命令型环境规制对煤炭企业投资效率的影响研究

Impact of command-based environmental regulation on investment efficiency of coal firms

以2015年中国新《环境保护法》的出台作为准自然实验,以2011—2019年中国上市公司的财务数据为研究样本,运用双重差分模型检验了命令型环境规制对煤炭企业投资效率的影响。实证结果表明,命令型环境规制提高了煤炭企业的投资效率,该结论在基于反事实设计和替换变量的稳健性检验后依然成立。具体而言,命令型环境规制遏制了煤炭企业过度投资行为,且没有提高煤炭企业的投资不足倾向。研究结论支持了命令型环境规制这一非财务制度对于提高煤炭企业投资效率的积极作用,从而对通过行政命令和控制机制实现环境治理和经济高质量发展的双赢具有重要的指导意义。

Using the introduction of China's new Environmental Protection Law in 2015 as a quasi-natural experiment and Chinese listed companies'financial dataset from 2011-2019 as the research sample,the impact of command-based environmental regulation on coal firms'investment efficiency is analyzed using a difference-in-differences model.The empirical results show that command-based environmental regulation improves the investment efficiency of coal firms,and this finding holds after robustness tests based on counter-factual design and alternative variables.Specifically,the command-based environmental regulation curbs coal firms'over-investment behaviors and does not increase coal firms'propensity to underinvest.The findings support the positive effect of command-based environmental regulation,a non-financial institution,on improving coal firms'investment efficiency,thus providing important guidance for achieving a win-win situation for environmental governance and high-quality economic development through administrative command and control mechanisms.