本校學位論文庫
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吴龙生
謝軍
金融學院
金融學博士學位課程(中文學制)
博士
環境規制對企業績效的影響及機制研究 : 基于中國低碳城市試點政策的實證分析
Research on the Impact and Mechanism of Environmental Regulation on Corporate Performance : Empirical Evidence from China's Low-Carbon City Pilot Policies
低碳城市試點 ; 企業市場績效 ; 企業長期可持續發展績效 ; 融資約束 ; 研發强度
Low-carbon city pilot ; corporate market performance ; corporate long-term sustainable development performance ; financing constraints ; R&D intensity
公開日期：25/4/2028
本文基于2010年、2012年和2017年中國三輪低碳城市試點政策的准實驗設計，利用2008年至2020年間中國滬深兩市A股主板上市企業的財務數據，構建多期雙重差分模型，系統分析了環境規制對企業績效的影響及其內在機制。研究發現，低碳城市試點政策顯著促進了企業的市場績效和長期可持續發展績效，表明環境規制政策在優化企業經營環境和提高資源配置效率方面具有積極作用。中介效應分析進一步揭示，低碳城市試點政策通過兩條主要路徑影響企業績效：一方面，政策實施加劇了企業融資約束，使其在資金獲取上面臨更多挑戰；另一方面，政策推動企業加大研發投入，進而促進技術創新。這些變化最終影響了企業的市場競爭力及其長期可持續發展能力。
此外，調節效應分析表明，企業的所有權性質、董事會治理結構、行業特徵等因素對低碳城市試點政策的效果具有重要影響。特別是，相較于非國有企業，國有企業在低碳城市試點政策下展現出更爲顯著的長期可持續發展績效，但其市場表現却不盡如人意。女性董事的參與對企業應對低碳政策的作用較爲有限。此外，行業集中度較高的企業在市場績效上表現較强，但其長期績效較爲薄弱。
基于上述分析，本文提出以下政策建議：一是加强對企業研發投入的政策支持，尤其在融資困難的背景下，政府應通過金融工具或補貼等手段，緩解企業融資約束；二是推動國有企業在低碳轉型中提升市場競爭力，增强其在綠色創新和技術更新方面的能力；三是鼓勵女性董事參與企業决策，提升企業多元化治理結構，推動更具包容性和可持續的企業發展；四是根據不同地區和行業的特性，制定更具針對性和差异化的低碳政策，以實現各地産業轉型的最佳效果。
本研究爲政府制定精准有效的環境規制政策提供了理論依據和實踐指導，同時爲企業應對環境規制、提升競爭力與創新能力提供了實踐參考。通過合理的政策設計和精准執行，企業不僅能在環境規制壓力下實現可持續發展，還能在全球綠色經濟轉型中搶占先機，推動綠色創新與低碳經濟的長期發展。
此外，調節效應分析表明，企業的所有權性質、董事會治理結構、行業特徵等因素對低碳城市試點政策的效果具有重要影響。特別是，相較于非國有企業，國有企業在低碳城市試點政策下展現出更爲顯著的長期可持續發展績效，但其市場表現却不盡如人意。女性董事的參與對企業應對低碳政策的作用較爲有限。此外，行業集中度較高的企業在市場績效上表現較强，但其長期績效較爲薄弱。
基于上述分析，本文提出以下政策建議：一是加强對企業研發投入的政策支持，尤其在融資困難的背景下，政府應通過金融工具或補貼等手段，緩解企業融資約束；二是推動國有企業在低碳轉型中提升市場競爭力，增强其在綠色創新和技術更新方面的能力；三是鼓勵女性董事參與企業决策，提升企業多元化治理結構，推動更具包容性和可持續的企業發展；四是根據不同地區和行業的特性，制定更具針對性和差异化的低碳政策，以實現各地産業轉型的最佳效果。
本研究爲政府制定精准有效的環境規制政策提供了理論依據和實踐指導，同時爲企業應對環境規制、提升競爭力與創新能力提供了實踐參考。通過合理的政策設計和精准執行，企業不僅能在環境規制壓力下實現可持續發展，還能在全球綠色經濟轉型中搶占先機，推動綠色創新與低碳經濟的長期發展。
This paper is based on a quasi-experimental design of China's three rounds of low-carbon city pilot policies in 2010, 2012, and 2017. Using financial data from A-share listed companies on the Shanghai and Shenzhen stock exchanges between 2008 and 2020, a multi-period difference-in-differences model is constructed to systematically analyze the impact of environmental regulation on corporate performance and its internal mechanisms. The study finds that the low-carbon city pilot policies significantly promoted companies' market performance and long-term sustainable development performance, indicating that environmental regulation policies play a positive role in optimizing the business environment and improving resource allocation efficiency. Mediation analysis further reveals that the low-carbon city pilot policies affect corporate performance through two main pathways: on one hand, the policy implementation intensifies companies' financing constraints, making it more challenging for them to access funds; on the other hand, the policy drives companies to increase R&D investment, thereby promoting technological innovation. These changes ultimately affect the companies' market competitiveness and long-term sustainability.
Additionally, the moderation effect analysis shows that factors such as the ownership structure, board governance, and industry characteristics of enterprises have an important impact on the effectiveness of low-carbon city pilot policies. Specifically, compared to non-state-owned enterprises, state-owned enterprises exhibit more significant long-term sustainable development performance under the low-carbon city pilot policies, but their market performance is less impressive. The participation of female directors has a limited effect on low-carbon policies. Furthermore, companies in industries with higher concentration perform better in market performance but have weaker long-term performance.
Based on the above analysis, the paper proposes the following policy recommendations: first, strengthen policy support for companies' R&D investment. Especially in the context of financing difficulties, the government should alleviate financing constraints through financial tools or subsidies; second, promote state-owned enterprises to enhance their market competitiveness in the low-carbon transition and strengthen their capabilities in green innovation and technological upgrades; third, encourage female directors' participation in corporate decision-making to improve the diversity of corporate governance structures, promoting more inclusive and sustainable corporate development; fourth, formulate more targeted and differentiated low-carbon policies based on the characteristics of different regions and industries to achieve the best results in industrial transformation.
This study provides a theoretical basis and practical guidance for governments to formulate precise and effective environmental regulation policies, as well as a practical reference for companies to cope with environmental regulation, enhance competitiveness and innovation capacity. Through reasonable policy design and precise implementation, companies can not only achieve sustainable development under environmental regulation pressure but also seize opportunities in the global green economic transformation, driving long-term development in green innovation and the low-carbon economy.
Additionally, the moderation effect analysis shows that factors such as the ownership structure, board governance, and industry characteristics of enterprises have an important impact on the effectiveness of low-carbon city pilot policies. Specifically, compared to non-state-owned enterprises, state-owned enterprises exhibit more significant long-term sustainable development performance under the low-carbon city pilot policies, but their market performance is less impressive. The participation of female directors has a limited effect on low-carbon policies. Furthermore, companies in industries with higher concentration perform better in market performance but have weaker long-term performance.
Based on the above analysis, the paper proposes the following policy recommendations: first, strengthen policy support for companies' R&D investment. Especially in the context of financing difficulties, the government should alleviate financing constraints through financial tools or subsidies; second, promote state-owned enterprises to enhance their market competitiveness in the low-carbon transition and strengthen their capabilities in green innovation and technological upgrades; third, encourage female directors' participation in corporate decision-making to improve the diversity of corporate governance structures, promoting more inclusive and sustainable corporate development; fourth, formulate more targeted and differentiated low-carbon policies based on the characteristics of different regions and industries to achieve the best results in industrial transformation.
This study provides a theoretical basis and practical guidance for governments to formulate precise and effective environmental regulation policies, as well as a practical reference for companies to cope with environmental regulation, enhance competitiveness and innovation capacity. Through reasonable policy design and precise implementation, companies can not only achieve sustainable development under environmental regulation pressure but also seize opportunities in the global green economic transformation, driving long-term development in green innovation and the low-carbon economy.
2025
中文
153
致 謝 I
摘 要 IV
Abstract VI
圖目錄 XIII
表目錄 XIV
第一章 緒論 15
1.1 研究問題的提出與研究動機 15
1.1.1 研究背景與研究問題的提出 15
1.1.2 研究動機 20
1.2研究內容與方法 21
1.2.1研究內容 21
1.2.2研究方法 23
1.3本文創新點 26
第二章 理論基礎與文獻綜述 27
2.1 理論基礎 27
2.1.1 外部性理論 27
2.1.2 波特假說 28
2.1.3 資源約束理論 29
2.1.4 信號理論 30
2.1.5 利益相關者理論 32
2.2 低碳城市試點政策的相關文獻綜述 33
2.2.1 低碳城市試點政策效果評估相關文獻梳理 33
2.2.2 低碳城市試點政策與綠色創新相關文獻梳理 36
2.2.3 低碳城市試點政策對微觀企業層面影響的相關文獻梳理 38
2.2.4 低碳城市試點政策相關文獻評述 40
2.3 環境規制與企業績效相關文獻綜述 41
2.3.1 企業績效的涵義 41
2.3.2 企業績效的測度 42
2.3.3 環境規制與企業績效相關研究文獻梳理 45
2.4 文獻評述 48
第三章 政策背景與現狀分析 52
3.1中國低碳城市試點政策 53
3.2 中國低碳城市試點政策實施現狀 56
第四章 環境規制對企業績效影響分析 58
4.1 理論分析與研究假設 58
4.2 研究設計 60
4.2.1 被解釋變量：企業績效 61
4.2.2 主要解釋變量：低碳城市試點政策的衝擊效應 66
4.2.3 控制變量 67
4.2.4 實證研究設計 70
4.3 實證分析與實證結果 72
4.3.1 描述性統計 73
4.3.2 實證結果分析 79
4.4 穩健性檢驗 82
4.4.1 平行趨勢分析 82
4.4.2 安慰劑檢驗 88
4.4.3 傾向得分匹配法 93
4.5 研究總結與研究討論 95
第五章 環境規制對企業績效影響機制分析 97
5.1 理論分析與研究假設 97
5.2 研究設計 108
5.2.1 中介效應變量 108
5.2.2 調節效應變量 110
5.2.3 中介效應研究設計 111
5.2.4 調節效應研究設計 112
5.3 實證分析與實證結果 113
5.3.1 描述性統計分析 113
5.3.2 實證結果 114
5.4 研究總結與研究討論 124
第六章 研究結論與展望 126
6.1研究結論 126
6.2政策建議 128
6.3研究不足及展望 130
參考文獻 133
作者簡歷 152
摘 要 IV
Abstract VI
圖目錄 XIII
表目錄 XIV
第一章 緒論 15
1.1 研究問題的提出與研究動機 15
1.1.1 研究背景與研究問題的提出 15
1.1.2 研究動機 20
1.2研究內容與方法 21
1.2.1研究內容 21
1.2.2研究方法 23
1.3本文創新點 26
第二章 理論基礎與文獻綜述 27
2.1 理論基礎 27
2.1.1 外部性理論 27
2.1.2 波特假說 28
2.1.3 資源約束理論 29
2.1.4 信號理論 30
2.1.5 利益相關者理論 32
2.2 低碳城市試點政策的相關文獻綜述 33
2.2.1 低碳城市試點政策效果評估相關文獻梳理 33
2.2.2 低碳城市試點政策與綠色創新相關文獻梳理 36
2.2.3 低碳城市試點政策對微觀企業層面影響的相關文獻梳理 38
2.2.4 低碳城市試點政策相關文獻評述 40
2.3 環境規制與企業績效相關文獻綜述 41
2.3.1 企業績效的涵義 41
2.3.2 企業績效的測度 42
2.3.3 環境規制與企業績效相關研究文獻梳理 45
2.4 文獻評述 48
第三章 政策背景與現狀分析 52
3.1中國低碳城市試點政策 53
3.2 中國低碳城市試點政策實施現狀 56
第四章 環境規制對企業績效影響分析 58
4.1 理論分析與研究假設 58
4.2 研究設計 60
4.2.1 被解釋變量：企業績效 61
4.2.2 主要解釋變量：低碳城市試點政策的衝擊效應 66
4.2.3 控制變量 67
4.2.4 實證研究設計 70
4.3 實證分析與實證結果 72
4.3.1 描述性統計 73
4.3.2 實證結果分析 79
4.4 穩健性檢驗 82
4.4.1 平行趨勢分析 82
4.4.2 安慰劑檢驗 88
4.4.3 傾向得分匹配法 93
4.5 研究總結與研究討論 95
第五章 環境規制對企業績效影響機制分析 97
5.1 理論分析與研究假設 97
5.2 研究設計 108
5.2.1 中介效應變量 108
5.2.2 調節效應變量 110
5.2.3 中介效應研究設計 111
5.2.4 調節效應研究設計 112
5.3 實證分析與實證結果 113
5.3.1 描述性統計分析 113
5.3.2 實證結果 114
5.4 研究總結與研究討論 124
第六章 研究結論與展望 126
6.1研究結論 126
6.2政策建議 128
6.3研究不足及展望 130
參考文獻 133
作者簡歷 152
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