环保垂直管理改革如何提升企业绿色全要素生产率?

How does the Environmental Vertical Management Reform Enhance Corporate Green TFP?

范小敏,刘中强

2026 第 28 卷 第 03 期 页码 90-105

DOI: 10.16538/j.cnki.jsufe.2026.03.007

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摘要

环保垂直管理改革(以下简称“环保垂改”)作为中国环境治理体系的关键性制度创新,通过重构政府层级间环境治理权责关系与激励机制,为构筑企业绿色转型内生动力提供突破口。文章基于2008—2023年中国A股制造业上市公司数据,系统考察环保垂改对企业绿色全要素生产率的影响及作用机制。研究发现:环保垂改显著提升企业绿色全要素生产率;环保垂改通过提高地方政府环境治理意愿、激发企业优化资源配置以及强化公众的环境治理关注,推动建立“政府—企业—公众”多主体协同共治路径,从而提升企业绿色全要素生产率;环保垂改对企业绿色全要素生产率的提升作用,因企业面临的外部环境及其内在属性特征等约束性条件的不同而呈现异质性,对市场化水平高、经济增长压力小、重点污染行业、国有企业和县域企业的影响更大;环保垂改推动政府环境治理意愿与企业绿色转型发展具有协同互促效应。研究结论为构建环境治理长效机制、激发企业绿色转型内生动力以及推进环境治理能力现代化具有重要的决策参考价值。

The environmental vertical management reform (EVMR), as a pivotal institutional innovation in China’s environmental governance system, has established a breakthrough for fostering endogenous momentum in corporate green transformation by restructuring intergovernmental power-responsibility relationships and incentive mechanisms in environmental governance. This paper constructs a staggered DID model and systematically investigates the impact and mechanisms of EVMR on corporate green TFP using data from China’s A-share listed manufacturing companies from 2008 to 2023. The findings suggest that EVMR significantly enhances corporate green TFP. Mechanism testing indicates that, at the government level, by breaking local protectionism and strengthening regulatory authority, EVMR increases local governments’ willingness to govern the environment, forcing enterprises to respond with green production through “hard constraints” of environmental regulations and thus stimulating their motivation for green production. At the firm level, stringent regulations driven by the reform encourage enterprises to optimize resource allocation and increase R&D and environmental protection investment, thereby effectively raising their green TFP. At the public level, the reform increases local governments’ willingness to govern the environment and raises public attention to environmental governance, forming a binding and supervisory mechanism that compels enterprises to pursue green transformation. Accordingly, EVMR effectively promotes the establishment of a multi-agent collaborative governance path involving “government-enterprise-public” to enhance corporate green TFP. Heterogeneity analysis indicates that the policy effect varies depending on enterprises’ external environments and internal attributes, with a more pronounced impact observed in enterprises with a higher level of marketization and lower economic growth pressure, enterprises in key pollution-intensive industries, state-owned enterprises, and county-level enterprises. Furthermore, this positive effect is more significant in the context of higher corporate green TFP, demonstrating a synergistic interaction effect between institutional innovation and corporate green transformation. This paper provides critical decision-making insights for building a long-term mechanism for environmental governance, stimulating the endogenous driving force of corporate green transformation, and advancing the modernization of environmental governance capabilities.

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