【摘要】 本文以"僵尸企业"和落后产能企业为切入点,基于环境规制政策与高度细化的微观企业匹配数据,采用生存分析模型、受限因变量模型与中介效应模型,考察环境规制政策对过剩产能治理的影响。研究发现:环境规制不仅提高了"僵尸企业"的市场退出概率,还提升了企业的产能利用率,最终实现了过剩产能的治理。核心指标替代与控制内生性的稳健回归均支持了上述结论。研究还发现,环境规制对不同污染强度与不同地区企业存在差异化影响。对于污染密集型企业而言,环境规制能够同时加速"僵尸企业"退出与提升企业产能利用率;而对于清洁型企业而言,环境规制对于"僵尸企业"退出的影响则不再显著。此外,环境规制对于中西部地区"僵尸企业"的市场退出和企业产能利用率提升的影响程度与显著性均明显高于东部地区。影响机制的估计结果表明,环境规制对过剩产能治理同时存在"遵循成本效应"与"创新补偿效应"。对于"僵尸企业"市场退出而言,环境规制的"创新补偿效应"占主导;而对于企业产能利用率提升而言,环境规制的"遵循成本效应"占主导。本文在异质性企业框架下,探究环境规制对企业过剩产能治理的影响,扩展了环境规制理论与产能过剩问题研究的微观化视角,深化了供给侧结构性改革背景下过剩产能治理的研究。更多还原

【Abstract】 From the perspective of "zombie enterprises" and backward capacity enterprises,we use the empirical research methods including survival analysis,limited dependent variable model,and intermediary effect to study effects of the environmental regulation to promote excess capacity management based on the matching data.We find that the environmental regulation can not only increase the market exit probability of zombie enterprises,but also increase the capacity utilization of enterprises.The above conclusions are supported by robust regression of core indicator substitution and controlled endogenous effect.In addition,the effects of the environmental regulation are different for different samples of pollution-intensity enterprises.For the pollution-intensive enterprises,the environmental regulation can simultaneously accelerate the withdrawal of zombie enterprises and enhance the capacity utilization of the enterprises.While for the clean enterprises,the environmental regulation has no significant effect on the exit of the zombie enterprise.The effect of the environmental regulation on the zombie enterprises’ market exit and enterprises’ capacity utilization in the central and western regions are significantly higher than that on those in the eastern regions.The estimation results of the influence mechanism show that the environmental regulation has "Following the cost effect" and "Innovation compensation effect".For the governance of zombie enterprises,the "innovation compensation effect" is dominant,while for enterprise capacity utilization,"following the cost effect" is dominant.Under the framework of heterogeneous enterprises,this paper explores the impact of the environmental regulation on overcapacity governance and extends the micro-perspective study of the environmental regulation and overcapacity problems,and further deepens the study of overcapacity governance under supply-side structural reform.更多还原