Environmental regulation and environmental performance of enterprises: Quasi-natural experiment of the new environmental protection law

IF 0.5 4区 经济学 Q4 ECONOMICS
Xiuying Chen, Huajie Liu, Sheng Liu
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Abstract

Whether command-control environmental regulation can play a positive role in circumstances of imperfect market incentive-based environmental regulation remains rarely explored. Using the difference-in-difference model, we find that command-control environmental regulation can significantly improve the environmental performance of heavily polluting firms. This result still holds after a sequence of robustness tests. The analysis of the economic mechanism indicates that the new environmental protection law mainly contributes positively to the environmental performance of high-polluting firms by improving the quality of their environmental investments and pollution treatment disclosures, and by reducing the government subsidies they receive to improve the environmental performance of high-polluting firms. Meanwhile, the new environmental protection law has a more pronounced impact on heavily polluting enterprises in the eastern region, with imperfect internal control, stronger environmental regulations, more distant political connections, greater pressure on regional GDP growth and weaker industry competition. This paper confirms the effectiveness of the new environmental law in improving environmental performance of heavily polluting enterprises in pursuit of carbon peaking and carbon neutrality goals, and provides new evidence to test the weak Porter hypothesis in the context of transition economies.

Abstract Image

环境监管与企业的环境绩效:新环保法的准自然实验
在市场激励型环境规制不完善的情况下,命令控制型环境规制是否能发挥积极作用,目前仍鲜有研究。利用差分模型,我们发现指令控制型环境规制可以显著改善重污染企业的环境绩效。经过一系列稳健性检验后,这一结果仍然成立。经济机理分析表明,新环保法主要通过提高高污染企业的环保投资质量和污染治理信息披露质量,以及减少高污染企业获得的政府补贴来改善高污染企业的环境绩效,从而对高污染企业的环境绩效产生积极的促进作用。同时,新环保法对东部地区的重污染企业影响更为明显,这些企业内部控制不完善,环境监管力度较大,政治联系较远,地区 GDP 增长压力较大,行业竞争较弱。本文证实了新环保法在改善重污染企业环境绩效以追求碳峰值和碳中和目标方面的有效性,并为检验转型经济体背景下的弱波特假说提供了新的证据。
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