杨树旺  Environmental regulation, firms' bargaining power, and firms' total factor productivity: evidence from China.

我校英国威廉希尔公司杨树旺老师在T2级别期刊——《Environmental science and pollution research international》上发表题为“Environmental regulation, firms' bargaining power, and firms' total factor productivity: evidence from China.”。论文第一作者杨树旺为英国威廉希尔公司教授，博士生导师。

Abstract /摘要：

MT：环境规制与企业全要素生产率( TFP )的关系一直是环境经济学研究的热点，但研究结论仍存在混同。本文以2010—2018年中国14 375个企业年度观测数据为样本，探究环境规制是否以及何时能够引发企业提升TFP。现有证据使得我们谨慎地得出结论：( 1 )环境规制显著提高了企业的TFP，在缓解了内生性问题和一系列稳健性检验后，结论依然成立。( 2 )企业议价能力显著削弱了环境规制对企业TFP的影响。( 3 )相比于非国有企业和非重污染行业，环境规制对国有企业和重污染行业的影响更大；较高的高管薪酬并没有激励企业提高TFP。与总部设在非省会城市的企业相比，环境规制对省会城市企业TFP的影响更大。总体而言，我们的研究结果对于政府、投资者和企业的管理者都是极其相关的；本文为波特假说提供了中国微观企业层面的证据。

原文：The relationship between environmental regulation and firms' total factor productivity (TFP) has always been a hot topic in environmental economics, but the conclusions are still mixed. Employing a sample of 14,375 firm-year observations in China from 2010 to 2018, our research explores whether and when environmental regulation could trigger firms, to enhance TFP. The available evidence leads us to cautiously conclude that: (1) Environmental regulation notably improves firms' TFP, the conclusion still holds after alleviating the endogenous problems and a battery of robustness tests. (2) Firms' bargaining power significantly weakens the effect of environmental regulation on firms' TFP. (3) Compared with non-state-owned firms and non-heavy-polluting industries, environmental regulation has a greater impact on state-owned firms and heavy-polluting industries; higher executive compensation does not motivate firms to improve TFP. Compared with firms headquartered in non-provincial capital cities, environmental regulation has a greater impact on firms' TFP in provincial capital cities. Overall, the findings of our research are extremely relevant for the governments, investors, and firms' managers; this paper provides China's micro-firm-level evidence for the Porter hypothesis.

论文信息;

Title/题目:

Environmental regulation, firms' bargaining power, and firms' total factor productivity: evidence from China

Authors/作者:

Yang Shuwang;Wang Chao;Zhang Hao;Lu Tingshuai;Yi Yang

Key Words /关键词：

Environmental regulation;Firms’ bargaining power;Government work report;LP method;Moderating role;Total factor productivity

Indexed by /核心评价：

Scopus;SCI;WAJCI; AHCI; MEDLINE;

DOI:10.1007/S11356-021-16116-2

全文链接：https://link.springer.com/article/10.1007/s11356-021-16116-2