| 摘要: |
In this paper, we study how the privatization of state-owned enterprises (SOEs) affects firm pollution. Using firm-level pollution data of Chinese SOEs, we find that firms' pollutant emissions increase significantly after privatization. This effect could be mitigated by stringent environmental regulations such as setting monitoring points. Moreover, the authority of government control power plays a vital role in controlling SOE pollution, as we find 1) the increase in pollution associated with privatization is larger when the privatized SOE is located near the boundary of a city/province where government control is usually weaker; and 2) when the privatized SOE is relieved from a higher hierarchy of government control ex-ante, the expost pollution increase after its privatization would be larger. Further evidence suggests that the increase in pollution after privatization is associated with decreased development in green technologies and increased energy consumption. More importantly, increased pollution after firm privatization also leads to increased carbon emissions and a negative impact on public health. Overall, our findings highlight the environmental externalities of SOE privatization.
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