环境规制对企业利润率的影响——基于中国工业行业数据的实证分析

Environmental Regulations and Enterprise Profitability——An Empirical Analysis Based on the Industrial Panel Data of China

我们使用中国36个工业行业2001～2006年的面板数据,实证分析了环境规制对企业利润率的影响。结果显示:环境规制对销售利润率没有显著影响,但是对滞后1期的成本费用利润率有显著的正向影响,这表明,从长期看环境规制对企业利润率的提高有一定程度的积极作用。导致这一结果产生的原因是,环境规制促进了企业的技术创新,弥补并超过了环境规制给企业生产带来的不利影响,从而导致企业利润率提高。实证分析还显示,环境规制对企业拥有专利数有显著的正向影响。

Based on the panel data of 36 industries during 2001-2006,this paper provides empirical evidence on the effect of environmental regulations on Chinese enterprises＇ profitability.The results demonstrate that stricter environmental regulations have no remarkable effect on the sales profic ratio,but it has a remarkable positive effect on the ratio of profits to cost with one lag phase,which indicated that environmental regulations can stimulate the enterprises＇ profitability in the long-term.The reasons lie in the fact that environmental regulations have stimulated the enterprises＇ technological innovation,which made up and outweighted their negative influences on enterprise production,thus increasing the rate of profit.Empirical analysis shows that environmental regulations have a prominent positive effect on the number of patents possessed by enterprises.