环境规制对可再生能源企业投资水平的影响

Impact of environmental regulations on the investment level of renewable energy enterprises

发展高比例可再生能源是实现碳中和的关键路径,而可再生能源投资往往受到环境规制的影响,故研究环境规制与可再生能源企业投资水平之间的关系具有重要意义。基于此,文章选取79家A股上市可再生能源企业2008—2019年的面板数据,采用固定效应模型实证检验命令控制型和市场激励型两类环境规制对可再生能源企业投资水平的总体影响以及对不同产权性质企业的差异性影响,并从企业成本角度开展中介效应分析,探究环境规制影响可再生能源企业投资水平的作用路径。研究结果表明,①命令控制型和市场激励型两类环境规制与可再生能源企业投资水平之间均存在显著的倒“U”型关系,即当环境规制强度在一定范围内时,可再生能源企业投资会随着环境规制强度的增加而增加,但随着环境规制强度持续增大,可再生能源企业投资力度减弱。②企业成本在可再生能源企业投资过程中起到了不可忽视的中介作用,命令控制型和市场激励型两类环境规制均通过企业成本影响可再生能源企业投资水平。③环境规制对不同产权性质的可再生能源企业投资的影响具有差异性,市场激励型环境规制对国有和非国有可再生能源企业投资水平影响并无差异,但命令控制型环境规制对国有可再生能源企业投资水平影响更加明显。因此,未来在制定可再生能源企业的环境规制时,可适当增加环境规制强度,但要避免出台过于严格的环境规制;着力构建以市场激励型为主,以命令控制型为辅的环境规制体系,并充分考虑环境规制对企业成本的潜在影响;针对不同性质企业精准施策,对于国企而言,应充分利用命令控制型环境规制提高政策实施效率,对于非国企而言,应充分利用市场激励型环境规制合理引导企业投资行为。

Developing a high proportion of renewable energy is the key path to achieving China’s carbon neutrality goal.Since invest‑ments in renewable energy are usually affected by environmental regulations,it is important to study the relationship between environ‑mental regulations and the investment level of renewable energy enterprises.This article utilized the fixed effect model to evaluate the effects of both command-and-control and market-incentive environmental regulations on the investment level of renewable energy enter‑prises and to carry out a heterogeneity analysis of enterprises of different property rights.Then,from the perspective of enterprise costs,this study conducted a mediating effect analysis to explore the impact of environmental regulations on the investment level of renewable energy enterprises and its paths.The panel data of 79 A-share listed renewable energy enterprises from 2008 to 2019 was used for this empirical analysis.The main results were as follows:①Both command-and-control and market-incentive environmental regulations had an inverted U-shaped relationship with the investment level of renewable energy enterprises,i.e.,when the environmental regula‑tion intensity was within a certain range,the investment level of renewable energy enterprises would increase with the increase of envi‑ronmental regulation intensity.However,as the environmental regulation intensity continued to increase,the investment level would de‑crease.②Enterprise costs played an obvious mediating role in the investment of renewable energy enterprises,and environmental regu‑lations would affect the investment level of renewable energy enterprises through enterprise costs.③Environmental regulations had a heterogeneous impact on enterprises with different property rights.To be specific,the impact of market-incentive environmental regula‑tion on investment level showed no difference between state-owned enterprises and non-state-owned ones,but command-and-control en‑vironmental regulation had a more pronounced impact on state-owned enterprises.Therefore,when formulating environmental regula‑tions for renewable energy enterprises in the near future,we should introduce more stringent environmental regulations appropriately but should not propose too strict environmental regulations.We should establish an environmental regulation system that mainly con‑sists of market-incentive environmental regulations and is supplemented by command-and-control environmental regulations and takes into full consideration the potential impact of environmental regulations on enterprise costs.We should precisely apply environmental regulations to enterprises with different properties.In particular,for state-owned enterprises,we should make full use of command-andcontrol environmental regulations to improve policy efficiency,and for non-state-owned enterprises,we should make full use of marketincentive environmental regulations to reasonably guide their investment behaviors.