环境规制、劳动生产率与企业工资水平——基于223个地级及以上城市A股工业上市公司的实证分析

本文基于2010～2017年A股工业上市公司数据,同时匹配223个地级及以上城市环境规制数据,采用面板固定效应模型,实证检验环境规制对企业工资水平的影响效应与作用机制。研究发现,环境规制提高了我国工业上市公司的工资水平,改善了社会福利,且劳动生产率发挥重要中介作用。在使用湿度作为工具变量后,回归结果仍然稳健。进一步,基于城市和行业特征异质性的分析表明,环境规制对非资源型、高金融发展水平和高对外开放度城市以及技术密集型和低自然资源依赖度行业中工业企业工资水平的促进作用更为显著。环境规制对工业企业工资水平的影响呈现出明显的低资源、高资金、高开放和高技术偏向。本文为中国实现“双赢”的目标提供了不同的思路。

Environmental Regulation, Labor Productivity and Corporate Wage Level:An Empirical Analysis based on the A-share Industrial Listed Companies in 223 Prefecture-level and above Cities

Based on the data of A-share industrial listed companies from 2010 to 2017, matching with the environmental regulation data of 223 prefecture-level and above cities, this paper uses the panel fixed effects model to empirically test the effect and mechanism of environmental regulation on corporate wage levels. Results show that environmental regulations have increased the wage levels of industrial listed industrial companies in China, and have improved social welfare. Labor productivity has played an important intermediary role there into. Using humidity as an instrumental variable, the regression results are still robust. Furthermore, analyses based on the heterogeneity of the characteristics of cities and industries show that environmental regulations can promote the wage level of industrial enterprises in non-resource-based, high-level financial development and high-openness cities, as well as technology-intensive and low natural resource dependent industries more significantly. The impacts of environmental regulations on the wage levels of industrial enterprises show a clear bias towards low resources, high fund, high openness and high technology. This paper provides different ideas for China to achieve the goal of "win-win".