| At present,China is in the transition period of economic development,and the development mode of "pollution before treatment" is unsustainable.How to coordinate the relationship between economic development and environmental protection and improve the competitiveness of China’s manufacturing industry on this basis is the key to China’s economic transition.This paper studies the impact of environmental regulation on the markup rate of listed manufacturing enterprises in China,and explores whether environmental regulation can improve the competitiveness of China’s manufacturing industry,which is of great significance to China’s economic development and environmental protection.Based on the Markup theory,Porter Hypothesis,Externality Theory and Stakeholder Theory,this paper analyzes the impact mechanism of environmental regulation on the markup rate of enterprises,Environmental regulation mainly affects the markup rate of enterprises through follow cost effect,innovation compensation effect and industry concentration intermediary effect.At the same time,Command-controlled Environmental Regulation and Market-incentive Environmental Regulation and Public-voluntary Environmental Regulation have different effects on the markup rate of listed manufacturing enterprises in China.Based on the analysis of the development process of China’s environmental regulation and the current situation of environmental protection,the intensity of China’s environmental regulation from 2007 to 2017 was calculated according to the provincial data,and the markup rate of China’s listed manufacturing enterprises was calculated using the accounting method,Calculate and analyze the current situation of the markup rate of the subdivided industries.This paper selects CSMAR’s database,WIND’s database,China Environmental Yearbook,China Environmental Statistical Yearbook and other relevant data to match the intensity of environmental regulation in China’s provinces from 2007 to 2017 with the markup rate of listed manufacturing enterprises,and build a fixed effect model,This paper empirically examines the impact of environmental regulation and its tools on listed manufacturing enterprises in China,and constructs an intermediary effect model to test the intermediary effect of industry concentration in the impact of environmental regulation on the markup rate.Finally,from the perspective of enterprise pollution degree and enterprise scale,this paper studies the heterogeneity of the impact of environmental regulation on the markup rate of listed manufacturing enterprises in China,and puts forward corresponding countermeasures and suggestions.This study finds that:(1)As the intensity of environmental regulation changes from weak to strong,China’s environmental regulation first promotes and then suppresses the markup of enterprises.At this stage,China is on the left side of the inverted U-shaped curve.Environmental regulation will promote the markup rate of listed enterprises in China’s manufacturing industry,but the promotion role will weaken with the strengthening of environmental regulation.(2)Industry concentration plays a certain intermediary role in the impact of environmental regulation on the markup rate of enterprises.(3)Different environmental regulation tools have different impacts on the markup rate of listed manufacturing enterprises.As the intensity of regulation changes from weak to strong,The Command-controlled Environmental Regulation first promotes and then suppresses the markup rate of enterprises.At this stage,China is on the left side of the inverted U-shaped curve.Command-controlled Environmental Regulation will promote the markup rate of listed manufacturing enterprises in China,However,the promotion role weakened with the strengthening of environmental regulations.Market-incentive Environmental Regulation will inhibit the markup rate of listed manufacturing enterprises in China.Public-voluntary environmental regulations first inhibit and then promote the markup of enterprises.At this stage,China is on the left side of the U-shaped curve.Public-voluntary Environmental Regulation will inhibit the markup rate of listed manufacturing enterprises in China,but the inhibition will weaken with the strengthening of environmental regulations.(4)The effect of environmental regulation on clean enterprises and large-scale enterprises is more obvious;Command-controlled Environmental Regulation has more obvious effect on clean enterprises and small-scale enterprises;The role of Market-incentive Environmental Regulation is not significant;Public-voluntary Environmental Regulation plays a more significant role in polluting enterprises and large-scale enterprises.Based on the above research,this paper puts forward the following countermeasures and suggestions: the government should continue to increase the intensity of environmental regulation and use a variety of environmental regulation tools to regulate the production behavior of manufacturing enterprises.Improve the relevant rules and regulations,laws and regulations of environmental regulation,formulate the financial subsidy mechanism in line with the development of industrial structure,and increase the investment and subsidies for energy conservation,emission reduction and pollution control of enterprises.Improve the tax system for environmental protection and the trading mechanism for emission rights,improve the environmental market system and system,and build a market-oriented environmental regulation guidance mechanism.Broaden the channels for social citizens to participate in environmental governance,encourage non-governmental organizations to participate in environmental governance supervision,and establish and improve the rules and regulations for the public and the media to participate in environmental governance.Encourage enterprise resource integration,merger and reorganization to improve industry concentration,and implement moderately differentiated environmental regulation policies according to different types of enterprises. |
PDF Full Text Request