环境规制、行业差异与企业环保投资

Environmental Regulation,Industry Differences and Environmental Protection Investment of Enterprises

随着“绿色”发展理念的提出,政府环境规制和企业环保投资的关系成为促进经济健康发展的纽带。以2017—2022年披露环保投资的A股上市公司为研究对象,实证研究了环境规制对企业环保投资的影响以及这一影响在不同行业的差异性。研究结果表明:政府环境规制与企业环保投资之间存在“U”型关系,即环境规制对企业环保投资的影响存在“门槛效应”;当前我国环境规制强度还未达到“门槛强度”且环境规制对企业环保投资的影响存在行业差异。文章的研究结论揭示了环境规制对企业环保投资的“双重作用”以及不同行业感知环境规制强度的差异,为政府针对行业属性的不同而“因行制宜”制定环境规制政策提供了参考依据。

With the proposal of"green"development concept,the relationship between government environmental regulation and enterprise environmental protection investment has become a link to promote the healthy development of the economy.Taking the A-share listed companies that disclosed environmental protection investment from 2017 to 2022 as the research object,this paper empirically studies the impact of environmental regulation on environmental protection investment of enterprises and the differences of this impact in different industries.The results show that there is a"U"relationship between government environmental regulation and enterprise environmental protection investment.That means the impact of environmental regulation on enterprise environmental protection investment has a"threshold effect".At present,the intensity of environmental regulation in China has not reached the"threshold intensity",and the impact of environmental regulation on environmental protection investment of enterprises has industry differences.The research conclusion of this paper reveals the"dual role"of environmental regulation on environmental protection investment of enterprises and the difference of perceived environmental regulation intensity in different industries.The paper provides a reference for the government to formulate environmental regulation policies according to the different industry attributes.