Research on the Relationship between Informal Environmental Regulation and Total Factor Productivity of Enterprises——Based on the Moderating Effect of Environmental Dynamics
Research on the Relationship between Informal Environmental Regulation and Total Factor Productivity of Enterprises——Based on the Moderating Effect of Environmental Dynamics
Environmental regulation is a kind of external constraint on enterprises,which directly affects resource allocation of enterpri-ses,and then has a deeper effect on micro enterprises.Based on the panel data of heavily polluting listed companies from 2013 to 2019,this paper empirically tested the impact of informal environmental regulation on total factor productivity of enterprises and the moderating effect of environmental dynamics by using a fixed effect model.The results show that there is an inverted"U"shaped rela-tionship between informal environmental regulation and total factor productivity of enterprises,and the above conclusion still holds after a series of robustness tests.Based on the regional differences of informal environmental regulation and the nature of enterprise property rights,the heterogeneity of the impact of informal environmental regulation on enterprise total factor productivity is tested.On the one hand,the relationship between informal environmental regulation and enterprise total factor productivity is in inverted"U"shape in the eastern region,and the effect is not significant in the central and western regions.On the other hand,the relationship between informal environmental regulation and total factor productivity of state-owned enterprises shows an inverted"U"shaped relationship,while that of non-state-owned enterprises is not significant.Further research shows that environmental dynamics plays a positive moderating role in the relationship between informal environmental regulation and total factor productivity of enterprises.
关键词
非正式环境规制/企业全要素生产率/环境动态性
Key words
informal environmental regulation/total factor productivity of enterprises/environmental dynamics
万方数据