Study On The Impact Of Environmental Regulation On Industrial Green Total Factor Productivity

Since the reform and opening up,China has created a miracle of rapid economic growth with industrial development as the leading factor.However,behind the rapid development is serious environmental pollution and the unsustainable development of the "extensive" industrial model.In the face of increasingly stringent environmental problems,it is imperative for China ’s industry to change to a green production mode.Environmental regulation is an important means to effectively curb industrial pollutant emissions,but there is no unified conclusion on how the implementation of environmental regulation affects green production efficiency.The fundamental to promote green industrial development is to change the industrial development mode,and the allocation of financial resources plays an important role in this process.The problems caused by environmental regulations,such as the increase in production costs of enterprises and the enhancement of environmental investment and financing constraints,need to be alleviated by the efficient allocation of resources by the financial sector.Therefore,to discuss how financial resource allocation efficiency affects the effect of environmental regulation on industrial green total factor productivity is to explore whether government environmental governance means and market-based allocation mechanism can jointly effectively promote industrial green transformation.Based on the definition and measurement of environmental regulation,financial resource allocation efficiency and industrial green total factor productivity,this paper analyzes in detail the mechanism and path of environmental regulation affecting industrial green total factor productivity,and proposes hypotheses on the mediating effect and moderating effect of financial resource allocation efficiency.Through the panel data model,an empirical analysis of 30 provinces in China from 2003 to 2017 is conducted to verify the positive effect and channel of environmental regulation on industrial green total factor productivity.On this basis,the mediation effect model and the mediated moderation model are used to test the mediating effect and moderating effect of financial resource allocation efficiency,and three channels of moderating effect are obtained.The study finds that environmental regulation effectively promotes the improvement of industrial green total factor productivity,and the way of action is to enhance technological innovation,human capital and capital deepening.Cost-based environmental regulation lacks human capital mediating path.Financial resource allocation efficiency has no mediating effect on environmental regulation and industrial green total factor productivity.Financial resource allocation efficiency negatively moderates the promoting effect of environmental regulation on industrial green total factor productivity;The moderating effect of financial resource allocation efficiency plays a role through technological innovation,human capital and capital deepening.Based on the above research conclusions,this paper puts forward corresponding policy recommendations.We should actively adjust the structure of factors,smooth the channel of resource allocation,guide the correct flow direction of factors,increase the intensity of technological innovation investment,and pay attention to the transformation and application of technological innovation achievements.Improve environmental regulation tools,expand the coverage of environmental protection tax,increase the tax rate of some pollutants,expand the coverage of emission trading market and the number of participants in the market,formulate and implement financial support policies conducive to the growth of low-carbon enterprises.Increase financial support for industrial green transformation,accelerate the establishment of a unified evaluation system to measure the “green level” of enterprises,formulate perfect information disclosure rules,and strengthen supervision over the use of green funds.Compared with previous studies,the innovation of this paper is to explore the impact of environmental regulation on industrial green total factor productivity from two aspects of direct effect and indirect effect,construct a complete theoretical framework,and empirically test it.At the same time,environmental regulation,financial resource allocation efficiency and industrial green total factor productivity are included in the same analysis framework to clarify the relationship between the three,and use the mediated moderation model to explore how financial resource allocation efficiency plays a moderating role,and refine the impact of environmental regulation based on financial resource allocation efficiency on industrial green total factor productivity.