Environmental Regulation,Investment Efficiency and Enterprise Total Factor Productivity
The relationship between environmental regulation and productive efficiency is key to promoting green development and sus-tainable economic growth.Porter's Hypothesis gives the theoretical basis for environmental regulation to improve production efficiency and enhance the competitiveness of enterprises.Using the sum of the existing environmental laws and government regulations in each province(accumulated year by year)to characterize environmental legislation,and the intensity of pollution charges in each province to characterize environmental law enforcement,this paper takes the listed companies in Chinese manufacturing industry as the research ob-jects to examine the influence of the intensity of environmental regulations on the total factor productivity(TFP)of enterprises,and the mediating effect of investment efficiency.The results show that strengthening environmental regulations can promote the TFP of listed manufacturing companies during the sample period,and investment efficiency plays a part of the intermediary role.However,there is heterogeneity in asset size and listed enterprises under different industry classifications.More specifically,environmental legislation can increase the TFP of large enterprise enterprises and non-heavy polluting enterprises by improving investment efficiency,while environ-mental enforcement increases the TFP of medium and small enterprises and heavy polluting enterprises by improving investment efficien-cy.In addition,the mechanisms of mediating effects are heterogeneous across different types of enterprises.
environmental regulationstotal factor productivityinvestment efficiencygreen development
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