Econ Papers Daily / 期刊论文
环境规制对具有异质性韧性的企业绩效的影响
The effects of environmental regulations on performance of firms with heterogeneous resilience
摘要
This study explores the impacts of environmental regulations on performance of heterogeneous firms through both theoretical modelling and empirical analysis. It further examines the role of firm resilience in moderating these impacts. We develop a dynamic general equilibrium model predicting that a stricter environmental regulation increases firm exit and raises labour employment, production, and revenue among surviving firms, and boosts profits only for highly productive survivors. The magnitudes of these effects are governed by firm resilience, measured by their financial constraint. Empirically, we analyze a quasi‐natural experiment based on the implementation of a stricter wastewater discharge standard in China's textile printing and dyeing industry. The empirical findings generally support our theoretical predictions.
中文摘要
本研究通过理论建模与实证分析，探讨环境规制对异质性企业绩效的影响，并进一步考察企业韧性在调节这些影响中的作用。我们构建了一个动态一般均衡模型，预测更严格的环境规制会提高企业退出率，并提升存活企业的劳动就业、生产与收入，且仅对高生产率存活企业带来利润增长。这些效应的强度取决于企业韧性，并以企业面临的融资约束来衡量。在实证方面，我们基于中国纺织印染行业实施更严格废水排放标准这一准自然实验进行分析。实证结果总体上支持我们的理论预测。