Does air pollution impair investment efficiency?
利用2014-2019年中国上市公司数据，发现空气污染会降低企业投资效率，且对小企业、非国有企业、融资受限企业以及高经营风险或产品市场竞争激烈的企业影响更大。
Using a sample of 2174 Chinese listed firms for the period 2014–2019, we examine whether air pollution impairs investment efficiency of firms. We find robust evidence that air pollution is negatively associated with firms’ investment efficiency, and that this association is more pronounced for small firms, non-state-owned firms, financially constrained firms, and firms confronted with high business risk or intense industrial product market competition.