Research On The High-quality Development Of High-energy-consuming Enterprises Under The Environmental Protection Target Responsibility Syste

After the 19 th National Congress of the Communist Party of China put forward the new expression of high-quality development for the first time in 2017,China has paid more attention to quality development.High-quality is bound to become the logical mainline which guides China’s economic development at present and in the future.On the other hand,the increasing green trade barriers and the frequent occurrence of ecological dumping in the world have put forward a higher-level requirement for energy-intensive firms.Under the new historical background of dual environmental pressures in China and other countries,high-quality development will inevitably meet more urgent needs.Therefore,how to promote the high-quality development of energy-intensive firms has become a practical problem that needs to be solved urgently.Although theoretically,the implementation of environment-related policies has two aspects of impact on high-quality development.There is still a lack of empirical support for firm-level measurement.Since the energy-intensive firms turn out to be more susceptible to pollution restrictions than any other firms and play a pivotal role in the development of the national economy,we regard energy-intensive firms from 2003 to 2018 as the experimental group samples.The other firms are the control group sample.We draw on the group standard of "Firms High-Quality Development Evaluation Indicators" promulgated by the China Firms Reform and Development Research Association to evaluate the high-quality development of related.This standard was officially used in September 2021.The indicators mainly include five dimensions: "Benefit Development","Innovative Development","Open Development","Green Development" and "Social Responsibility".The high-quality development of energy-intensive firms is measured through five latitudes.At the same time,the data of listed companies is used to cluster and analyze the high-quality development status of firms at the provincial level.The high-quality development evaluation index of the firms is calculated by the entropy weight method.Finally,the double-difference model is used to analyze the impact of the environmental protection target responsibility system on the high-quality development of energy-intensive firms.The research results show that:(1)There are great provincial differences in the high-quality development value of Chinese firms,and low-quality development firms are more concentrated in the central and western provinces of China.(2)The target responsibility system of environmental protection significantly inhibits the high-quality development of firms,and energy-intensive firms are more constrained by environmental policies than any other types of firms.(3)The constraints of the environmental protection target responsibility system on the high-quality development of the energy-intensive firms appeared in the year of policy implementation.Its negative impact gradually increased two years after the policy was implemented,and then weakened in the later period.(4)In contrast with the private energy-intensive firms,the high-quality development of state-owned firms shows no significant correlation with environmental policy constraints.The energy-intensive firms in the eastern region are less affected by the environmental protection target responsibility system.(5)The efficiency of capital allocation by corporations mediates the effects of responsibility for environmental protection targets on the energy-intensive firms’ high-quality development.The formulation of relevant environmental policies such as the environmental protection target responsibility system should pay more attention to connotation,time,region and ownership,and propose relevant improvement policy suggestions at different levels.