Analysis Of The Double Dividend Effect Of Environmental Regulation

The development of human society is closely related to the natural environment-humans obtain the material resources needed for social development from nature,and discharge the waste pollutants generated into the environment.In order to solve the environmental pollution incidents caused by this,various countries have introduced environmental protection bills and strengthened international cooperation in environmental protection.China’s environmental governance is following a path of"economic development—environmental governance—high-quality economic development".In the early days,China’s initial explorations in environmental policy regulation were mainly based on central planning,but the actual execution was not high and the efficiency was low.Then,while drawing on the successful experience of international market environmental supervision,China began to introduce market incentive emission trading system and tried it in light of the domestic actual situation.After more than ten years of experimentation and promotion,it has clearly affirmed the mechanism innovation of the emission trading system and its important position in the construction of China’s ecological civilization.This article uses China’s market-based environmental regulations—the 2007 pilot policy for sulfur dioxide emissions trading—as a quasi-natural experiment to cover the two major industries and 35 sub-sectors of the A-share listed companies in Shanghai and Shenzhen.As the research object,after manual elimination and data screening,a total of 287 enterprises in the sulfur dioxide emission industry and 257 non-sulfur dioxide emission enterprises were obtained,and the dividend effect of the pilot policy was estimated by the double difference method.The blue dividend effect caused by the pilot policy provides microscopic evidence,and on this basis,in-depth discussions and corresponding suggestions are made.This article found through research:（1）The 2007 sulfur dioxide emission rights trading policy significantly reduced sulfur dioxide emissions at the provincial level and achieved a green dividend effect;at the same time,it also promoted the improvement of industrial GDP and enterprise total factor productivity,and realized the blue dividend,that is,sulfur dioxide emission rights trading.The pilot policy has achieved a double dividend effect.The above conclusion is still valid after a series of robustness tests such as placebo test,variable substitution,and deletion of escaped companies,and there are cumulative changes in policy effects.（2）Through the analysis of the heterogeneity of ownership types,enterprise scale,and industry competition,it is found that state-owned enterprises are more susceptible to policy influences and realize dividend effects.The possible reasons are cost budget constraints and political connections;at the same time,due to economies of scale Different from the production resource allocation factors,the improvement of total factor productivity is more obvious in larger enterprises and enterprises in highly competitive industries.（3）In addition to the direct effect of increasing the dividend effect of the SO₂ emission rights trading pilot policy,there are also two possible paths for technological innovation and resource allocation.The research in this paper provides empirical evidence for investigating the double dividend effect of the sulfur dioxide emissions trading system in 2007,and puts forward management suggestions in terms of development concept,development mechanism and development countermeasures,as well as possible directions for future research.