环境规制如何影响资本跨区流动？. (Chinese)

Green and low-carbon development has become a distinct feature of China' s development during the '14th Five Year Plan' period. Clarifying the resource allocation strategies of enterprises under the green development concept and timely guiding and correcting deviations are of great significance for better achieving the goals of reaching peak carbon emissions and carbon neutrality. This article focuses on the cross-regional flow of corporate capital and attempts to examine how environmental regulations affect corporate resource allocation strategies. The study first analyzed the channels through which environmental regulations affected corporate investment decisions in different locations through theoretical models and then empirically tested the impact of environmental regulations on corporate cross-regional investment by taking Chinese A-share listed companies from 2004 to 2019 as the research object. The results showed that: ① With environmental regulations becoming more intense, the scale of corporate cross-regional investment significantly increased. ② The mechanism test showed that production costs, technological innovation levels, asset quality, and market competition efficiency were important mechanisms by which environmental regulations affected corporate investment in different locations. Specifically, the increase in production costs of enterprises was an important reason for environmental regulations to promote their off-site investment, while the improvement of technological innovation as well as that of corporate asset quality and market mechanisms could reduce the impact of environmental regulations on cross-regional investment to a certain extent. ③ The results of heterogeneity analysis indicated that the impact of environmental regulations on corporate cross-regional investment was more evident in non-high-tech enterprises, high-pollution industries, low-vitality markets, and central and western regions. This article reveals corporate resource allocation strategies under environmental regulations from the perspective of cross-regional capital flow, providing a useful reference for further improving the policy framework system of environmental regulations. The research shows that environmental regulations internalize the external costs of environmental pollution in enterprises, which are constrained by the increase in production costs and the constraints of innovation ability. Enterprises with profit-seeking characteristics are more likely to have race-to-the-bottom behaviors that escape regulations. Therefore, government departments should innovate the policy toolbox of environmental regulations, focus on prevention as well as mediation, reduce the costs and uncertainties faced by enterprises in technological innovation and equipment replacement, provide positive policy support for process transformation and green technology innovation in enterprises, and ultimately achieve coordinated development of economic society and the environment. [ABSTRACT FROM AUTHOR]

绿色低碳已成为"十四五"时期中国发展的鲜明底色, 厘清绿色发展理念下企业的资源配置策略并适时引导纠偏, 对于更好实 现"双碳"目标具有重要意义。该研究聚焦企业资本的跨区域流动, 从异地投资的视角考察环境规制如何影响企业的资源配置策略。 首先, 文中基于理论模型考察了环境规制影响企业异地投资的作用机制;其次, 以2004--2019年中国A股上市公司为研究对象, 实证 检验了环境规制对企业异地投资的影响。结果显示：①伴随着环境规制强度的提高, 企业的异地投资规模显著提升。②作用机理检 验显示, 生产成本、技术创新水平、资产质量和市场竞争效率是环境规制影响企业异地投资的重要机制。具体而言, 企业生产成本的 增加是环境规制推动企业异地投资的重要原因, 而技术创新水平的提升以及企业资产质量和市场机制的改善能在一定程度上消减 环境规制对异地投资的影响。③异质性分析结果表明, 环境规制对企业异地投资的影响在非高新技术企业、高污染行业、低活力市 场和中西部地区中更为明显。该研究从资本跨区域流动的视角揭示了环境规制下企业的资源配置策略, 为进一步完善环境规制的 政策框架体系提供了有益参考。研究发现, 环境规制内化了企业环境污染的外部性成本, 受制于生产成本增加和创新能力束缚, 具 有逐利特质的企业更多表现为逃离管制的"逐底竞争"行为。因此, 政府部门应创新环境规制的政策工具箱, 将疏堵结合作为重点, 降低企业技术创新和更迭设备所面临的成本和不确定性, 为企业的工艺改造和绿色技术创新提供积极的政策支持, 最终实现经济社 会与环境的协调发展。. [ABSTRACT FROM AUTHOR]

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