异质性环境规制对碳中和企业经济韧性的影响研究

The Impact of Heterogeneous Environmental Regulation on the Economic Resilience of Carbon-Neutral Enterprises

使用2011~2019年82家企业及53个地级市面板数据,对正式、非正式环境规制及碳中和企业经济韧性进行测度,进而通过固定效应、系统GMM、中介效应以及门槛回归模型,实证检验了异质性环境规制与碳中和企业经济韧性之间的线性和非线性关系。研究发现:目前的非正式环境规制对碳中和企业经济韧性存在“鞭打快牛”现象,会通过信号效应和融资约束削弱碳中和企业经济韧性;环境规制对碳中和企业经济韧性的影响,会随着投资者信心的提高由负转正;异质性分析表明,正式与非正式环境规制在不同地区的影响不同。

Using panel data of 82 enterprises and 53 prefectures from 2011 to 2019,this study measures formal and informal environmental regulations and the economic resilience of carbon-neutral enterprises.It then empirically tests the linear and nonlinear relationships between heterogeneous environmental regulations and the economic resilience of carbon-neutral enterprises through fixed effects,systematic GMM,mediating effects,and threshold regression models.The results show that the current informal environmental regulations have a“spurring a willing horse”effect on the economic resilience of carbon-neutral firms,which weakens the economic resilience of carbon-neutral firms through signaling effects and financing constraints.The effect of environmental regulations on the economic resilience of carbon-neutral firms shifts from negative to positive as investor confidence increases.Furthermore,the heterogeneity analysis shows that the effects of formal and informal environmental regulations varies across regions.