The Influence Of Environmental Regulation On The Size Of Enterprise ——Based On Multivariate Moderating Effect Study

Since the reform and opening up,China has made remarkable achievements in economy,and has become the world’s second largest economy.However,China’s extensive economic development model driven by high investment and high consumption of energy resources has caused excessive consumption of natural resources and seriously damaged the natural environment.Such economic development at the expense of environment and resources is unsustainable.Faced with the negative externalities of environmental pollution,the government regulates the production behavior of enterprises by formulating relevant laws and regulations.As the direct subject,enterprises’ production behavior is affected to a certain extent.The study of enterprise scale related issues is of great significance to enterprise growth and regional economic growth.At present,the impact of environmental regulation on micro enterprises mainly focuses on enterprise innovation and enterprise location,and there is little literature on the impact of enterprise scale.The relationship between environmental regulation and enterprise scale has not been widely verified.This paper first briefly introduces the concepts involved,and then reviews and sorts out relevant theories and literature.Finally,based on the relevant theoretical basis,the relationship between environmental regulation and enterprise scale is analyzed,and the research hypothesis is obtained.This paper selects polluting enterprises from 2003 to 2012 as the research object,and selects sales as the measurement index of enterprise size.The fixed effect model and hierarchical regression method are used to verify the relationship between environmental regulation and enterprise scale and the moderating effect of financing cost,industry competition degree and enterprise innovation ability.The research results mainly include the following four points :（1）Environmental regulation has a negative correlation with the scale of polluting enterprises,and environmental regulation inhibits the scale of polluting enterprises.（2）Financing cost has a positive moderating effect on environmental regulation and the scale of polluting enterprises.The increase of financing cost increases the inhibition of environmental regulation on the scale of polluting enterprises.（3）Industry competition plays a negative regulatory role in the relationship between environmental regulation and the scale of polluting enterprises.The more intense the industry competition,the weaker the inhibitory effect of environmental regulation on the scale of enterprises.（4）The innovation ability of enterprises has a positive effect on environmental regulation and the scale of polluting enterprises.The stronger the innovation ability of enterprises,the weaker the inhibitory effect of environmental regulation on the scale of polluting enterprises.The above research not only enriches the literature on the impact of environmental regulation on the micro level,but also enriches the literature on the scale of enterprises,which has certain theoretical significance.At the same time,the above research results also provide some suggestions for the government and enterprises,which has certain practical significance.