Abstract：The “2+26” cities' environmental coordinated governance is used as a quasi-natural experiment in this study to empirically test the impact of cross-regional environment collaborative governance on the total factor productivity (TFP) of enterprises. And the triple difference method is used to handle the data from manufacturing companies listed in both Shanghai and Shenzhen in the period from 2014 to 2019. We find that “2+26” cities environmental governance can improve firms’ TFP; because such the mechanism promotes firms to enhance their green innovation capabilities, environmental protection investment, and R&D expenditure. Heterogeneity analysis shows that in areas where environmental protection is strictly enforced and those firms with stronger green innovation capabilities and lower financing constraints and controlled by state, the effect of upgrading TFP of firms is more obvious. Therefore, our results and conclusions may provide certain policy enlightenment for the implementation of cross-regional environment collaborative governance in China.
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