新《环境保护法》实施对产能过剩的影响研究

Research on the Impact of the New Environmental Protection Law on Overcapacity

产能过剩已成为阻碍中国经济高质量发展的深层次问题。以沪深A股上市公司为研究对象,考察新《环境保护法》实施对产能过剩的影响。研究发现:新《环境保护法》实施缓解了企业产能过剩,且新《环境保护法》实施对产能过剩的影响,在大型企业、机构投资者持股比例较高和市场化程度高的样本中更为显著;新《环境保护法》通过促进企业技术创新和抑制过度投资影响产能过剩;新《环境保护法》实施可以通过缓解产能过剩,提升企业长期价值,而不能提升企业短期价值。

Overcapacity has become a deep-rooted problem that hinders the high-quality development of China's economy.The paper takes Shanghai and Shenzhen A-share listed companies as the research object to examine the impact of the Environmental Protection Law on overcapacity.The results show that the EPA has a significant negative impact on the level of overcapacity,and the impact of the new Environmental Protection Law on overcapacity is more significant in large enterprises,higher institutional investor shareholding ratio and higher marketization process samples.The mechanism of action analysis finds that the new Environmental Protection Law affects overcapacity by promoting technological innovation and curbing overinvestment.The analysis of economic consequences finds that the new Environmental Protection Law can enhance the long-term value of enterprises by alleviating overcapacity,but not the short-term value of enterprises.