Replication Data for: Impacts of Heterogeneous Participation in Green Factory on Firms’ Risk-Taking Capacity: Evidence from Chinese Enterprises

Corporate choices to engage in the government’s voluntary environmental regulations can impact their performance and willingness to take risks. The impact of government intervention on the benefits firms gain from environmental regulations is still uncertain. This study analyzes the impact of China’s Green Factory Pilot Policy on corporate risk-taking capacity through a quasi-natural experiment. Our findings indicate that the Green Factory Pilot Policy improves corporate risk-taking abilities. This effect comes from several channels, such as enhancing innovation and compliance, improving corporate reputation, attracting green investment, and strengthening corporate governance. We estimate the marginal treatment effect of the policy on firms and find that those in regions with more government economic intervention show lower risk-taking capacity during implementation. This study adds to the understanding of how environmental policies relate to corporate financial constraints, highlighting the ways the Green Factory Policy influences corporate risk-taking and its varied effects.This research enhances academic insight into the economic effects of environmental policies and provides useful guidance for governments in shaping and improving these policies.

企业参与政府自愿性环境规制的决策，会对其经营绩效与风险承担意愿产生影响。政府干预对企业从环境规制中获取收益的影响目前仍不明确。本研究以准自然实验为研究设计，分析中国绿色工厂试点政策对企业风险承担能力的影响。研究结果表明，绿色工厂试点政策能够提升企业的风险承担能力。该政策效应可通过多重传导路径实现，包括强化创新与合规水平、提升企业声誉、吸引绿色投资以及完善公司治理。本研究还估算了该政策对企业的边际处理效应（Marginal Treatment Effect），结果发现，在政府经济干预程度更高的地区，企业在政策实施期间的风险承担能力反而更低。本研究深化了对环境规制与企业融资约束之间关联的认知，明晰了绿色工厂试点政策影响企业风险承担的具体路径及其异质性效应。本研究既丰富了环境规制经济效应领域的学术研究视野，也为政府制定与完善相关环境政策提供了有益参考。