【摘要】 基于2015年正式实施的新《环保法》这一准自然实验,采用双重差分与倾向得分匹配法,分别从合规动机与竞争优势动机层面考察了环境规制对企业环境治理行为的影响。研究表明,新《环保法》实施并未提高企业环保投资的积极性,反而导致企业缩减生产规模。进行动态效应分析发现,新《环保法》实施对企业环保投资的影响始终不明显,但在实施初期对企业生产规模产生显著负向影响。主要原因在于,新《环保法》实施给企业带来的环境治理压力过大,而资源支持不足。截面异质性分析发现,上述结果并未因企业经营绩效好坏而产生差异,且主要体现在东部地区企业。本文拓展与丰富了企业环境治理行为的影响因素与环境规制经济后果的相关文献,为政府进一步完善环境政策提供有益启示。更多还原

【Abstract】 The environmental pollution problem encountered in the socio-economic development has long been a focus of government of China.Enterprises as the main polluters of the environment should bear the responsibility of environmental governance.However, the costs of enterprise environmental investment often outweigh the benefits due to the attribute with public goods of the ecological environment, leading to lower willingness to participate in environmental governance.To address this concern, the New Environmental Protection Law(NEPL) has been implemented since 2015.It reinforces the punishment of polluting enterprises and the environmental supervision responsibilities of local officials, which brings enormous environmental governance pressure to them.Considering that the process of marketization in our country has not been completed and the legal system is to be perfected, it is important to examine whether the change of law has impact on the enterprise.However, there is little evidence about whether and how the NEPL influences environmental governance of enterprises due to lack of data.Based on the NEPL, this study examines the effect of environmental regulation on the environmental governance behavior of enterprises using the sample of A-share listed heavy polluting enterprises from 2010 to 2017 based on compliance motivation and competitive advantage motivation.The results show that the implementation of the NEPL has not encouraged enterprises to invest in environmental protection, but has led to lower production.The dynamic effect analysis indicates that the impact of the NEPL on environmental investment of enterprises is still not obvious, but the negative impact on the scale of production of enterprises is short-term.The main reason is that the implementation of the NEPL brings high levels of stress on environmental governance and insufficient financial support to enterprises.Cross-sectional analysis shows that the above results are mainly reflected in eastern region enterprises, and don’t change according to the financial performance.This study contributes to the existing literature in several aspects.Firstly, it is rare to test the effectiveness of environmental regulation by using a quasi-natural experiment during China’s economic transform period.Based on the implementation of the NEPL, this paper examines its impact on the environmental governance of enterprises which can alleviate the problem of endogeneity effectively.Secondly, we put the implementation of the NEPL and enterprise environmental governance behavior in an integrated analytical framework for the first time, expanding and enriching the enterprise environmental governance factors and environmental regulation economic consequences of the relevant literature.Thirdly, we analyze the impact of the implementation of the NEPL on environmental governance behavior of enterprises and internal mechanism based on compliance motivation and competitive advantage motivation, which is conducive to understanding the change of environmental governance behavior of enterprises and provides suggestions for further optimizing environmental policies.Based on the above findings, this study has several recommendations.Firstly, the pressure of enterprises environmental governance is too much and the financial support is also insufficient under the implementation of the NEPL, causing enterprises to reduce production scale.The regulators should consider increasing resources input when enhancing supervision, to improve the willingness of enterprises to participate in environmental governance, thus helping to promote high-quality sustainable development.Secondly, the effect of the implementation of the NEPL on environmental governance of enterprises can not be reached overnight, it needs technology, culture, staff and other aspects of long-term preparation for enterprises to achieve pollution reduction.Finally, enterprises in different regions have different responses to the implementation of the NEPL.It is essential to investigate comprehensively the characteristics of economic development level and resource endowment in different regions when the government further optimizes environmental policies.更多还原