中央环保督察对制造业企业产能过剩的影响

针对中国日益严重的环境污染问题，政府制定了一系列环境规制政策。然而，地方政府在实施环境规制的过程中受到环境保护和经济发展的双重制约，使得传统环境规制的收效有限，中央环保督察制度在此背景下应运而生。为检验中央环保督察对解决当前中国制造业企业产能过剩问题的效果，基于2012—2019年上市制造业企业的年度数据，利用多期倍差法考察了这一制度对制造业企业产能过剩的影响及作用传导机制。结果表明:中央环保督察整体上有利于制造业企业过剩产能的治理，并通过促进地区专业化集聚来发挥作用。同时，该制度对市场化进程较高地区、重度及中度污染行业的制造业企业过剩产能的改善作用明显，也对大规模、国有及民营制造业企业过剩产能的治理效果显著。

The Influence of Central Environmental Inspection on Overcapacity of Manufacturing Enterprises —Based on An Empirical Analysis of the Multiphase Difference-in-Differences Model

In view of the increasingly serious environmental pollution in China, the government formulated a series of environmental regulation policies. However, local governments are constrained by environmental protection and economic development in the process of implementing environmental regulation due to the political centralization and economic decentralization, leading to the limited effect of traditional environmental regulation. Traditional environmental regulation has limited effect in dealing with the increasingly serious environmental problems. Therefore, Central Environmental Inspection system arose at the historic moment. In order to test the effect of Central Environmental Inspection on reducing overcapacity of Chinese manufacturing enterprises, the Multiphase Difference-in-Differences method was used to investigate the impact of this system and the effect mechanism based on the annual data of listed manufacturing enterprises from 2012 to 2019. The results showed that Central Environmental Inspection was beneficial to the reduction of overcapacity of manufacturing enterprises and played a role by promoting the regional specialized agglomeration. At the same time, the system had a significant effect on reducing overcapacity of manufacturing enterprises in regions with high marketization process and in heavy and moderate pollution industries. It also had a significant effect on controlling the backward production capacity in large size, state-owned and private manufacturing enterprises.