环境规制对企业绿色发展的影响研究

Research on the Impact of Environmental Regulation on the Green Development of Enterprises

以2011―2020年在上海和深圳证券交易所上市的重污染行业的A股上市公司作为研究对象,分析环境规制对重污染行业上市公司绿色发展的影响,并基于政府补助和研发投入两个中介变量,利用链式多重中介效应模型分析其中存在的作用路径。研究发现:环境规制在1%的显著性水平上对企业绿色发展存在正向影响;环境规制影响重污染行业上市公司绿色发展的路径有三条,分别是环境规制→政府补助→企业绿色发展,环境规制→研发投入→企业绿色发展,环境规制→政府补助→研发投入→企业绿色发展,其中环境规制→研发投入→企业绿色发展这一中介效应尤其显著。

Taking A-share listed companies in heavy polluting industries listed on Shanghai and Shenzhen Stock exchanges from 2011 to 2020 as the research objects,this paper analyzes the impact of environmental regulations on the green development of listed companies in heavy polluting industries.Based on the two mediating variables of government subsidy and R&D investment,the chain multiple mediating effect model is used to analyze the existing action paths.The results show that environmental regulation has a positive impact on the green development of enterprises at the significance level of 1%.There are three paths for environmental regulation to affect the green development of listed companies in heavily polluting industries:environmental regulation→government subsidy→enterprise green development;environmental regulation→R&D input→enterprise green development;environmental regulation→government subsidy→R&D input→enterprise green development;The mediating effect of environmental regulation→R&D investment→enterprise green development is particularly significant.