金融学院知识库

       改革开放以来，我国积极推进工业化进程，取得了令人瞩目的经济成就，但值得警惕的是，这种高耗能、高污染的工业发展模式加重了我国生态负荷，环境资源约束成为横亘在我国绿色高质量发展面前的一大拦路虎。作为国民经济绿色发展的主体，重污染企业的绿色转型成败会在很大程度上影响到我国的绿色发展。从这个视角出发，激发企业绿色技术创新活力，为企业绿色发展奠定坚实的技术支撑就显得尤为必要。而环境规制的制定可以在应对环境污染问题的同时促进企业绿色技术创新，此外，全要素生产率提升也对推动绿色高质量发展有着重要意义。

       为实现经济与环境“双赢”，本文考虑将环境规制、绿色技术创新与企业全要素生产率纳入统一研究框架，分析三个变量的作用机制，并利用近十年我国沪深两市A股重污染行业上市企业数据构建双向固定效应模型来验证三个变量之间的相互作用。

       实证检验发现：（1）命令控制型、市场激励型和公众参与型环境规制与绿色技术创新、企业全要素生产率之间均分别表现为倒“U”形非线性关系，不仅反映出环境规制手段具有有效性，也侧面体现规制手段约束与引导的重要性。（2）绿色技术创新对重污染企业全要素生产率具有显著促进效应，其促进效应归因于企业环境成本下降、融资能力提高、企业效益增加。（3）各类环境规制可以通过“倒逼”企业开展绿色技术创新，降低排污成本，从而提升企业全要素生产率；企业绿色技术创新对全要素生产率的促进效应也会因各类环境规制的引入而增强。（4）位于中心城市企业受到市场激励型、公众参与型环境规制影响较大，位于非中心城市企业受命令控制型环境规制影响较大。结合实证研究结论，本文从政府、企业和社会视角提出相应的政策建议：采取灵活多样的环境规制工具、提升环境监管执法效率、引导重污染企业提升全要素生产率；激发绿色技术创新活力；提高公众环境治理积极性。

       Since the reform and opening up,China has actively promoted the industrialization process and achieved remarkable economic achievements.However,it is worth noting that this high energy consumption and high pollution industrial development model has increased the ecological load in China,and environmental resource constraints have become a major obstacle in the face of green and high-quality development in China.As the main body of the green development of the national economy,the success or failure of the green transformation of heavily polluting enterprises will greatly affect the green development of our country.From this perspective,it is particularly necessary to stimulate the vitality of green technology innovation in enterprises and lay a solid technical support for their green development.The formulation of environmental regulations can promote green technological innovation in enterprises while addressing environmental pollution issues.In addition,the improvement of total factor productivity is also of great significance in promoting green and high-quality development.

       In order to achieve a win-win situation between the economy and the environment,this article considers incorporating environmental regulation,green technology innovation,and total factor productivity of enterprises into a unified research framework,analyzing the mechanism of action of the three variables,and selecting data from heavily polluting A-share listed companies in China's Shanghai and Shenzhen stock markets in the past decade to use a bidirectional fixed effects model to verify the interaction between the three variables.

       Empirical tests have found that:(1)Command control,market incentive,and public participation environmental regulations exhibit inverted "U" shaped nonlinear relationships with green technology innovation,and total factor productivity of enterprises,respectively, reflecting not only the effectiveness of environmental regulations,but also the importance of regulatory means to constrain and guide.(2) Green technology innovation has a significant promoting effect on the total factor productivity of heavily polluting enterprises,which is attributed to the decrease in environmental costs,improvement in financing capacity,and increase in corporate benefits.(3)Various environmental regulations can"force"enterprises to carry out green technological innovation,reduce pollution discharge costs,and thereby enhance their total factor productivity;The promotion effect of green technological innovation on total factor productivity will also be enhanced by the introduction of various environmental regulations.(4) Enterprises located in central cities are greatly affected by market incentive and public participation type environmental regulations,while enterprises located in non central cities are greatly affected by command and control type environmental regulations.This paper proposes corresponding policy recommendations from the perspectives of government, enterprises,and society:adopting flexible and diverse environmental regulatory tools,improving the efficiency of environmental regulation and law enforcement,and guiding heavily polluting enterprises to improve total factor productivity;Stimulating the vitality of green technology innovation;Improve the public's enthusiasm for environmental governance.