环境规制能促进重污染企业全要素生产率提升吗?——基于准自然实验的证据

Can Environmental Regulations Promote the Improvement of Total Factor Productivity in Heavily Polluting Enterprises:Based on Evidences from a Quasi-Natural Experimental Study

基于2010—2020年A股上市公司数据,以新《环境保护法》的正式实施作为政策变动时点,利用准自然实验检验命令控制型环境规制能否促进企业全要素生产率的提升,并探索其作用机制。研究发现:新《环境保护法》的实施促进了重污染企业全要素生产率的提升;重污染企业内部的绿色技术创新在新《环境保护法》促进企业全要素生产率的提升中具有正向的中介作用;新《环境保护法》对国有企业、市场化程度较低地区的企业和ESG评级较高的企业具有更显著的正向政策效应。基于研究结论,提出以下建议:深化环境规制与绿色技术创新的融合;制定差异化的环境政策措施;建立环境规制与企业发展协同机制。

Based on the data of A-share listed companies from 2010 to 2020,taking the formal implementation of the newly-amended Environmental Protection Law as the time point of policy change,the quasi-natural experiment is used to test whether the command-and-control environmental regulations can promote the improvement of total factor productivity(TFP)of enterprises,and further explore its mechanism at work.The findings indicate that:The implementation of the newly-amended Environmental Protection Law has promoted the improvement of TFP in heavily polluting enterprises;The internal green technology innovation in heavily polluting enterprises plays a positive intermediary role in the process of promoting the TFP improvement of enterprises under the newly-amended Environmental Protection Law.The newly-amended Environmental Protection Law has more significant positive policy effects on state-owned enterprises,those located in less marketized regions,and enterprises with higher Environmental,Social,and Governance(ESG)ratings.Based on the findings,the following recommendations are made:deepen the integration between environmental regulations and green technology innovation;create differentiated environmental policy measures;and establish a synergistic mechanism linking environmental regulations and enterprise development.