双重环境规制对企业绿色竞争力的影响研究——来自重污染上市公司的经验证据

Impact of Dual Environmental Regulation on Green Competitiveness of Enterprises:Empirical Evidence from Heavily Polluted Listed Companies

以2013-2019年重污染上市公司面板数据为样本,运用固定效应模型实证检验双重环境规制对企业绿色竞争力的影响及其渠道机制.研究结果表明:正式与非正式环境规制与企业绿色竞争力之间分别呈现“U”型及倒“U”型关系,上述结论在经过一系列稳健性检验后依旧成立.基于各地区双重环境规制水平的差异,检验了双重环境规制在不同水平组合下对企业绿色竞争力的影响,研究发现双重环境规制组合对企业绿色竞争力的影响存在异质性,仅在正式与非正式环境规制“双优”的情况下呈现“U”型关系.渠道机制表明,绿色技术创新在不同类型的环境规制与企业绿色竞争力之间所起的中介作用具有差异性,在非正式环境规制对企业绿色竞争力的作用中存在部分中介效应,对正式环境规制的中介效应不显著.

Using the panel data of heavily polluting listed companies from 2013-2019 as a sample,we empirically test the impact of dual environmental regulations on green competitiveness of enterprises and its channel mechanism using a fixed effects model.The results show that there is a U-shaped and inverted U-shaped relationship between formal and informal environmental regulations and green competitiveness of enterprises,respectively,and the above findings still hold after a series of robustness tests.Based on the differences in the levels of dual environmental regulations among regions,we examine the impact of dual environmental regulations on the green competitiveness of enterprises under different combinations of levels.A U shaped relationship is observed only when both formal and informal environmental regulations are optimal.The channel mechanism suggests that the mediating role of green technology innovation between different types of environmental regulations and green competitiveness of enterprises is different,and there is a partial mediating effect of informal environmental regulations on green competitiveness of enterprises,while the mediating effect of formal environmental regulations is not significant.