| Beijing-Tianjin-Hebei Region is one of the three metropolitan regions in China and one important component of the northern economic region.As a political,economic,cultural and technological center,Beijing-Tianjin-Hebei Region has made many remarkable achievements in economic growth and urbanization.However,at the same time,several issues on economic inequality and the environment arose.Under the constraint on resources,environment,capital and labor force,it becomes a strong desire to change the economic growth mode.To achieve further regional development,it is necessary for the government to play a role in finding a balance between the environment and the development,and making efforts to build a regional system for local communication and cooperation on the environment and industrial development.In addition,the government should improve the administrative system,and get rid of administrative barriers,in order to improve the resource allocation.In this condition,the central government convened a meeting in February,2014 and came up with “Outline of the Coordinated Development Planning for the BeijingTianjin-Hebei region”,which is a centralized policy covering administrative coordination,industrial adjustment,environment,regional integration and so on.The goal of the “Outline” is to promote the Beijing-Tianjin-Hebei region to develop properly,harmoniously and sustainably.The four main aspects of the “Outline”,which are administrative coordination,industrial adjustment,environment and regional integration,serve for the final goal.In this paper,we are to figure out the policy effect of the “Outline” on the environment governance,enterprise productivity,and resource allocation.In economics,these three aspects have an inherent relation.The first part figures out the effect of the “Outline” to solve the outstanding local environment problem.The second part considers whether enterprises can raise their productivity by Porter Hypothesis under strict environmental regulations.It would promote the transformation of economic growth mode.However,the economic growth depends on both the productivity of enterprises and the economic structure.The last part focuses on the resource allocation among industries and enterprises that would influence the economic growth though the structure.Details are as follows.In Chapter 2,we discuss the cooperation and mutual monitoring between local governments on environment governance encouraged by the “Outline” based on cities and study the policy heterogeneous effects on SO2's production and emission in the secondary industry,both in gross and in unit.With the panel data on cities from 2011 to 2015,we apply “difference in differences” method and models with a varying coefficient and a factor structure,to analyze the policy effect under a generalized model setting.Our study indicates that,firstly,in both gross and unit,the “Outline”significantly reduce the production and emission of SO2.The policy effect shows an increasing trend over time.In volume,the policy effect on emission is not as large as that on production.It indicates that the policy should make more efforts on reducing the SO2's emission.Secondly,the “Outline” enhances the regional cooperation and the environment supervision,solving the lack of supervision in remote cities.It makes the policy effect roughly constant among cities.Lastly,we find that the industrial structure has different effects on the gross and unit of SO2.The environmental efficiency of the economic growth is relevant to the industrial structure.In executing industrial policies,the government should cooperate with the market mechanism.Moreover,we carry out several robustness test on the parallel trend assumption,the function form of the varying coefficients and selection on the treated group.These robustness tests prove the robustness of our models.In Chapter 3,we discuss the Outline's industrial and environment policy effects on enterprise productivities.We're interested in whether enterprises raise their productivities by “Porter Hypothesis” under strict environment regulations.With the public companies' data from 2011 to 2016,we calculate the TFPs with LP method and carry out a triple difference model,in order to analyze the varying policy effects on different industries and ownerships.Our study indicates that,firstly,by the direct effect of industrial policy,the “Outline” reduces the TFP in short-run,possibly because of the policy interference in industrial transformation and upgrading.The TFP recovers from the second year after the “Outline”.Secondly,by the indirect effect of environmental policy,the “Outline” encourages enterprises in high-polluting industries to gradually raise their TFPs by innovation.The rise in TFP covers the environmental cost partially,or even fully.Lastly,the “Outline” reduces SOEs' TFPs by the two possible ways.In one way,before the “Outline”,the local government relax the supervision on SOEs.Thus,the TFP of SOEs reduces under the strict supervision by the “Outline”.In another way,under environmental regulations,SOEs would search for government subsidies and bank loans to cover the cost,rather than improving the TFP by innovation.Moreover,we carry out several robustness test,to prove thee robustness of our models.Based on the change of productivity found in Chapter 3,we discuss the Outline's effect on resource misallocation within industries in Chapter 4.With output and capital distortion model and general equilibrium model,we thoroughly analyze the influence path of the industrial policy on resource misallocation.With public companies' data from 2011 to 2016,we calculate the TFP with the LP method and its dispersion by interquartile range and standard deviation.By controlling for other city circles' policies,we analyze the heterogeneous effects of the “Outline” on resource misallocation.The effects vary over industries,provinces and years.Our study indicates that,firstly,the“Outline” raises the TFP dispersion and resource misallocation.The policy effect is more significant from the second year after the policy.The possible explanation is that the government implements the industry transformation by administrative orders.It harms the unrestricted flow of resources and brings policy distortions.Secondly,the SOE proportion in an industry has an effect on resource misallocation.In a mixed industry,the discrimination by the government induces barrier on the flow of resources.Lastly,the “Outline” has a varying effect on different provinces: it raises the resource misallocation in Beijing and Hebei,but has no effect,or even a positive effect,on the resource allocation in Tianjin.It suggest that during the industry transformation,the government should consider more about the industrial distribution.Moreover,we carry out robustness test on parallel trend assumption and the selection of the sample.In conclusion,we focus on the important regional policy,the “Outline”,and analyze its policy effects on the environmental governance,enterprise productivity and resource allocation.By analyzing the heterogeneous effects of the “Outline”,we figure out the weakness and shortcomings of the “Outline”,and come up with policy suggestions. |
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