Environmental Regulation, Factor Mismatch And Firm Total Factor Productivity

With the concept of sustainable economy put forward,the society has paid more and more attention to the balance of environment,production efficiency and economic development.However,in the process of development,many factors restricting economic development,such as environmental pollution and factor mismatch,have gradually become prominent,and there are some problems in balancing all aspects of social factors.Rapid economic development depends on the expansion of factor resources such as labor force,capital and natural resources.The one-sided pursuit of economic development with only GDP as the goal of economic development has brought many negative consequences.Therefore,The impact of environmental regulation policies to implement sustainable economic development and mitigating factor mismatch mechanism on enterprises’ total factor productivity becomes an important turning point.Based on Chinese listed companies in 2011,focused on environmental protection check system for natural experiment,using the micro data of listed companies in 2005-2018 as the foundation,through the double difference method is used to measure method,used for environmental policy formulation and mutual influence between enterprise production measure,and the elements of mismatch as mediation mechanism,put all in a framework,This paper studies the influence of environmental regulation on enterprises’ total factor productivity through the mediating influence of factor mismatch.The research shows that the impact of environmental verification of listed companies leads to a significant increase in the total factor productivity of the experimental group,indicating that environmental regulation has a significant positive incentive effect on the total factor productivity of enterprises.According to the grouping test based on the perspectives of region and ownership,environmental regulation policies have a greater impact on enterprises in the western region than in the eastern region.The response of state-owned enterprises to environmental regulation is different from that of other enterprises,and state-owned enterprises are more likely to be affected.By classifying listed companies into industries,it is found that environmental regulation has a inhibiting effect on TFP progress in heavy polluting industries,while it has a promoting effect on TFP progress in non-heavy polluting industries.The mechanism test further shows that compared with the control group,the environmental verification impact of listed companies can effectively alleviate factor mismatch,and the impact on capital mismatch is more obvious.It is revealed that the environmental protection verification of listed companies can improve the total factor productivity of enterprises through the channel of capital allocation efficiency.By exploring the mechanism of environmental regulation and total factor productivity,this paper has an important inspiration for understanding the relationship between environmental regulation and economic development,and has an important significance for understanding sustainable economic development,and has a practical significance for guiding enterprises’ total factor productivity and efficient economic development.