为增长而绿化：来自中国环境规制与工业企业生产率的证据
Greening to grow: Evidence from environmental regulation and industrial firm productivity in China
Journal of Public Economics · 2026 · [{"name": "Yangsiyu Lu", "affiliation": ["South China University of Technology"]}, {"name": "Jacquelyn Pless", "affiliation": []}]
中文摘要
我们研究了一项重大空气污染规制对中国工业企业生产率的影响，结果表明，考虑规制暴露程度的异质性对于理解环境规制的经济效应至关重要。利用该规制在地理设计和行业污染强度上产生的变异，我们发现，相对于未受规制企业，污染强度较低行业中受规制企业的全要素生产率（TFP）提高了约5%。在污染强度较高的行业中，平均生产率相对于受规制的较清洁行业有所下降，但相对于未受规制企业保持稳定。我们表明，生产率提升是通过市场选择、资源重新配置和企业内部产业升级的组合实现的，但这些渠道的相对重要性随污染强度而变化。“较清洁”行业的企业进行了广泛升级并扩张，而“较脏”行业的企业则投资于资本升级、提高投入效率，但未扩张。创造性破坏动态集中于民营企业而非国有企业，凸显了政治制度和激励在塑造环境规制生产率后果中的作用。
Abstract
We study the impact of a major air pollution regulation on industrial firm productivity in China and show that accounting for heterogeneity in regulatory exposure is crucial for understanding the economic effects of environmental regulation. Exploiting variation generated by the regulation’s geographic design and industry pollution intensity, we find that total factor productivity increased by about 5% for regulated firms in less pollution-intensive industries relative to unregulated firms. In more pollution-intensive industries, average productivity declined relative to regulated cleaner industries but remained stable relative to unregulated firms. We show that productivity gains were achieved through a combination of market selection, reallocation, and within-firm industrial upgrading, but the relative importance of these channels varies with pollution intensity. Firms in “cleaner” industries upgraded broadly and expanded, while firms in dirtier industries invested in capital upgrades and improved input efficiency without expansion. Creative destruction dynamics are concentrated among private firms rather than state-owned enterprises, highlighting the role of political institutions and incentives in shaping the productivity consequences of environmental regulation.