Tang Yongjun, Qi Yuqiu, Zhou Fen, Hua Lei
School of Business, Hohai University, Focheng West Road 8, Nanjing, 211100, China.
School of Accounting, Nanjing University of Finance & Economics, Wenyuan Road 3, Nanjing, 210023, China.
Heliyon. 2023 Sep 14;9(9):e19841. doi: 10.1016/j.heliyon.2023.e19841. eCollection 2023 Sep.
Using panel data of Chinese manufacturing enterprises listed in Shanghai and Shenzhen A-shares from 2015 to 2021, we examine the effects of heterogeneous environmental regulations on the green transformation of Chinese manufacturing enterprises under "Double Carbon" target, and reveal the mediating role played by managers' green perception in the process from an intra-firm perspective. We find that three environmental regulation tools, namely environmental administrative supervision, environmental economic regulation and environmental soft constraint, all contribute significantly to the green transformation of manufacturing enterprises. Among them, environmental economic regulation is the most effective in promoting the green transformation of manufacturing enterprises, followed by environmental soft constraint and environmental administrative supervision. The mechanism analysis shows that managers' green perception is partially mediated between heterogeneous environmental regulations and the green transformation of manufacturing enterprises. Moreover, environmental administrative supervision is the most effective in raising managers' green perception among them, followed by environmental economic regulation and environmental soft constraint. Further analysis shows that the positive effect of heterogeneous environmental regulations on the green transformation of Chinese manufacturing enterprises is more significant when the enterprises locate in regions with high policy uncertainty, in the eastern part of the country, or when the enterprises are state-owned enterprises. The conclusions provide a theoretical basis for Chinese environmental policymakers to flexibly adopt differentiated environmental regulation tools.
利用2015年至2021年在上海和深圳A股上市的中国制造业企业的面板数据，我们考察了异质性环境规制对 “双碳” 目标下中国制造业企业绿色转型的影响，并从企业内部视角揭示了管理者绿色认知在这一过程中所起的中介作用。我们发现，环境行政监管、环境经济规制和环境软约束这三种环境规制工具，均对制造业企业的绿色转型有显著贡献。其中，环境经济规制在促进制造业企业绿色转型方面最为有效，其次是环境软约束和环境行政监管。机制分析表明，管理者绿色认知在异质性环境规制与制造业企业绿色转型之间起到部分中介作用。此外，环境行政监管在提高管理者绿色认知方面最为有效，其次是环境经济规制和环境软约束。进一步分析表明，当企业位于政策不确定性高的地区、东部地区或企业为国有企业时，异质性环境规制对中国制造业企业绿色转型的积极影响更为显著。研究结论为中国环境政策制定者灵活采用差异化环境规制工具提供了理论依据。
