环境规制的蓝色红利效应研究

利用中国工业企业数据库2004~2009年制造业企业数据，以清洁生产目录标准的政策实施为外生冲击事件，基于倍差估计法（DID）实证检验了环境规制对企业盈利能力、盈利质量、波特效应和管理创新成本等蓝色红利的影响.结果发现：环境规制显著提升了制造企业的利润率和企业的现金流充裕性，改善了企业的盈利能力和盈利质量；环境规制显著降低了企业管理创新成本，但波特效应不显著.环境规制的蓝色红利效应存在地方策略互动、企业规模和所有制的异质性：地方政府之间的策略性不合作抑制了环境规制蓝色红利效应.企业规模的扩大提高了管理创新成本，但强化其他相关的蓝色红利效应.环境规制对国有企业的利润率、现金流以及全要素生产率的改善作用强于非国有企业，但更有助于降低非国有企业的管理创新成本.

Research on the blue dividend effect of environmental regulation

The policy of cleaner production catalogue standards as an exogenous impact event was implemented in this paper, and the China Industrial Enterprise Database 2003~2009 manufacturing enterprise sample data and the method of difference-in-difference (DID) were used to test environmental regulation's effect on such four types of blue dividends as profitability, profit quality, Poter effect and management innovation cost. The environmental regulation was found to improve the profit rate and cash flow abundance significantly, which means the improvement of the profitability and profit quality respectively. Environmental regulation significantly reduced the organizational management innovation cost, but the Potter effect was not significant. The blue dividend effects of environmental regulation were heterogeneous in local strategic interactions, enterprise scale and enterprise ownership. That is, the strategic non-cooperation between local governments inhibited blue dividend effect significantly. The larger the company's scale was, the more significant the environmental regulation would increase the company's profit rate, cash flow and total factor productivity, but it further exacerbated the management innovation cost. In addition to significantly reducing the management innovation cost for the non-state-owned enterprises, environmental regulations had a more pronounced effect on blue dividends for state-owned enterprises.