62 / 2021-11-29 22:49:09

Does central environmental supervision improve total factor productivity? Evidence from China

Central environmental supervision,Total factor productivity,DID,Innovation compensation effect

（3）能源与可持续绿色发展 > 4. 绿色能源消费与可持续发展

The improvement of total factor productivity is the only way to promote the sustainable development of population and economic society, and innovative environmental regulation policy is an important means to solve the contradiction between environment and economy. In this paper, the effect and mechanism of environmental supervision on total factor productivity of enterprises are empirically tested by using the data of A-share listed companies from 2010 to 2019 and DID model. The results show that environmental supervision can effectively improve the total factor productivity of enterprises in pollution-intensive industries.Moreover, environmental supervision policy guides enterprises to increase the number of effective invention patents and improve the total factor productivity of enterprises while it induces enterprises to increase meaningless or inefficient R&D investment and reduce the total factor productivity of enterprises. Last, enterprises in areas with weak environmental regulations are more sensitive to central environmental supervision, and the innovation compensation effect of policies is stronger. The above results confirmed the effect of environmental supervision policy, which has important reference and enlightenment significance for the formulation and implementation of environmental regulation policy in the next stage.

The improvement of total factor productivity is the only way to promote the sustainable development of population and economic society, and innovative environmental regulation policy is an important means to solve the contradiction between environment and economy. In this paper, the effect and mechanism of environmental supervision on total factor productivity of enterprises are empirically tested by using the data of A-share listed companies from 2010 to 2019 and DID model. The results show that environmental supervision can effectively improve the total factor productivity of enterprises in pollution-intensive industries.Moreover, environmental supervision policy guides enterprises to increase the number of effective invention patents and improve the total factor productivity of enterprises while it induces enterprises to increase meaningless or inefficient R&D investment and reduce the total factor productivity of enterprises. Last, enterprises in areas with weak environmental regulations are more sensitive to central environmental supervision, and the innovation compensation effect of policies is stronger. The above results confirmed the effect of environmental supervision policy, which has important reference and enlightenment significance for the formulation and implementation of environmental regulation policy in the next stage.