Research on the blue dividend effect of environmental regulation
SUN Bo-wen1, FU Xin-yu2, REN Jun-lin3, ZHAO Qiu-yun4, FU Shuai-xiong1, ZHANG Na1,5
1. Guanghua School of Management, Peking University, Beijing 100871, China; 2. Urban Studies Institute, Andrew Young School of Policy Studies, Georgia State University, Atlanta 30303, USA; 3. Wuhan Textile University School of Accounting, Wuhan 430073, China; 4. Institute of New Structural Economics at Peking University, Beijing 100871, China; 5. School of Economics and Management, Shihezi University, Shihezi 832003, China
Abstract：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.
孙博文, 傅鑫羽, 任俊霖, 赵秋运, 傅帅雄, 张娜. 环境规制的蓝色红利效应研究[J]. 中国环境科学, 2019, 39(8): 3518-3529.
SUN Bo-wen, FU Xin-yu, REN Jun-lin, ZHAO Qiu-yun, FU Shuai-xiong, ZHANG Na. Research on the blue dividend effect of environmental regulation. CHINA ENVIRONMENTAL SCIENCECE, 2019, 39(8): 3518-3529.
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