A differentiated study of the impact of command and market-based environmental regulation on corporate R&D investments —take China's coal power industry chain as an example

IF 9.2 2区经济学 Q1 ECONOMICS

Energy Policy Pub Date : 2025-08-23 DOI:10.1016/j.enpol.2025.114836

Jiaming Gao , Li Zhang

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引用次数: 0

Abstract

Environmental regulation is an important means for governments to curb environmental pollution and enhance environmental governance, whereas corporate R&D investment determines long-term firm development and fosters technological innovation. To study the differences in the impact of command and market-based environmental regulation policies on corporate R&D investment, this paper uses data from China's coal firms, electric power firms, and environmental protection firms from 2011 to 2022 as a sample and conducts a differentiation analysis using bioinformatics domain methods. It is concluded that: (1) The Environmental Protection Tax Law (EPTL) and the New Environmental Protection Law (NEPL) complement each other in promoting R&D investment by coal and electric power firms. (2) The implementation of the EPTL not only consolidates the position of the NEPL but also encourages firms to invest in R&D. This is achieved through regulating pollution discharge fee standards, reducing local government intervention, intensifying the enforcement power of the NEPL, and increasing government subsidies for environmental protection initiatives. (3) Compared with the NEPL, the EPTL has a greater impact on the R&D investments of coal and electric power firms and demonstrates better timeliness.

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指令性环境规制与市场化环境规制对企业研发投资影响的差异性研究——以中国煤电产业链为例

环境监管是政府抑制环境污染、加强环境治理的重要手段，而企业研发投资决定企业的长远发展，促进技术创新。为了研究指令性和市场化环境规制政策对企业r&d投资影响的差异，本文以2011 - 2022年中国煤炭企业、电力企业和环保企业数据为样本，运用生物信息学领域方法进行了差异化分析。研究结果表明：(1)环境保护税法与新环境保护法在促进煤电企业研发投资方面是互补的。(2) EPTL的实施不仅巩固了NEPL的地位，而且鼓励了企业对研发的投资。这是通过规范排污费标准、减少地方政府干预、强化《新环保法》的执行权、增加政府对环保活动的补贴来实现的。(3)与NEPL相比，EPTL对煤电企业研发投资的影响更大，且具有更好的时效性。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Energy Policy 管理科学-环境科学

CiteScore

17.30

自引率

5.60%

发文量

540

审稿时长

7.9 months

期刊介绍： Energy policy is the manner in which a given entity (often governmental) has decided to address issues of energy development including energy conversion, distribution and use as well as reduction of greenhouse gas emissions in order to contribute to climate change mitigation. The attributes of energy policy may include legislation, international treaties, incentives to investment, guidelines for energy conservation, taxation and other public policy techniques. Energy policy is closely related to climate change policy because totalled worldwide the energy sector emits more greenhouse gas than other sectors.