度压力的影响。我们认为，在新兴经济体中，隶属于企业集团的企业往往比非隶属企业具有更高的可持续发展绩效，这是因为企业集团在新兴市场发展过程中所形成的独特角色与历史，使其承受了更强的制度压力。然而，附属企业的中心性地位与外资所有权会削弱企业集团隶属关系对可持续发展绩效的正面影响，原因在于集团企业能够通过行使代理权以应对制度压力。

Parent-subsidiary dispersion and ESG rating disparities: evidence from China

母子公司分散度与ESG评级差异：来自中国的证据

Abstract：This study examines how geographic and institutional distances between parent and subsidiary companies impact environmental, social, and governance (ESG) rating disparities, defined as the inconsistency in ESG ratings for the same company across  different ESG rating agencies. Specifically, focusing on these agencies’ cognitive decisionmaking processes, we analyse a sample of Chinese listed companies between 2009 and 2022 and find that greater parent-subsidiary dispersion is associated with smaller ESG rating disparities. We identify two mechanisms influencing raters’ decisions: the peripheral route, as described by dual-process theory, and reputation concern, which leads to centrality bias. A double difference-in-differences design and instrumental variable approach enhance our causal inference. Cross-sectional analyses reveal that the negative relationship between parent-subsidiary dispersion and ESG rating disparities is weakened by factors such as corporate digital transformation, high-speed rail connectivity, and sufficient internal funding. Our findings provide novel insights into the determinants of ESG rating disparities by exploring the cognitive processes underlying rating decisions and offer important implications for companies managing their corporate structures and expansion strategies, and rating agencies refining their assessment methodologies.

本文探讨了母公司与子公司之间的地理距离与制度距离如何影响环境、社会与治理（ESG）评级差异——即同一家公司在不同ESG评级机构间的评级不一致现象。具体而言，文章聚焦于评级机构的认知决策过程，以2009年至2022年中国上市公司为样本进行分析，发现母子公司分布分散程度越高，其ESG评级差异反而越小。作者识别出影响评级决策的两类机制：基于双过程理论的外围路径依赖，以及因声誉顾虑导致的中心性偏差。研究通过双重差分设计与工具变量法强化了因果推断。横截面分析进一步表明，企业数字化转型、高铁连通性提升以及内部资金充足等因素会削弱母子公司分散程度与ESG评级差异之间的负向关系。本文通过揭示评级决策背后的认知过程，为理解ESG评级差异的成因提供了新的理论视角，并对企业优化组织结构与扩张战略、评级机构完善评估方法具有重要启示。

Business Group Spillovers

企业集团溢出效应

Abstract：We compare the investment of standalone firms across regions after a positive shock to the investment opportunities generated by a large-scale highway development project. We show that the standalones’ investment sensitivity is lower in regions with a higher density of business groups in the local area. We investigate mechanisms driving our results and find support for a financing mechanism whereby banks allocate capital preferentially to groupaffiliated firms in responding to the increase in credit demand. Overall, our study documents that business groups have spillover effects on standalone firms.

本文探讨了在大型高速公路建设项目对投资机会产生正面冲击后，不同区域独立企业的投资反应。作账发现，在本地企业集团密度较高的区域，独立企业的投资敏感性较低。通过对内在机制的探讨，找到了支持融资机制的证据：银行在响应信贷需求增长时，会优先将资本配置给集团附属企业。总体而言，本研究证实了企业集团对独立企业具有溢出效应。

The bright side of the internal labor market: Evidence from the labor cost stickiness of firms affiliated with privately owned business groups in China

内部劳动力市场的光明面：来自中国民营企业集团下属企业劳动力成本粘性的证据

Abstract：We examine whether having an internal labor market can help a firm affiliated with a privately owned business group (POBG) reduce labor cost stickiness. Our findings suggest that, when a POBG-affiliated firm experiences a decrease in sales, it has lower labor cost stickiness than an otherwise equivalent firm that is not affiliated with a POBG. Specifically, we find that, on average, a POBG-affiliated firm entirely mitigates labor cost stickiness when it has a decrease in sales. In addition, we document that, to adjust its labor cost downward, a POBG-affiliated firm hires fewer employees, rather than paying lower wages. We show that the lower labor cost stickiness is due to movement of employees from the focal firm to other firms within the same POBG. When sales fall, the POBG reallocates excess employees at the focal firm to other firms within the business group via an internal labor market, and the focal firm thereby increases its per capita profit. Moreover, we find that agency cost mediates the impact of a POBG on labor cost stickiness. When the external market is less effective or the POBG headquarters have strong incentives, the effect of POBG affiliation on the reduction in an affiliated firm’s labor cost stickiness is more salient.

本文探讨了内部劳动力市场的存在是否能帮助民营企业集团（民营集团）关联企业降低劳动力成本粘性。研究结果表明，当民营集团关联企业面临销售收入下降时，其劳动力成本粘性显著低于其他条件相似的非集团关联企业。具体而言，作者发现平均而言，在销售收入下降时，民营集团关联企业能够完全消除劳动力成本粘性。此外，为向下调整劳动力成本，民营集团关联企业主要通过减少雇佣人数而非降低薪酬水平来实现。这种较低的劳动力成本粘性源于员工可从焦点企业流动至同一民营集团内的其他企业。当销售收入下滑时，民营集团通过内部劳动力市场将焦点企业的冗余员工重新配置至集团内其他企业，从而使焦点企业得以提升其人均利润。进一步地，作者发现代理成本在民营集团影响劳动力成本粘性的过程中起中介作用。当外部市场有效性较低或民营集团总部有较强动机时，集团关联关系对降低关联企业劳动力成本粘性的效应更为显著。

Apex ambition: Environmental management system certification in Chinese business groups

中心志向：中国企业集团的环境管理体系认证

Abstract：Business groups, as a predominant organizational paradigm, play a crucial role in environmental stewardship and sustainability efforts. Although existing research explores the influence of business groups on financial performance, innovation, and strategic diversification, there remains a noticeable lack of understanding regarding how internal hierarchical status influences strategies towards environmentally friendly practices. Our research, through the prism of the global standard for environmental management ISO 14001, offers an incisive look into how hierarchical positioning within Chinese business groups steers environmental management decision-making. Using a dataset of 21,983 observations from 4371 apex and non-apex firms between 2009 and 2022, we conduct logistic regression analysis. We find that apex firms are more inclined to obtain environmental management system (EMS) certification compared to non-apex firms, especially in non-state-owned and heavily polluting industries. A key finding is that apex firms within high-pollution sectors exhibit a stronger drive toward certification, whereas those in less polluting sectors demonstrate a reduced propensity for certification compared to non-apex firms, highlighting the critical role of industry pollution levels in shaping certification behavior. Furthermore, we document that a larger number of group affiliates tends to dampen EMS certification, while a higher proportion of green executives and a regional focus on environmental protection bolster their certification motivation. This research sheds light on how hierarchical status, industry pollution, and internal and external factors interact to influence environmental strategies, enriching the discourse on environmental management and strategic decision-making in emerging markets.

企业集团作为主流组织形态，在环境治理与可持续发展领域发挥着关键作用。尽管现有研究已探讨其对财务绩效、创新能力和战略多元化的影响，但关于集团内部层级如何影响环保实践策略的机制仍存在明显认知空白。本研究以国际环境管理标准ISO 14001为视角，深入剖析中国企业集团的集团内部层级对环境管理决策的影响。通过分析2009至2022年间4371家母公司与子公司的21,983条观测数据，采用逻辑回归模型进行分析。研究发现：相较于子公司，母公司在获取环境管理体系（EMS）认证方面更具倾向性，尤其在非国有企业和高污染行业中表现突出。关键发现表明，高污染行业中的母公司对认证的追求更为强烈，而低污染行业中的母公司相较子公司表现出较低的认证意愿，这凸显了行业污染水平对认证行为的决定性影响。研究发现，集团关联方数量越多，企业越容易放弃EMS认证；而绿色高管比例越高、企业更注重区域环保，就越有动力获得认证。这项研究揭示了层级地位、行业污染程度以及内外部因素如何相互作用影响企业环保策略，为新兴市场环境管理与战略决策提供了新的视角。

金融强监管与企业集团内部资本市场资源配置——来自资管新规的经验证据

摘要：加强和完善现代金融监管是金融市场保持效率和活力的基础，也是提高资源配置效率的关键。本文基于资管新规实施这一准自然实验，研究金融强监管是否会促使企业集团内部资本市场资源动态调整进而达到优化资源配置效率的目标。研究发现，资管新规实施后，金融资产配置程度较高的企业集团，其子公司现金持有比率显著下降，这表明资管新规促进了企业集团的内部资本市场资源再配置。机制分析表明，资管新规通过降低金融投资活动利润率、减少金融资产配置作用于内部资本市场资源配置。进一步，面对资管新规的实施，集团母公司通过影响子公司分红决策来降低子公司持有现金比率。本文从集团管控动机和管控能力两方面进行异质性分析发现，管控动机越强（母子公司代理成本更高、母公司投资机会更大、企业集团行业竞争程度更激烈）、管控能力越大（母子公司地理距离越近、母公司对子公司平均持股比例更大）的集团，上述效果更明显。经济后果方面，资管新规促使企业集团内部资本市场资源动态调整这一行为最终提高了企业集团价值与全要素生产率，达到了优化资源配置效率目标。本文不仅从内部资本市场资源配置及其效率的角度为金融监管的经济后果提供了新的微观证据，也对处理好金融监管与实体经济增长的关系具有重要启示。 

 税收征管数字化与企业集团的利润转移行为——来自金税三期工程的证据

摘要：本文旨在研究以金税三期工程为代表的税收征管数字化建设期间，企业集团的利润转移行为。为此，从治理效应和激励效应两个层面对税收征管数字化影响企业集团利润转移的背后机制进行理论分析，并结合现实背景提出理论假说。基于地区层面和上市企业集团数据对假说进行检验，研究发现：（1）企业集团会利用金税三期工程试点和非试点地区的税收征管能力差异这一契机实施利润转移，在考虑了竞争性假说后这一结论仍然成立；（2）企业集团的利润转移主要通过内部企业间日常经营性交易、资金交易、租赁交易实现；（3）此类利润转移行为在征纳合谋较弱、审计约束较小、治理结构更易协调策略、市场份额较大、内部公司分布更广泛的企业集团中更为明显；（4）在金税三期实施后利润转移总规模达到1537.886亿元，平均每年转移393.471亿元，利润转移规模占比最高达12.690%;(5)随着金税三期工程的实施，地区间税收征管能力的差异和由此导致的企业集团利润转移行为会逐渐减少。本文为深化税收征管数字化改革、推进金税四期工程建设提供了重要启示。

企业集团内部是否存在“污染避难所”

摘要：防止企业污染转移,鼓励企业通过污染治理实现减排,对于中国经济实现绿色低碳转型至关重要。本文运用手工整理的企业集团数据,对企业集团内部的污染转移现象及其方式、特征与后果进行实证检验。研究发现,企业集团内部存在"污染避难所",即当企业集团内部不同的企业面对不同排污费率时,位于高排污费标准地区的企业会将生产,特别是污染密集型的生产,转移至低排污费标准地区的企业中,进而导致企业集团内部的污染转移。企业集团内部的污染转移呈现就近转移、向低劳动力成本地区转移以及向中西部地区转移等一系列低成本转移的特征。企业集团内部的污染转移会弱化企业实施污染治理的激励,从而不利于企业长远的绿色发展。异质性分析显示,最终控制人控制链更短、最终控制人性质为非国有控股、多元化经营程度更低以及成员企业间规模差异较小的企业集团更可能进行污染转移。进一步的政策分析表明,提高政府对污染转移问题的关注度和规制力度以及公众的环境参与程度,有助于抑制企业集团内部的污染转移行为。本文的研究不仅为解释中国的污染转移现象提供了新的视角,而且有助于深入认识和理解区域性环境规制差异对企业策略性行为的影响,为中国进一步加强环境治理及区域联防联控提供了重要的政策启示。