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环境规制是否能促进企业韧性的提高？
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Abstract:
本文基于2009~2021年的微观面板数据，在测算中国企业韧性的基础上，使用计量模型分析了环境规制对国内工业上市企业韧性的影响，主要得到以下结论：前期环境规制显著抑制企业韧性；进一步考虑环境规制的动态效应后，滞后一期环境规制对企业韧性产生正向影响，进一步分析得出环境规制对企业韧性的影响呈现“U”型关系。同时，环境规制可以以研发投入媒介影响企业韧性。之后，考虑企业所处区域的异质性与企业社会责任的异质性并进行分析，研究发现，东西地区企业韧性受环境规制影响程度要高于中部地区；环境规制更能促进高社会责任企业韧性的提高。最后从提高环境规制质量等方面给出了相应的建议。
Based on the micro-panel data from 2009 to 2021, this paper analyzes the impact of environmental regulations on the resilience of domestic listed industrial enterprises by using an econometric model based on the calculation of the resilience of Chinese enterprises. The main conclusions are as follows: Environmental regulations in the early stage significantly inhibit the resilience of enterprises; after further considering the dynamic effects of environmental regula-tions, environmental regulations have a positive impact on enterprise toughness after a delay of one phase, and further analysis shows that the impact of environmental regulations on enterprise toughness presents a U-shaped relationship. At the same time, environmental regulation can affect firm resilience through the medium of R&D investment. Then, considering the regional heterogeneity and CSR heterogeneity of enterprises, it is found that enterprise resilience in the east and west regions is more affected by environmental regulations than that in the central region. Environmental regulation can improve the resilience of enterprises with high social responsibility. Finally, some suggestions are given to improve the quality of environmental regulation.
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