Research on the Impact of the New Environmental Protection Law on Overcapacity
Overcapacity has become a deep-rooted problem that hinders the high-quality development of China's economy.The pa-per takes Shanghai and Shenzhen A-share listed companies as the research object to examine the impact of the Environ-mental Protection Law on overcapacity.The results show that the EPA has a significant negative impact on the level of overcapacity,and the impact of the new Environmental Protection Law on overcapacity is more significant in large enter-prises,higher institutional investor shareholding ratio and higher marketization process samples.The mechanism of action analysis finds that the new Environmental Protection Law affects overcapacity by promoting technological innovation and curbing overinvestment.The analysis of economic consequences finds that the new Environmental Protection Law can en-hance the long-term value of enterprises by alleviating overcapacity,but not the short-term value of enterprises.
The new Environmental Protection Lawovercapacitytechnological innovationoverinvestmentfirm value
NETL
NSTL
万方数据
