强化环境规制影响企业研发创新吗——基于新《环境保护法》实施的实证分析

Does Strengthening Environmental Regulations Affect Corporate R&D Innovation: An Empirical Analysis Based on the Implementation of the New Environmental Protection Law of PRC

环境规制是政府遏制环境污染,强化环境治理的重要手段。基于2012年～2017年434家重污染上市公司的研发创新数据,采用双重差分法评估新《环境保护法》对企业创新活动的影响,研究发现:新法的实施对重污染企业创新活动有负面影响,对中央控股和地方控股企业的创新活动影响显著,但对民营上市公司的影响并不显著;政府补贴的加入能够弱化新法对创新活动的负面影响。研究结论不支持"波特假说",为政府对重污染企业环境执法的同时如何兼顾企业的研发创新积极性提供了一定的参考。

Environmental regulation is an important means for the government to curb environmental pollution and strengthen environmental governance.Based on the R&D innovation data of 434 heavily polluting listed companies from 2012 to 2017,the difference-in-difference method is employed to evaluate the impact of the new Environmental Protection Law of PRC (2015) on corporate innovation activities.It is found that the implementation of the new law has a negative impact on the innovation activities of heavily polluting enterprises,and a significant impact on the innovation activities of central holdings and local holding companies,but less significant impact on private listed companies;the addition of government subsidies can weaken the negative impact of the new law on innovation activities.The findings of the study do not support the "Porter Hypothesis", and provide a certain reference for the government to take into account R&D and innovation and the enforcement of the environmental law in heavily polluting enterprises.