环境规制、产业效率与企业活动:来自差别电价政策的微观证据

Environmental Regulation,Industrial Productivity and Economic Activity: Evidence from Differential Electricity Price Policy

差别电价政策作为节能减排政策在高耗能工业行业上的实践，为环境规制和企业活动关系的研究提供了“拟自然实验”的机会。文章利用非参数的研究方法，将倍差法和倾向得分匹配法相结合，研究了差别电价政策如何通过增加企业成本和改变产业效率，最终影响微观企业的工业增加值、工业总产值、工资和利润等经济活动变量。利用2003～2007年相关规制行业企业的微观数据，实证发现差别电价政策在整体上对相关行业有不利影响。在控制劳动力和资本变化的前提下，政策累计造成工业总产值约8％，工业增加值约9％，工资约25％，利润约99％的负面影响。该实证结果表明差别电价政策在相应时间段内对技术进步有负面影响。

The differential electricity price policy is a practice of environmental regulation on the industrial sector in China. The goal of this policy is not only environment - oriented but also is to improve industrial technology. This paper first uses a non - parameter general equilibrium model to present how such policy will affect eco-nomic behavior of related firms through the encourage of technology change and the incremental of energy prices. Then using the method of propensity score matching, the paper analyzes the firm level data to find the average treatment effect for industrial economic variable such as output, value added, wage and profit. The direction of treatment from the policy implicates that, although it varies from industry to industry, the general effect on technology is negative. The variation of average treatment effect could be explained by heterogeneous characteristic through industries, especially the ratio of small firms in industry.