环境目标约束、产业纵向关联与企业排污策略

环境目标约束、产业纵向关联与企业排污策略

Environmental Target Constraints, Vertical Industrial Linkage, and Corporate Emission Strategies

《财经研究》2023年49卷第12期 页码：77-90 online：2023年12月3日

作者

中：黄纪强 , 祁毓 , 甘行琼 , 刘锋

英：Huang Jiqiang, Qi Yu, Gan Xingqiong, Liu Feng

作者单位：中南财经政法大学 财政税务学院，湖北 武汉 430073

摘要及关键词

摘要：深入分析环境目标约束对纵向产业结构上下游产业的减排差异及关联减排逻辑，对优化上下游产业资源配置，推动我国经济增长与污染协同减排具有不可忽视的作用。文章以“十一五”规划首次提出的环保目标责任制为外生冲击，基于2003—2009年中国工业企业面板数据，构建多时点双重差分实证框架，基于产业纵向关联视角探讨了环境目标约束对企业排污策略的影响。基准研究发现，环境目标约束能显著降低上下游产业的污染物排放。机制检验发现，环境目标约束会使企业通过总产值效应和技术效应来应对减排。下游产业主要通过降低产值来应对减排，但对上游产业产值影响不显著。产业关联效应会引发上游产业通过价格调整来应对损失，但下游产业无法后向关联影响上游产业产值。上游产业主要通过末端技术应对减排，下游产业则通过前端技术应对减排。上游产业的前端技术和末端技术可以向下游产业关联溢出，但下游产业的后向关联减排效应主要体现在末端技术。异质性检验发现，上游产业原材料制造业和下游产业非食品行业加工业的减排占主导地位，非国有和重污染企业、产业集聚和市场化程度较高、晋升压力小的地区的企业污染减排效应显著。文章通过一系列稳健性及内生性检验发现结论依旧成立。文章的研究为优化环境目标管理与推动纵向产业结构协同污染减排提供了现实依据与路径渠道，也为未来的政府“减碳”工作目标管理提供了经验启示。

关键词：环境目标约束；政府目标管理；产业纵向关联；排污策略；多时点双重差分

Summary: Green development is an inevitable requirement for breaking the constraints of China’s resources and environment, optimizing industrial structure, improving international competitiveness, and accelerating the transformation of development mode. An in-depth analysis of the emission reduction differences and related emission reduction logics between the upstream and downstream industries of vertical industrial structure under environmental target constraints plays an undeniable role in optimizing the resource allocation in upstream and downstream industries and promoting the coordinated emission reduction of China’s economic growth and pollution. Based on the panel data of industrial enterprises from 2003 to 2009, a multi-temporal DID empirical framework is constructed to explore the impact of environmental target constraints on corporate emission strategies from the perspective of vertical industrial linkage. Benchmark research finds that environmental target constraints significantly reduce pollutant emissions from upstream and downstream industries. Mechanism testing finds that environmental target constraints enable enterprises to respond to emission reduction through the effects of gross output value and technology. Downstream industries mainly achieve emission reduction by reducing output value, while the impact on upstream industry output value is not significant. Upstream industries mainly achieve emission reduction through end-to-end technology, while downstream industries rely on front-end technology. Heterogeneity analysis reveals that emission reduction efforts are dominated by the raw material manufacturing industry in the upstream sector and the non-food processing industry in the downstream sector, regional enterprises with high industrial agglomeration and marketization degree and low promotion pressure, non-state-owned enterprises, and heavy polluting enterprises have significant pollution reduction. The marginal contributions of this paper are as follows: First, in terms of research perspective, the research on environmental regulation and corporate emission reduction is supplemented from the perspective of vertical industrial linkage. Second, in terms of research method, a multi-temporal DID model is used for estimation, effectively addressing the challenge of inconsistent time-point estimation for environmental target constraints. Third, in terms of theoretical basis, it incorporates the “compliance cost” theory and the “Porter hypothesis” theory into a unified framework, thereby elucidating and validating the applicability of the two theoretical logics under the salient characteristics of China’s economic system. Fourth, in terms of emission reduction channel, the emission reduction path constrained by environmental targets is explored from the perspective of vertical industrial linkage, and the transmission path of pollution emission linkage between upstream and downstream industries is clarified.

Key words:environmental target constraints; government target management; vertical industrial linkage; emission strategies; multi-temporal DID

其他信息

DOI：10.16538/j.cnki.jfe.20230714.301

收稿日期：2023-01-31

基金项目：国家自然科学基金面上项目（72173136）

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