环境规制、投资效率和企业全要素生产率

摘要/Abstract

摘要： 环境规制与经济效率的关系及其作用机制，是更好地推动绿色发展的关键。波特假说给出了环境规制改进经济效率、提高企业竞争力的理论基础。以各省份环境法律法规逐年累计值来表征环境立法，各省份排污费征收强度来表征环境执法，实证检验了两类环境规制（环境立法和环境执法）对制造业上市公司全要素生产率的影响，以及投资效率的中介效应。研究发现，样本期强化环境规制能够促进制造业上市公司全要素生产率的提升，而且，投资效率发挥着部分中介作用，不过，企业规模、上市企业环保核查行业分类不同的企业存在异质性；其中，环境立法能够通过提升投资效率对大型企业、非重污染企业的全要素生产率发挥积极作用，而环境执法通过提升投资效率对中小型企业、重污染企业的全要素生产率发挥积极作用，此外，异质性的影响机制也有所不同。

关键词: 环境规制, 全要素生产率, 投资效率, 绿色发展

Abstract: The relationship between environmental regulation and productive efficiency is key to promoting green development and sustainable economic growth. Porter's Hypothesis gives the theoretical basis for environmental regulation to improve production efficiency and enhance the competitiveness of enterprises. Using the sum of the existing environmental laws and government regulations in each province (accumulated year by year) to characterize environmental legislation, and the intensity of pollution charges in each province to characterize environmental law enforcement, this paper takes the listed companies in Chinese manufacturing industry as the research objects to examine the influence of the intensity of environmental regulations on the total factor productivity (TFP) of enterprises, and the mediating effect of investment efficiency. The results show that strengthening environmental regulations can promote the TFP of listed manufacturing companies during the sample period, and investment efficiency plays a part of the intermediary role. However, there is heterogeneity in asset size and listed enterprises under different industry classifications. More specifically, environmental legislation can increase the TFP of large enterprise enterprises and non-heavy polluting enterprises by improving investment efficiency, while environmental enforcement increases the TFP of medium and small enterprises and heavy polluting enterprises by improving investment efficiency. In addition, the mechanisms of mediating effects are heterogeneous across different types of enterprises.

Key words: environmental regulations, total factor productivity, investment efficiency, green development

张惠琳, 牛海鹏, 张平淡. 环境规制、投资效率和企业全要素生产率[J]. 管理评论, 2024, 36(1): 16-28.

Zhang Huilin, Niu Haipeng, Zhang Pingdan. Environmental Regulation, Investment Efficiency and Enterprise Total Factor Productivity[J]. Management Review, 2024, 36(1): 16-28.

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