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环境规制对企业环保投资效率的影响研究——基于环保投资规模的门槛效应分析
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Abstract:
在我国“双碳”战略目标下，环保投资已经成为企业实现环境和经济效益共赢的必然选择，环保投资效率值得关注。本文基于我国2011~2020年A股上市企业面板数据，运用DEA模型系统测度各企业环保投资效率，采用非线性面板双门槛模型，从环保投资规模视角探析环境规制对于企业环保投资效率的影响效应。得出结论：当企业环保投资规模较低时，环境规制将有助于企业环保投资效率的提升；在企业环保投资规模扩大到一定程度后，环境规制将对企业的环保投资效率水平产生抑制作用，为我国相关部门制定环境保护措施、促进企业环境保护等方面的决策提供了理论参考。
Under China’s strategic goal of “dual carbon,” environmental protection investment has become an inevitable choice for enterprises seeking to achieve win-win environmental and economic benefits. Therefore, the efficiency of such investments is worth careful consideration. This paper utilizes a DEA model to systematically measure the environmental protection investment efficiency of A-share listed enterprises in China from 2011 to 2020. Additionally, a nonlinear panel double threshold model is employed to explore the impact of environmental regulation on enterprise-level investment efficiency from the perspective of investment scale. The findings suggest that when enterprise-scale environmental protection investments are low, regulatory measures can help improve their overall efficiency; however, once these investments reach a certain level, further regulations may have an inhibitory effect on their effectiveness. These results provide valuable theoret-ical insights for relevant Chinese departments as they formulate new policies aimed at promoting corporate sustainability.
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