Liu Lu, Ren Rong, Cui Kaiyuan, Song Lei
School of International Trade and Economics, Shandong University of Finance and Economics, Jinan, 250014, China.
School of Management, Shandong University, Jinan, 250100, China.
Sci Rep. 2024 Mar 3;14(1):5208. doi: 10.1038/s41598-024-55970-1.
Environmental regulations are important means to influence manufacturing enterprise green development. However, there are two completely different conclusions both in theoretical and in empirical research, namely the "Follow Cost" theory and the "Porter Hypothesis". The nonlinear mechanism needs to be considered. Therefore, this study aims to explain the threshold impact of heterogeneous environmental regulations on enterprise green total factor productivity. Environmental regulations are divided into different sub-categories, then based on the panel data of 1220 Chinese manufacturing listed companies from 2011 to 2020, this paper uses threshold regression model to examine the impact of heterogeneous environmental regulations on Chinese manufacturing enterprise Green Total Factor Productivity. The empirical results show that: (1) Command-controlled, market-incentive and voluntary-agreement environmental regulation all have a significant nonlinear impact on enterprise Green Total Factor Productivity. (2) Enterprise R&D investment plays a threshold role in the impact. (3) There are industry and equity type differences in the impact process. This study focuses on the micro level of enterprises and tests the threshold mechanism, which make some theoretical complement to previous researches. The research results are not only beneficial for the government to propose appropriate environmental regulatory policies, but also for enterprises to achieve green growth through heterogeneous R&D investment.
环境规制是影响制造企业绿色发展的重要手段。然而，理论研究和实证研究都存在两种截然不同的结论，即“遵循成本”理论和“波特假说”。需要考虑非线性机制。因此，本研究旨在解释异质性环境规制对企业绿色全要素生产率的门槛效应。将环境规制分为不同子类别，然后基于2011—2020年1220家中国制造业上市公司的面板数据，运用门槛回归模型检验异质性环境规制对中国制造业企业绿色全要素生产率的影响。实证结果表明：（1）命令控制型、市场激励型和自愿协议型环境规制对企业绿色全要素生产率均有显著的非线性影响。（2）企业研发投入在影响过程中起到门槛作用。（3）影响过程存在行业和股权类型差异。本研究聚焦于企业微观层面并检验了门槛机制，对以往研究进行了一定的理论补充。研究结果不仅有利于政府提出合适的环境规制政策，也有利于企业通过异质性研发投入实现绿色增长。
