生态保护补偿政策能否促进企业高质量发展——来自黄河流域制造业的经验证据

Has the Ecological Compensation Policy Promoted High-Quality Development of Enterprises?-Evidence from the Manufacturing Industry in the Yellow River Basin

中文关键词:  生态保护补偿  黄河流域  制造业  高质量发展

英文关键词:ecological compensation  the Yellow River Basin  manufacturing industry  high-quality development

中文摘要:

      黄河流域环境污染与高质量发展已成为当前国内关注的重要问题,我国为应对黄河流域生态恶化带来的挑战制定了一系列环保政策。本文立足生态补偿政策并构建准自然实验,以 2005-2019年黄河流域 A股制造业上市公司为研究对象,运用多期双重差分法实证检验生态保护补偿政策对黄河流域制造业高质量发展的影响。研究发现:生态保护补偿政策的实施促进了黄河流域制造业高质量发展水平的提高且存在明显的区域异质性和产权异质性,具体表现在对黄河流域上游和国有企业制造业高质量发展促进作用明显高于中下游地区和非国有企业。社会责任承担和政府补助增加是生态保护补偿政策推进黄河流域制造业高质量发展的重要方式,上述研究结论在经过 PSM-DID、更换被解释变量、安慰剂检验后仍然具有稳健性。研究全面考虑了生态保护补偿政策在流域内不同区域发挥作用的渠道,有利于充分发挥生态保护补偿政策在黄河流域生态治理和高质量发展中的功效。

英文摘要:

      Environmental pollution in the Yellow River Basin and its high-quality development have become important issues of domestic concern. China has formulated a series of environmental protection policies to respond to the ecological degradation of the Yellow River Basin. In this regard, this article used ecological compensation policies to construct a quasi-natural experiment, and took A-share listed manufacturing companies in the Yellow River Basin from 2005 to 2019 as the research objects. A multi-period difference-in-differences(DID) method was used to empirically test the impact of ecological compensation policies on the high-quality development of the manufacturing industry in the Yellow River Basin. It was found that the implementation of ecological compensation policies promoted the high-quality development of the manufacturing industry in the Yellow River Basin, and there was obvious regional and property rights heterogeneity. Specifically, the promotion effect on the high-quality development of the manufacturing industry in the upper reaches of the Yellow River Basin and state-owned enterprise was much significant than that on the middle and lower reaches and non state-owned enterprise. Corporate social responsibility and government subsidies were identified as important ways to promote the high-quality development of the manufacturing industry in the Yellow River Basin through ecological compensation policies. The above research conclusions were robust after undergoing PSM-DID, replacing the explanatory variables, and placebo tests. The study fully considered the channels through which ecological compensation policies played its role in different regions of the basin, which was conducive to improving the ecological compensation policy and realizing the effectiveness of ecological compensation in ecological governance and high-quality development of the Yellow River Basin.