低碳城市试点提升了制造业企业全要素生产率吗?——来自准自然实验的经验证据  

Has the Low-carbon City Pilot Improved the Total Factor Productivity of Manufacturing Enterprises?——Empirical Evidence from Quasi-natural Experiments

作　　者：郭炳南[1] 冯雨 张浩 Guo Bingnan;Feng Yu;Zhang Hao

机构地区：[1]江苏科技大学人文社科学院

出　　处：《兰州学刊》2022年第8期60-74,共15页

基　　金：国家社科基金一般项目“异质性环境规制对我国生态福利绩效的影响与政策设计研究”(项目编号:20BJL040);江苏省研究生科研创新计划项目“低碳城市试点对制造业企业全要素生产率的影响与政策研究”(项目编号:KYCX22_3727)。

摘　　要：低碳城市试点是实现“碳达峰”与“碳中和”目标的一项重要环境制度,然而这项政策能否兼顾经济绩效与环境绩效,推动企业全要素生产率的提升,进而实现经济的高质量发展,亟待回答。文章基于2007—2020年沪深上市的制造业企业数据,将低碳城市试点建设看作一次准自然实验,采用多期双重差分模型,考察了低碳城市试点对制造业企业全要素生产率提升的促进作用。结果表明:(1)低碳城市试点政策能够显著提升制造业企业的全要素生产率,经过一系列稳健性检验后,研究结论依旧成立,低碳城市试点对制造业企业全要素生产率的提升效应呈边际报酬递减;(2)异质性分析表明,低碳城市试点能够显著提升国有制造业企业的全要素生产率,且对重污染型制造业企业的全要素生产率的提升作用更强;(3)机制检验表明,低碳城市试点主要通过促进企业技术创新、缓解企业融资约束进而提升全要素生产率。本研究是对“波特假说”在中国适用性的一次探讨,并为低碳城市试点建设的推进及企业全要素生产率提升提出了有针对性的政策建议。Low-carbon city pilot is an important environmental system to achieve the goals of“Carbon Peak”and“Carbon Neutral”,but whether this policy can balance economic performance and environmental performance,promote the improvement of total factor productivity of enterprises,and then achieve high-quality economic development,needs to be answered urgently.Based on the data of manufacturing enterprises listed on Shanghai and Shenzhen stock Exchanges from 2007 to 2020,this paper considers the pilot construction of low-carbon cities as a quasi-natural experiment,and uses a multi-stage differential-difference model to investigate the role of low-carbon cities in promoting the total factor productivity of manufacturing enterprises.The results show that:(1)low-carbon city pilot policy can significantly improve the total factor productivity of manufacturing enterprises,after a series of robustness tests,the conclusion is still valid,and the effect of low-carbon city pilot on the total factor productivity of manufacturing enterprises is diminishing marginal returns;(2)Heterogeneity analysis shows that low-carbon city pilot can significantly improve the total factor productivity of state-owned manufacturing enterprises,and has a more stronger effect on the total factor productivity of heavily pollution manufacturing enterprises;(3)The mechanism test shows that the low-carbon city pilot mainly promotes the total factor productivity by promoting enterprises’technological innovation and alleviating enterprises’financing constraints.This study is a discussion on the applicability of“Porter Hypothesis”in China,and puts forward targeted policy suggestions for the promotion of low-carbon city pilot construction and the improvement of enterprises’total factor productivity.

关 键 词：低碳城市试点政策 企业全要素生产率 多期双重差分 技术创新 企业融资约束 

分 类 号：F427[经济管理—产业经济]