Impact of Environmental Regulation on Enterprise Markup from the Perspective of Industry Competition
Using panel data of Chinese manufacturing enterprises listed in Shanghai and Shenzhen A-shares from 2008 to 2021 as sample,this paper examines the impact of environmental regulations on enterprise markup and whether the impact varies under different levels of industry competition.Furthermore,it analyzes the influence paths through three mechanisms of compliance cost effect,innovation compensation effect,and resource reallocation effect.The results indicate following findings:(1)while environmental regulations reduce enterprise markup,industry competition significantly enhances the negative effect of environmental regulations on enterprise markup;(2)the more intense the industry competition is,the more apparent the negative impact of environmental regulations on the markup of non-state-owned enterprises,while for state-owned enterprises,the degree of industry competition has no impact on the relationship between environmental regulations and markup;(3)market competition further strengthens the negative impact of environmental regulations on the entry of enterprises but weakens the inhibitory effect of environmental regulations on the exit of enterprises.Therefore,it is necessary to further strengthen the consistency and coordination between industrial policies and environmental regulations,fully consider the differentiated effects of environmental regulations under different industry competition conditions and improve the effectiveness of policies.
万方数据
维普
