环境规制对企业高质量发展作用之谜——基于异质性企业与全要素生产率分解视角

The Riddle of the Coexistence of Environmental Regulation and High-quality Development of Enterprises—From the Perspective of Heterogeneous Enterprises and Total Factor Productivity Decomposition

基于异质性企业理论框架与全要素分解的视角研究环境规制对企业高质量发展的影响,通过门槛回归使用中国工业企业数据进行实证检验。研究发现,环境规制对企业高质量发展的作用,不仅表现在倒逼企业进行技术创新,还表现在纠正企业内与企业间的资源错配。实证表明:(1)环境规制与企业全要素生产率,在微观企业层面存在“倒N形”关系;在宏观省级层面存在“U形”关系。(2)适度的环境规制有利于高生产率企业贡献更多产出份额,获得更多的资本份额,改善资源配置状况,但不利于解决就业问题。(3)低强度环境规制对企业内贡献与企业间贡献的全要素生产率变化存在负向影响;适度的环境规制对企业内贡献、企业间贡献、企业进入贡献与企业退出贡献的全要素生产率变化具有正向影响。所以适度的环境规制设计可以促进企业高质量发展,限制落后产能,倒逼企业技术创新,改善资源配置状况,淘汰停滞不前的低生产率企业,为高生产率企业高质量发展提供良好的外部环境。

Based on the theoretical framework of heterogeneous enterprises and the perspective of total factor decomposition,this paper studies the impact of environmental regulation on the high-quality development of enterprises,and empirically tests the data of Chinese industrial enterprises through threshold regression.It is found that the effect of environmental regulation on the high-quality development of enterprises not only forces enterprises to carry out technological innovation,but also corrects the misallocation of resources within and between enterprises.The empirical results show that:1)There is an“inverted N”relationship between environmental regulation and enterprise total factor productivity at the micro enterprise level,and a“U”relationship at the macro-provincial level;2)Moderate environmental regulation is beneficial for high productivity enterprises to contribute more output share,obtain more capital share,and improve the misallocation of resources,but it is not conducive to solving the employment problem;3)Low intensity environmental regulation has a negative impact on the change of total factor productivity of intra-enterprise contribution and inter-enterprise contribution;moderate environmental regulation has a positive impact on the change of total factor productivity of intra-enterprise contribution,inter-enterprise contribution,enterprise entry contribution and enterprise exit contribution.Therefore,appropriate environmental regulation designs can promote the high-quality development of enterprises,limit backward production capacity,force technological innovation,improve the misallocation of resources,and eliminate stagnant and low-productivity enterprises.By so doing,it will provide a good external environment for the high-quality development of high-productivity enterprises.