摘要
2015年实施的新环保法被誉为史上最严厉的环保法,为此构建了双重差分(DID)模型,以2011—2018年中国沪深上市的A股工业企业为研究对象,对其实施效果及其对企业绩效的影响进行了实证研究。结果表明,新环保法能够显著提高重污染行业的企业绩效,且这种影响通过了平行趋势假说、企业绩效变量替换等检验,这为解决环境与绩效双重红利问题提供了方向。通过虚假政策时间点的安慰剂检验、剔除产能过剩行业的干扰、剔除法规实施第一年数据等三种证伪检验,再次证明新环保法对企业绩效的影响具有稳健性。进一步分析了新环保法实施后企业绩效的动态边际效用,发现从影响时间看,存在两年的滞后期,并且影响逐渐增强。最后,从企业内部特征(产权性质和企业规模)和外部特征(所在地区和市场化程度)两方面展开了异质性分析,总体认为,对于非国有企业、规模较小企业以及在市场化程度较低地区或欠发达地区的企业,新环保法的影响作用更显著,这一实施效果与新环保法"补短板、强弱项"的设计理念非常吻合。
The New Environmental Protection Law implemented in 2015 is the strictest environmental protection law in China’s history.This paper constructs a difference-in-differences model taking the A-share industrial enterprises listed in Shanghai and Shenzhen of China from 2011 to 2018 as the research object to empirically study the effect of the law’s implementation on enterprise performance.The results show that the law significantly improves business performance in heavily polluting industries,and through a test of parallel trends and an enterprise-performance robustness test,including by variable substitution,the effect is still valid.This provides direction for solving double bonuses between environment and performance.Then,this paper conducts three falsification tests,including a placebo-policy treatment,elimination of interference from industries with excess capacity,and elimination of data for the policy’s first year.These once again confirm the law has a stable impact on enterprise performance.An in-depth analysis of the dynamic marginal utility of enterprise performance after the implementation of the New Environmental Protection Law from the perspective of impact time shows a two-year lag period with the impact gradually increasing.Finally,this paper discusses the heterogeneity of the internal(property right nature and enterprise size)and external(location and degree of marketization)enterprise characteristics.Generally,the law has a more significant impact on non-state-owned enterprises,small-scale enterprises and enterprises in less market-oriented areas or underdeveloped areas.This implementation effect is consistent with the policy design concept"Make up the short board and strengthen the weak spot".
作者
王丽萍
姚子婷
李创
WANG Liping;YAO Ziting;LI Chuang(Finance and Economics College,Jimei University,Xiamen 361021,China;School of Finance and Economics,Henan Polytechnic University,Jiaozuo 454000,China;School of Business Administration,Jimei University,Xiamen 361021,China)
出处
《产业经济研究》
CSSCI
北大核心
2021年第4期115-128,共14页
Industrial Economics Research
基金
国家社会科学基金一般项目(19BJY086)
福建省社会科学规划一般项目(FJ2020B112)
福建省中青年教师教育科研项目(社科类)(JAS20151)
关键词
新环保法
企业绩效
DID模型
异质性分析
安慰剂检验
new environmental protection law
enterprise performance
DID model
heterogeneity analysis
placebo test
作者简介
王丽萍(1977—),女,山西昔阳人,管理学博士,集美大学财经学院教授、博士生导师,研究方向为环境经济;姚子婷(1996—),女,河南焦作人,河南理工大学财经学院硕士研究生,研究方向为环境经济;通讯作者:李创(1975—),男,辽宁辽阳人,管理学博士,集美大学工商管理学院教授、博士生导师,研究方向为环境经济。
