关键词: 企业上市, 污染排放, 业绩压力, 代理问题, 信息环境

Abstract: Listed companies face stronger disclosure requirements and market concerns，however，they are often penalized for environmental issues By studying the changes in the pollution emission behavior of enterprises before and after going public from the perspective of IPO，we can clarify the consequences and mechanisms of equity financing affecting the environmental behavior of enterprises
Based on the perspective of corporate initial public offering （IPO），this paper uses the pollution data of Chinas Ashare listed industrial enterprises from 19982013 to analyze the impact of corporate IPO on pollution emission It is found that the degree of pollution emission increases significantly after corporate IPOs Mechanism tests indicate that the aggravation of agency problems after IPOs increases the pressure on corporate performance and downward pressure on stock prices，which prompts management to improve operating performance by cutting environmental governance expenditures，leading to a rise in pollution emissions Heterogeneity analysis shows that among firms with higher environmental bargaining power，higher financial pressure from the government of the region they are located in，and a higher degree of competition in the industry，the level of their pollution emissions rises more significantly after IPO；whereas stronger local government environmental regulation and external institutional investor supervision can weaken the promotion effect of IPO on firms pollution emissions
Compared to existing literature，the main contributions of this paper is expanding the research on the differences in the level of pollution emissions between unlisted and listed firms Meanwhile，by examining the tradeoff between costs and benefits of corporate pollution emissions before and after IPOs，studying the multiparty coconstruction mechanism to realize corporate pollution reduction and emission reduction under different regulatory environments，the study supplements the research on the impact of capital market surplus pressure on corporate pollution emissions 
The conclusion of this study shows that the China Securities Regulatory Commission （CSRC）should，on the one hand，focus on linking corporate environmental behavior to their longterm performance and investment value，such as implementing assurance of sustainability information and standardizing assurance standards；on the other hand，it should focus on promoting the concept of sustainable investment，fostering strategic and responsible investors，and attracting longterm institutional investors，such as pension funds，to invest in green financial products

Key words: corporate listings, pollution, earnings pressure, agency problem, information environment