Does Environmental Regulation Promote the High-quality Development of Manufacturing Enterprises?

Abstract

Abstract: Based on the data of manufacturing enterprises from 2011 to 2017, this paper takes the proportion that the sentences containing word(s) like environmental protection account for in the word count of the whole government work report as the environmental regulation, and the total factor productivity as the high-quality development level, to investigate whether the environmental regulation promotes the high-quality development of manufacturing enterprises. The results show that: (1) there is a U-shaped relationship between environmental regulation and the high-quality development of manufacturing enterprises. When environmental regulation is lower than the specific inflection point, the increase of non-productive environmental cost will hinder the high-quality development of manufacturing enterprises. When environmental regulation crosses the inflection point, the green innovation ability of enterprises is continuously improved, which is conducive to improving the high-quality development level of manufacturing enterprises; (2) from the perspective of urban heterogeneity, when environmental regulation is lower than the inflection point, there is no heterogeneity in the high-quality development of manufacturing enterprises. When the intensity of environmental regulation is higher than the inflection point, environmental regulation can promote the high-quality development of manufacturing enterprises in economically developed areas. From the perspective of enterprise heterogeneity, environmental regulation has a more obvious impact on the high-quality development of non-state-owned manufacturing enterprises and large-scale manufacturing enterprises; and (3) the mechanism test results show that environmental regulation inhibits the high-quality development of manufacturing enterprises through cost mechanism, and high-intensity environmental regulation can improve the high-quality development level of manufacturing enterprises through innovative mechanism.

Key words: environmental regulation, manufacturing enterprises, high quality development, cost mechanism, innovation mechanism

Zhang Dan, Bi Huimin, Zhang Xiyan. Does Environmental Regulation Promote the High-quality Development of Manufacturing Enterprises?[J]. Management Review, 2023, 35(12): 63-72.

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