环境规制、外部关注与重污染企业绿色创新——基于新环保法实施的双重差分验证

王思琦; 刘镇瑀; 田容至; 靳敏

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中国环境科学 ›› 2026, Vol. 46 ›› Issue (2) : 1164-1175.

环境影响评价与管理

环境规制、外部关注与重污染企业绿色创新——基于新环保法实施的双重差分验证

王思琦¹, 刘镇瑀², 田容至², 靳敏¹

作者信息 +

Environmental regulation, external attention, and green innovation in heavily polluting enterprises—A difference-in- differences test based on the implementation of the new environmental protection law

WANG Si-qi¹, LIU Zhen-yu², TIAN Rong-zhi², JIN min¹

Author information +

文章历史 +

摘要

为研究外部关注视角下环境规制对企业绿色创新的影响,更好推动实现“双碳”目标与经济高质量发展,以2010~2022年中国沪深A股上市工业企业为研究对象,运用双重差分法实证分析了新环保法实施对重污染企业绿色创新的影响.研究发现:(1)新环保法实施对重污染企业绿色创新产生了显著的抑制作用,且主要体现于对绿色创新数量的影响.(2)从外部关注的作用机制来看,分析师关注、机构投资者关注、媒体关注均能够有效缓解新环保法对企业绿色创新的负面效应.(3)环境规制对企业绿色创新的影响在不同企业数字化程度、融资约束、行业竞争水平和企业战略差异的样本中存在异质性.研究结果从“规制—关注—创新”整合视角为理解环境规制与企业绿色行为之间的复杂关系提供了新的分析框架与实证依据,对分类引导企业绿色转型、构建多方共治的环境治理体系具有启示意义.

Abstract

To examine the impact of environmental regulations on corporate green innovation from the perspective of external attention, and to better promote the achievement of the "dual carbon" goal and high-quality economic development, this study took industrial enterprises listed on the Shanghai and Shenzhen A-shares from 2010 to 2022 as research objects, and used the difference-in-differences methodology to empirically analyze the impact of the implementation of the new environmental protection law on green innovation of heavily polluting enterprises. The study found that: (1) The implementation of the new environmental protection law was found to exert a significant inhibitory effect on the green innovation of heavily polluting enterprises, mainly reflected in its impact on the quantity of green innovation (2) From the perspective of the mechanism of external attention, analyst attention, institutional investor attention, and media attention were found to effectively mitigate the negative effects of the new environmental protection law on corporate green innovation (3) The impact of environmental regulations on corporate green innovation was shown to be heterogeneous across firms with different levels of digitalization, financing constraints, industry competition levels, and strategic orientations. The research results provide a new analytical framework and empirical basis for understanding the complex relationship between environmental regulation and corporate green behavior from an integrated “regulation-attention-innovation” perspective, offering implications for guiding corporate green transformation and building a multi-party governance system.

导出引用

王思琦, 刘镇瑀, 田容至, 靳敏. 环境规制、外部关注与重污染企业绿色创新——基于新环保法实施的双重差分验证[J]. 中国环境科学. 2026, 46(2): 1164-1175

WANG Si-qi, LIU Zhen-yu, TIAN Rong-zhi, JIN min. Environmental regulation, external attention, and green innovation in heavily polluting enterprises—A difference-in- differences test based on the implementation of the new environmental protection law[J]. China Environmental Science. 2026, 46(2): 1164-1175

中图分类号： X196 F205 F273.1

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