环境规制能够促进企业环保投资吗?——兼论市场竞争的影响  

Can Environmental Regulation Promote Corporate Environmental Investment——Considering the Influence of Market Competition

作　　者：李强[1] 田双双[1] 

机构地区：[1]中国矿业大学管理学院,江苏徐州221116

出　　处：《北京理工大学学报（社会科学版）》2016年第4期1-8,共8页Journal of Beijing Institute of Technology：Social Sciences Edition

基　　金：国家自然科学基金资助项目"考虑环境因素的煤炭产业生产率测度及提升机制研究"(71103181);国家社会科学基金资助项目"环境规制推动高耗能产业升级的机制;绩效与政策研究"(14CJY079);教育部人文社科资助项目"环境规制背景下产业结构变动对区域碳排放的影响及减排政策研究"(13YJC790151);江苏省社会科学基金资助项目"江苏省实体经济发展与碳排放脱钩研究"(12EYB007);江苏省社会科学基金资助项目"苏北承接产业转移的生态环境效应及协调政策研究"(13EYC021)

摘　　要：以2008—2013年中国重污染行业上市公司为样本,实证检验环境规制对企业环保投资的影响,并进一步分析市场竞争可能发挥的调节作用。研究结果表明:(1)企业环保投资与环境规制呈倒"U形"关系,随着环境规制强度增加,企业环保投资先上升后下降。说明环境规制对企业环保投资影响存在"度"的限制。(2)目前大部分样本企业面临的环境规制强度较低,尚处于倒"U形"曲线的上升阶段,意味着进一步提升环境规制强度有利于增加企业环保投资。(3)市场竞争与环境规制具有互补性,表现为市场竞争程度越高,环境规制对企业环保投资的作用越大。市场竞争作为一种外部机制,有助于强化环境规制的执行效果。The drives of corporate environmental investment have aroused widespread academic concerns,but the study from the angle of the ‘Two Hands＇ of government and market is rare. Based on the samples of listed companies in heavy polluting industries from 2008 to 2013,this paper empirical tests the relationship of environmental regulation and environmental investment,more specifically,it examines the moderating effects of market competition on it. The study finds that：（1）There is a inverted U-shape relationship between environmental investment and environmental regulation,that is,with the increasing intensity of environmental regulation,environmental investments first increases and then decreases. It reveals a critical value of the effect of environmental regulation on environmental investment.（2）Currently,Most of companies face with the lower intensity of environmental regulation and they are in the rising stage of inverted u-shaped curve. It means that to further enhance the strength of environmental regulation can increase investment in environmental protection;（3）Market competition and environmental regulations are complementary on environmental investment. When the level of market competition is higher,the effect of environmental regulation on environmental investment is more significant. As an external mechanism,market competition helps strengthen the effect of environmental regulation.

关 键 词：环境规制 市场竞争 环保投资 

分 类 号：F276.7[经济管理—企业管理]