The “Belt And Road Initiative”,Central Environmental Supervision And Enterprise Emission Reduction

Since the reform and opening up,while China is accelerating the development of industrial economy,the problem of environmental pollution has gradually become prominent.Especially after joining the World Trade Organization at the end of 2001,China began a new round of rapid economic development,and the discharge indicators of various types of pollutants rose sharply.The "Tenth Five-Year Plan","Eleventh Five-Year Plan","Thirteenth Five-Year Plan" and "Fourteenth Five-Year Plan" all regard environmental pollution as a serious problem that needs to be solved urgently.The implementation of the"Belt and Road initiative" has not only strengthened communication and consultation with countries along the route,but also carried out in the fields of infrastructure interconnection,industrial investment,resource development,economic and trade cooperation,financial cooperation,cultural exchanges,ecological protection,and maritime cooperation.A number of key cooperation projects in related fields have been launched.A series of questions arising from this are,with the implementation of the "Belt and Road initiative",what is the status of corporate pollutant emissions while Chinese enterprises are expanding exports and increasing foreign direct investment?Has it increased or decreased with the implementation of the "Belt and Road initiative" policy?What role does the central environmental protection inspector play in it?The research on the above questions has great significance for pollution reduction of Chinese manufacturing enterprises and the future development of the "Belt and Road Initiative".Taking Chinese listed companies as the research object,this paper focuses on the impact and internal mechanism of the implementation of the "Belt and Road initiative"on pollution reduction of Chinese manufacturing enterprises,and further examines the adjustment mechanism of the central environmental supervision on the above effects.At the theoretical level,on the basis of systematically sorting out relevant literature on the "Belt and Road initiative",the central environmental protection inspection and corporate emission reduction,combined with the policy background of the "Belt and Road initiative"and the central environmental inspection,this paper systematically discusses the mechanism of the "Belt and Road Initiative" on corporate pollution emissions from three dimensions:R&D innovation,corporate profitability and management efficiency.At the empirical level,this paper uses the double difference method to empirically test the impact of the "Belt and Road initiative" on corporate emission reduction with the help of the list of environmental pollution emissions of listed companies and the corresponding macro data in my country from 2008 to 2020,and conducts robustness tests,heterogeneity analysis,mechanism test,and moderating effect of central environmental protection inspectorate in promoting enterprise emission reduction under the "Belt and Road Initiative".The main conclusions of this paper include the following:(1)The "Belt and Road Initiative" can significantly reduce sulfur dioxide emissions of Chinese listed companies;(2)After a series of robustness analyses including parallel trend test,placebo test,propensity score matching,exclusion of concurrent policy interference and replacement samples,the promoting effect of the "Belt and Road Initiative" on enterprise emission reduction still exists;(3)Heterogeneity analysis results show that the implementation of the "Belt and Road Initiative" can reduce the pollutant emissions of state-owned enterprises,and the emissions of sulfur dioxide pollutants of listed companies along the "one Belt" and "one Road" cities all decrease significantly with the implementation of the "Belt and Road initiative";The reduction of sulfur dioxide emissions in cities along the "One Road" is greater than that in cities along the "One Belt";With the implementation of the "Belt and Road Initiative",sulfur dioxide emissions by enterprises in eastern China have decreased,the central and western regions are not obvious;The "Belt and Road Initiative" mainly reduces sulfur dioxide emissions of listed companies in the manufacturing industry;The "Belt and Road Initiative"promotes the emission of chemical oxygen demand,ammonia nitrogen compounds and nitrogen oxides.(4)The Belt and Road Initiative mainly promotes the emission reduction of enterprises by improving their R&D and innovation level,improving their innovation profitability and management efficiency.Based on the above research conclusions,this paper puts forward the following policy suggestions:(1)We will continue to vigorously promote the implementation of the "Belt and Road Initiative" and the supervision mechanism of central environmental supervision,while improving the legal and regulatory system of the "Belt and Road Initiative" and central environmental supervision system.(2)It is recommended to focus on the green transformation needs of domestic manufacturing enterprises,continuously expand the open areas of other industries in my country and increase the degree of opening up,clear the system and mechanism obstacles of technology-intensive and free flow of service elements,and accelerate the realization of emission reduction of manufacturing enterprises target.(3)For state-owned enterprises with good policy implementation results,we will promote the development of local non-state-owned enterprises and share more experience in enterprise innovation,transformation and upgrading.At the same time,local governments also need to formulate emission reduction incentive measures for non-state-owned enterprises to improve their enthusiasm for pollution emission.In addition,enterprises should also set emission standards,set strict procedures in the whole process of implementing centralized pollution control,improve the supervision and management mechanism,and strictly enforce the law on environmental protection.