环境规制对企业绿色投资的门槛效应及异质性研究

Research on the Threshold Effect and Heterogeneity of Environmental Regulation on Corporate Green Investment

本文以2010—2017年我国重污染行业上市公司数据为样本,通过面板门限模型实证研究了行业环境规制强度对于企业绿色投资的门槛效应,同时探究了这一影响在不同规模企业之间的异质性。研究结果显示:环境规制与企业绿色投资之间呈现倒U形的非线性关系。当环境规制小于一个临界值时,它与企业绿色投资之间呈正向关系,当环境规制超过这个临界值时,它与绿色投资之间呈反向关系;进一步分析发现,企业规模在小于第一个临界值时,环境规制对其绿色投资有促进作用,当介于第一个临界值和第二个临界值之间时,环境规制对于企业绿色投资有抑制作用,当大于第二个临界值时,环境规制对于企业绿色投资无显著影响。本文研究结果的启示是:政府在进行环境规制时也应该因企业制宜,同时找到环境规制的有效区间来发挥政策的最优潜力。

Based on the data of listed companies in heavy pollution industries in China from 2010 to 2017,this paper empirically studies the threshold effect of industry environmental regulation intensity on green investment through panel threshold model,and explores the heterogeneity of this effect among enterprises of different sizes. The results show that there is an inverted U-shaped non-linear relationship between environmental regulation and green investment. When the environmental regulation is less than a critical value,it has a positive relationship with the green investment of enterprises. When the environmental regulation exceeds this critical value, it has a reverse relationship with the green investment. Further analysis shows that when the enterprise scale is less than the first critical value,the environmental regulation can promote the green investment of enterprises. When the environmental regulation is between the first critical value and the second critical value,it can promote the green investment of enterprises. Environmental regulation has a restraining effect on green investment of enterprises. When it is greater than the second critical value,environmental regulation has no significant effect on green investment of enterprises. The enlightenment of this study is that the government should adjust to the enterprise's conditions when carrying out environmental regulation, and at the same time find the effective interval of environmental regulation to exert the optimal potential of policy.