Impact of Environmental Regulation on Enterprise Markup from the Perspective of Industry Competition
摘要: 以2008—2021年中国沪深A股制造业上市公司为样本,检验环境规制对企业成本加成的影响效果以及在不同行业竞争程度下环境规制的作用效果是否发生变化,并从遵循成本效应、创新补偿效应以及资源再配置效应三个机制入手进一步分析其影响路径。结果表明:(1)环境规制降低了企业成本加成,而行业竞争显著增强了环境规制对企业成本加成的负向作用;(2)行业竞争越激烈,环境规制对非国有企业成本加成的负向影响越明显,但对国有企业而言,行业竞争程度对环境规制与成本加成的关系并没有影响;(3)市场竞争进一步强化了环境规制对企业进入的负面影响,却弱化了环境规制对企业退出的抑制作用。由此,应当进一步加强产业政策与环境规制的一致性与协调性,充分考虑不同行业竞争条件下环境规制的差异化作用效果,提高政策有效性。
Abstract: 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.
[V1] | 2024-06-06 11:00:10 | PSSXiv:202406.00290V1 | 下载全文 |
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