Research On The Impact Of The Central Environmental Protection Inspection System On The Economic Performance Of Industrial Enterprises

The sustained growth of China’s economy has been accompanied by problems such as resource waste,low efficiency,and serious environmental damage.China urgently needs to accelerate the transformation of its development mode,vigorously develop a green economy and circular economy to explore new economic growth points,and fundamentally solve the contradiction between the ecological environment and economic growth.In this context,the central government officially implemented the environmental inspection system in 2015 to demonstrate its determination to resolutely carry out environmental remediation.The central environmental protection inspection system differs from previous environmental regulation policies that focused on "supervising enterprises".It emphasizes "party and government responsibilities" and public participation,shifting the focus of work to local governments,achieving a leap towards an environmental inspection system centered on "supervising politics",effectively solving a number of long-standing environmental "big problems" that have been unresolved for many years and achieving significant results in environmental governance.However,while the central environmental inspection system addresses ecological and environmental issues and assigns environmental responsibility assessment tasks to local governments,it is bound to affect enterprises’ production and operation activities and significantly impact their production and operation.So,what is the impact of the central environmental protection inspection system on the economic performance of enterprises? If there is an impact,what are the channels through which it occurs? Will this impact be heterogeneous due to differences in internal and external factors within the enterprise?For this reason,this thesis focuses on micro-enterprises,uses the data of 2410 listed industrial enterprises from 2013 to 2021,and uses the multi-period double difference model to empirically analyze the impact of the central environmental protection inspection system on the economic performance of enterprises,and uses a series of robustness tests to prove the reliability of the results.Then,on this basis,this thesis first analyzes the mechanism of the impact of the central environmental protection inspection system on the economic performance of enterprises with the help of the mediation effect model and then uses the mediation effect model to analyze the heterogeneity from the perspective of the "look back" inspection mechanism,the nature of enterprise property rights,the intensity of environmental regulation and financing costs.Based on the above research,the following conclusions are drawn in this article:Firstly,the central environmental protection inspection system has a significant promoting effect on the economic performance of enterprises.Secondly,the mediation effect test shows that central environmental protection inspection can affect the level of the economic performance of enterprises through two channels: technological innovation and agency costs.In addition,heterogeneity analysis shows that the "looking back" inspection mechanism has a stronger promoting effect between the central environmental protection inspection system and enterprise economic performance;In addition,the central environmental protection inspection system has a better impact on the economic performance of state-owned enterprises;The intensity of regional environmental regulations did not affect the effectiveness of the central environmental inspection system on the economic performance of enterprises;Finally,the central environmental inspection system will also have a stronger promoting effect on the economic performance of low financing cost enterprises.Based on the above conclusions,this article proposes the following policy recommendations.Firstly,the government should firmly promote the normalization of the central environmental protection inspection system.Secondly,the government should increase enterprises’ financial support to ensure technological innovation and transformation.Third,the government should take differentiated reward and punishment measures to ensure the Lebensraum of non-state-owned enterprises and enterprises with low financing costs.Fourthly,the government should continuously improve the operational mechanism of the central environmental protection inspection system,which is supported by public participation and media inspection.