新《环境保护法》实施对重污染企业的影响研究--基于上市公司的分析

The Impact of the New Environmental Protection Law on Heavily Polluting Enterprises——An Analysis Based on Listed Companies

基于重污染行业上市公司的数据,利用双重差分法,研究新《环境保护法》的政策效应,具有重要意义。新《环境保护法》的实施并未对重污染上市公司产生显著的政策冲击,无论对企业的成本、营业收入、利润以及营业收入增长,都没有明显影响。主要原因可能在于上市公司环境合规性相比于其他企业更好,更不易受到新《环境保护法》的冲击,而且上市公司很可能在一定程度上已经存在波特效应。

This paper studies the policy effect of the new Environmental Protection Law based on DID model by using the data of 2010-2016 years of Listed Companies in heavy pollution industry.The results show that the implementation of the new Environmental Protection Law does not have a significant impact on heavily polluting enterprises,no matter the company＇s cost,operating income or profits,and operating revenue growth.The main reason may be that the environmental compliance of listed companies is better than that of other enterprises,so that they are less vulnerable to the impact of the implementation of the new Environmental Protection Law,and more likely to have a Potter effect to some extent.