新《环保法》对我国重污染行业上市公司效率的影响——基于“波特假说”的研究视角

摘要/Abstract

摘要： 本文将新《环境保护法》作为一次准自然实验，利用我国重污染行业上市公司2011—2019年的数据，使用双重差分倾向得分匹配法（PSM-DID）分析该法的实施是否符合“强波特假说”。研究发现：（1）新《环保法》作为史上最严的一项环境规制法律，显著提高了我国重污染行业上市公司效率，且在政策窗口期内随实施时间的延长其政策效果更加显著。（2）新《环保法》的实施有效地促进了重污染企业进行创新，进而提高企业效率，即存在技术创新的渠道机制。（3）新《环保法》对我国重污染行业上市公司效率的影响存在异质性，股权集中度越高的企业受政策影响越显著；国有控股企业与非国有控股企业相比受政策影响较不显著；该法的实施对规模较小的企业影响较为显著。即新《环保法》对我国重污染行业上市公司的影响符合“强波特假说”。

关键词: 新《环境保护法》, PSM-DID, 强波特假说, 企业效率

Abstract: This paper takes the new Environmental Protection Law as a quasi-natural experiment, and uses the data of listed companies in heavy polluting industries in China from 2011 to 2019 to analyze whether the policy is consistent with the "Strong Porter Hypothesis" by using the differential propensity score matching method (PSM-DID). The results show that:(1) The new Environmental Protection Law, as the strictest environmental regulation law in history, significantly improves the efficiency of listed companies in heavy polluting industries in China, and the policy effect becomes more significant with the extension of the implementation time in the policy window period. (2) The implementation of the new "Environmental Protection Law" has effectively promoted the innovation of heavy-polluting enterprises, thereby improving the efficiency of enterprises, that is, there is a channel mechanism for technological innovation. (3) The impact of the new Environmental Protection Law on the efficiency of listed companies in heavy polluting industries in China is heterogeneous. The higher the ownership concentration, the more significant the impact of the policy is. Compared with non-state-owned holding enterprises, state-owned holding enterprises are not significantly affected by the policy. The policy has a significant impact on smaller companies. In other words, the new Environmental Protection Law conforms to the "strong Porter hypothesis" for listed companies in heavy polluting industries in China.

Key words: new Environmental Protection Law, PSM-DID, Strong Porter Hypothesis, business efficiency

杨友才, 牛晓童. 新《环保法》对我国重污染行业上市公司效率的影响——基于“波特假说”的研究视角[J]. 管理评论, 2021, 33(10): 55-69.

Yang Youcai, Niu Xiaotong. Impact of the New “Environmental Protection Law” on the Efficiency of Listed Companies in Heavily Polluting Industries in China——Based on the Research Perspective of “Porter Hypothesis”[J]. Management Review, 2021, 33(10): 55-69.

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