Numerous studies evaluated the effects of end-of-pipe control environmental regulations(EER).However,few scholars discussed the effects of process management environmental regulations(PER),such as the China Cleaner Pr...Numerous studies evaluated the effects of end-of-pipe control environmental regulations(EER).However,few scholars discussed the effects of process management environmental regulations(PER),such as the China Cleaner Production Standards(CCPS)implemented by the country's Ministry of Ecology and Environment.Using data on China's manufacturing enterprises,this paper adopts the CCPS policies as quasi-natural experiments and uses differences-in-differences(DID)methods to analyze their effects on enterprise profitability and profit quality,respectively.The results show that:first,the CCPS significantly improve both profitability and profit quality;that is,the implementation of the environmental regulation policy plays a significant role in improving enterprise profit rates and cash flows.Second,for the profitability mediator effects,the short-term Porter effect of CCPS is not significant but shows the opposite during the lag period and significantly reduces the management cost and wage levels,comprehensively promoting enterprise profitability.Third,for the profit quality meditator effects,environmental regulations improve the enterprises'cash flow by reducing management costs and increasing government subsidies;however,its effect on bank credit subsidies is not significant.Fourth,for the moderator effects,the environmental regulations'effect on enterprises profitability and profit quality depends on the strategic interaction among local governments,the scale and ownership of the enterprise,and regional differences.That is,the strategic interaction weakens the effect of environmental regulations on enterprise performance.Environmental regulations have a stronger influence on profitability and profit quality for large-scale,state-owned,and coastal enterprises.展开更多
基金This study is supported by the Dengfeng Strategy of the key discipline construction project,“Environmental Technology Economics”,at the Chinese Academy of Social Sciences[Grant number.2017-ZXKHJ]the National Social Science Fund Youth Fund Project:“Research on the effect Mechanism and Heterogeneity of Environmental Regulation on the Formation of Zombie Enterprises”[Grant number.19CJY028]+1 种基金General Project funded by the National Social Science Foundation:Economic Mechanism Analysis and Management Innovation System Study in Rural Water Environment Issues[Grant Number.10BJY064]the project funded by the Basic Business Fund of High Learning Institutions of the Central Government:Obstacles and Countermeasures to Spatial Integration of Economic Growth:with Yangtze River Economic Belt as an example[Grant number.20156322020201].
文摘Numerous studies evaluated the effects of end-of-pipe control environmental regulations(EER).However,few scholars discussed the effects of process management environmental regulations(PER),such as the China Cleaner Production Standards(CCPS)implemented by the country's Ministry of Ecology and Environment.Using data on China's manufacturing enterprises,this paper adopts the CCPS policies as quasi-natural experiments and uses differences-in-differences(DID)methods to analyze their effects on enterprise profitability and profit quality,respectively.The results show that:first,the CCPS significantly improve both profitability and profit quality;that is,the implementation of the environmental regulation policy plays a significant role in improving enterprise profit rates and cash flows.Second,for the profitability mediator effects,the short-term Porter effect of CCPS is not significant but shows the opposite during the lag period and significantly reduces the management cost and wage levels,comprehensively promoting enterprise profitability.Third,for the profit quality meditator effects,environmental regulations improve the enterprises'cash flow by reducing management costs and increasing government subsidies;however,its effect on bank credit subsidies is not significant.Fourth,for the moderator effects,the environmental regulations'effect on enterprises profitability and profit quality depends on the strategic interaction among local governments,the scale and ownership of the enterprise,and regional differences.That is,the strategic interaction weakens the effect of environmental regulations on enterprise performance.Environmental regulations have a stronger influence on profitability and profit quality for large-scale,state-owned,and coastal enterprises.
