环境规制的企业绿色技术创新效应研究

On the Effect of Environmental Regulation on Enterprise’s Green Technology Innovation

基于2012—2017年我国A股上市公司数据,分析了新修订的《中华人民共和国环境保护法》(以下简称新《环保法》)对企业绿色技术创新的效应和机制。研究认为,新《环保法》在实施初期并未对企业绿色技术创新形成引致作用,对年龄较小企业、中西部企业、非国有企业的绿色技术创新的抑制作用较为明显。主要原因在于,新《环保法》促进了企业固定资产投资的增加,挤出了企业研发投入。进一步研究发现,新《环保法》并未显著抑制企业TFP和企业绩效,由此验证了"弱波特假说"。

Based on the data of China’s A-share listed companies from 2012 to 2017, this paper analyzes the effect and mechanism of the new Environmental Protection Law on enterprise green technology innovation.The research shows that the new Environmental Protection Law has no effect on the formation of green technology innovation of enterprises in the early implementation stage, and has a more obvious inhibition effect on the green technology innovation of young enterprises, enterprises in the central and western regions, and non-state-owned enterprises.The main reason is that the new Environmental Protection Law has boosted fixed asset investment and squeezed out r&d.Further research finds that the new Environment Protection Law does not significantly inhibit TFP and firm performance, thus verifying the “Weak Porter Hypothesis”.