Research On The Influence Of Environmental Regulation On The Competitiveness Of Traditional Energy Enterprises In China

Energy,as the material basis for human survival and development,not only plays a key role as an engine of economic growth,but also provides an important guarantee for the promotion of China’s international status.Since the reform and opening up,the energy industry in our country has been developing rapidly.The energy industry,mainly based on traditional energy,has long been in an inefficient growth mode characterized by laborintensive,high pollution and high energy consumption.This model violates the strategic requirements of building a modern energy system that is "clean,low-carbon,safe and efficient",and seriously hinders sustainable economic development.In this regard,the government vigorously promotes and promotes the transformation of the energy structure,and has introduced a number of environmental protection policies and measures to realize the double dividend of the energy industry’s economy and environment.With the gradual improvement of national environmental protection policies and the promotion and application of new energy,environmental regulation is bound to have a great impact on the development of traditional energy industry.Therefore,under the "new normal" of economy with supply-side structural reform as the main line,how to deal with the uncertainty of future environmental factors and steadily improve the competitiveness of traditional energy enterprises as the main body of the energy market has become the focus of the new era.Firstly,based on the research results and theories at home and abroad,this paper reveals the mechanism of environmental regulation’s influence on the competitiveness of traditional energy enterprises in China.Environmental regulation influences enterprise cost,technological innovation level,market barrier and energy consumption structure through "cost crowding effect" and "innovation compensation effect",thus affecting the competitiveness of traditional energy enterprises.Secondly,environmental regulation is divided into market incentive environmental regulation and command-and-control environmental regulation,and reasonable measurement indexes are selected to measure the intensity of environmental regulation in different regions of China.At the same time,based on the perspective of environmental regulation,the competitiveness evaluation index system of traditional energy enterprises was constructed,and the comprehensive competitiveness scores of 38 traditional energy enterprises listed in Shenzhen and Shanghai were calculated by principal component analysis.Through calculation,it is found that there are differences in the level of environmental regulation in different regions of China,while the overall environmental regulation intensity is increasing.The overall competitiveness of traditional energy enterprises in China has been improving slowly in the fluctuation,but some enterprises have been declining continuously.Then,on the basis of measuring the strength of environmental regulation and the competitiveness of traditional energy enterprises,the panel data of 38 traditional energy enterprises listed in Shenzhen and Shanghai from 2007 to 2017 were used to construct a dynamic panel model and a system GMM model to empirically test the effect and mechanism of heterogeneous environmental regulation on the competitiveness of traditional energy enterprises.The empirical results verify the “U” shaped result of environmental regulation on the competitiveness of traditional energy enterprises,and also indicate that different types of environmental regulation have different impacts on the competitiveness of traditional energy enterprises.Market incentive environmental regulation affects the competitiveness of traditional energy enterprises mainly through enterprise cost and technological innovation,while command-and-control environmental regulation affects enterprise cost and energy consumption structure.At the same time,the promotion effect of command-and-control environmental regulation on the competitiveness of Chinese traditional energy enterprises is more significant.In addition,based on the perspective of enterprise technology innovation and the energy consumption structure,by using the model of a threshold panel,inspection heterogeneity of environmental regulation to the traditional energy enterprise competitiveness threshold effect,test results show that under the perspective of technical innovation,market incentive type environmental regulation has a single threshold effect of the threshold value of 2.522,and intensity of regulation has crossed the threshold,significantly promote the traditional energy enterprise competitiveness to promote;Command-and-control environmental regulation has a double threshold effect with a threshold value of 3.227 and 3.764 respectively,and the regulatory intensity also exceeds the threshold value.From the perspective of energy consumption structure,only commandand-control environmental regulation has a single threshold effect with a threshold value of 3.636,and its regulatory intensity does not exceed the threshold value.Finally,the research conclusion of this paper is summarized and based on the above research,on the one hand,for the government to formulate environmental regulation puts forward appropriate adjust the intensity of environmental regulation,steady progress was made in energy consumption structure change and promote resource-based city industry structure diversity and so on,on the other hand,technology innovation and promote enterprise environmental information disclosure of response to environmental regulation,in order to face the resource and environmental pressure,the traditional energy companies can gain competitive advantage and achieve long-term development.