Environmental Regulations and Trans-Regional Capital Flow:Evidence from the Implementation of the New Environmental Protection Law
This article empirically examines the impact of the New Environmental Protection Law(NEPL)on capital flows by using the data of the trans-regional investment of listed industrial enterpris-es in China from 2010 to 2020.The study finds that the implementation of the NEPL significantly inhib-its the strategic behavior of high-pollution enterprises to invest in other cities,and it affects the level of trans-regional investment by strengthening external constraints on resource and promoting internal strate-gies compliant.Further research indicates that the implementation of the NEPL has improved innovation efficiency and quantity of high-pollution enterprises while reducing pollution transfer.This article pro-vides the policy inspirations for building a pattern of high-quality capital flows under the strategic back-ground of promoting the Great Domestic Circulation comprehensively.
environmental regulationnew Environmental Protection Lawtrans-regional capital flowtechnological innovation
NETL
NSTL
万方数据
