摘要
环境协同治理是解决跨界污染问题的有效方式,但其在促进生态环境保护的同时,能否提高经济效益实现“双重红利”,是事关高质量发展的重要问题。本文利用中国沪深两市A股上市公司2007~2022年的数据,通过双重差分模型实证分析环境协同治理对企业全要素生产率的影响。研究发现:环境协同治理有助于提高企业全要素生产率,这一结论经过一系列稳健性检验后依然成立。机制分析发现,环境协同治理通过促进企业创新和转型以及缓解企业融资约束来提高企业全要素生产率。异质性分析发现,环境协同治理对低市值压力企业的全要素生产率能够产生显著的正效应,而对于高市值压力企业所产生的影响并不显著,同时,随着环境协同治理的推进,其对于企业全要素生产率的促进作用也逐步加强。最后,本文从进一步完善环境协同治理顶层制度设计、提高环境协同治理政策针对性等方面提出政策建议。
Environmental collaborative governance is an effective approach to tackling cross-border pollution.However,while promoting ecological and environmental protection,whether it can enhance economic efficiency to achieve“dual dividends”remains a critical q uestion for high-quality development.Using data from A-share listed companies on the Shanghai and Shenzhen Stock Exchanges(2007-2022),this paper employs a difference-in-differences(DID)model to analyze how environmental collaborative governance affects corporate total factor productivity(TFP).The results show that environmental collaborative governance significantly improves corporate TFP,a conclusion remaining robust after a series of tests.Mechanism analysis indicates that this improvement stems from stimulating corporate innovation,facilitating industrial transformation,and easing financing constraints.Heterogeneity analysis reveals that the policy has a stronger positive effect on corporations with low market capitalization pressure,while its impact on high-pressure corporations is insignificant.Additionally,the productivity enhancing effect grows as the policy advances.Finally,this poper proposes policy recommendations,including refining top-level institutional design and enhancing the precision of environmental collaborative governance policies.
作者
张益豪
郭晓辉
Zhang Yihao;Guo Xiaohui
出处
《经济研究参考》
2025年第6期109-126,共18页
Review of Economic Research
基金
国家社会科学基金青年项目“人口老龄化对中国财政政策效果的影响机制和应对”(No.22CJY022)。
关键词
环境协同治理
全要素生产率
企业创新
融资约束
environmental collaborative governance
total factor productivity
corporate innovation
financing constraints
