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To examine the impact of environmental regulations on corporate green innovation from the perspective of external attention, and to better promote the achievement of the "dual carbon" goal and high-quality economic development, this study took industrial enterprises listed on the Shanghai and Shenzhen A-shares from 2010 to 2022 as research objects, and used the difference-in-differences methodology to empirically analyze the impact of the implementation of the new environmental protection law on green innovation of heavily polluting enterprises. The study found that: (1) The implementation of the new environmental protection law was found to exert a significant inhibitory effect on the green innovation of heavily polluting enterprises, mainly reflected in its impact on the quantity of green innovation (2) From the perspective of the mechanism of external attention, analyst attention, institutional investor attention, and media attention were found to effectively mitigate the negative effects of the new environmental protection law on corporate green innovation (3) The impact of environmental regulations on corporate green innovation was shown to be heterogeneous across firms with different levels of digitalization, financing constraints, industry competition levels, and strategic orientations. The research results provide a new analytical framework and empirical basis for understanding the complex relationship between environmental regulation and corporate green behavior from an integrated "regulation-attention-innovation" perspective, offering implications for guiding corporate green transformation and building a multi-party governance system.

, authors=Si-qi WANG1, Zhen-yu LIU2, Rong-zhi TIAN2, min JIN1, *, authorsList=Si-qi WANG, Zhen-yu LIU, Rong-zhi TIAN, min JIN, authorCompany=null, correspAuthors=min JIN, authorNote=null, correspAuthorsNote=null, copyrightStatement=null, copyrightOwner=null, extLink=null, articleAbsUrl=null, sourceXml=null, magXml=null, pdfUrl=null, pdf=null, pdfFileSize=null, pdfExtLink=null, richHtmlUrl=null, mobilePdfUrl=null, reviewReport=null, pdfFirstPage=null, abstractGraph=null, abstractGraphContent=null, abstractVideo=null, citation=null, cebUrl=null, magXmlContent=null, mapNumber=null, fund=null), CN=ArticleExt(id=1314922149048057878, articleId=1314922148611850260, tenantId=1146029695717560320, journalId=1234093305789726721, language=CN, title=环境规制、外部关注与重污染企业绿色创新——基于新环保法实施的双重差分验证, columnId=1234106419604157142, journalTitle=中国环境科学, columnName=环境影响评价与管理, runingTitle=null, highlight=null, articleAbstract=

为研究外部关注视角下环境规制对企业绿色创新的影响,更好推动实现“双碳”目标与经济高质量发展,以2010~2022年中国沪深A股上市工业企业为研究对象,运用双重差分法实证分析了新环保法实施对重污染企业绿色创新的影响.研究发现:(1)新环保法实施对重污染企业绿色创新产生了显著的抑制作用,且主要体现于对绿色创新数量的影响.(2)从外部关注的作用机制来看,分析师关注、机构投资者关注、媒体关注均能够有效缓解新环保法对企业绿色创新的负面效应.(3)环境规制对企业绿色创新的影响在不同企业数字化程度、融资约束、行业竞争水平和企业战略差异的样本中存在异质性.研究结果从“规制—关注—创新”整合视角为理解环境规制与企业绿色行为之间的复杂关系提供了新的分析框架与实证依据,对分类引导企业绿色转型、构建多方共治的环境治理体系具有启示意义.

, authors=王思琦1, 刘镇瑀2, 田容至2, 靳敏1, *, authorsList=王思琦, 刘镇瑀, 田容至, 靳敏, authorCompany=null, correspAuthors=靳敏, authorNote=

王思琦(1998-),女,黑龙江牡丹江人,中国人民大学博士研究生,主要从事环境经济管理方面研究.发表论文20余篇..

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* 责任作者,教授,
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王思琦(1998-),女,黑龙江牡丹江人,中国人民大学博士研究生,主要从事环境经济管理方面研究.发表论文20余篇..

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王思琦(1998-),女,黑龙江牡丹江人,中国人民大学博士研究生,主要从事环境经济管理方面研究.发表论文20余篇..

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环境规制、外部关注与重污染企业绿色创新——基于新环保法实施的双重差分验证
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王思琦 1 , 刘镇瑀 2 , 田容至 2 , 靳敏 1, *
中国环境科学 | 环境影响评价与管理 2026,46(2): 1164-1175
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中国环境科学 |环境影响评价与管理 2026 , 46 (2) : 1164 -1175
环境规制、外部关注与重污染企业绿色创新——基于新环保法实施的双重差分验证
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王思琦1 , 刘镇瑀2, 田容至2, 靳敏1, *
作者信息
  • 1.中国人民大学生态环境学院,北京 100872
  • 2.中共中央党校(国家行政学院)经济学部,北京 100091
通讯作者:
* 责任作者,教授,
作者简介:

王思琦(1998-),女,黑龙江牡丹江人,中国人民大学博士研究生,主要从事环境经济管理方面研究.发表论文20余篇..

Environmental regulation, external attention, and green innovation in heavily polluting enterprises—A difference-in- differences test based on the implementation of the new environmental protection law
Si-qi WANG1 , Zhen-yu LIU2, Rong-zhi TIAN2, min JIN1, *
Affiliations
  • 1.School of Ecology & Environment, Renmin University of China, Beijing 100872, China
  • 2.Department of Economics, Party School of the CPC Central Committee, Beijing 100091, China
出版时间: 2026-02-20
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为研究外部关注视角下环境规制对企业绿色创新的影响,更好推动实现“双碳”目标与经济高质量发展,以2010~2022年中国沪深A股上市工业企业为研究对象,运用双重差分法实证分析了新环保法实施对重污染企业绿色创新的影响.研究发现:(1)新环保法实施对重污染企业绿色创新产生了显著的抑制作用,且主要体现于对绿色创新数量的影响.(2)从外部关注的作用机制来看,分析师关注、机构投资者关注、媒体关注均能够有效缓解新环保法对企业绿色创新的负面效应.(3)环境规制对企业绿色创新的影响在不同企业数字化程度、融资约束、行业竞争水平和企业战略差异的样本中存在异质性.研究结果从“规制—关注—创新”整合视角为理解环境规制与企业绿色行为之间的复杂关系提供了新的分析框架与实证依据,对分类引导企业绿色转型、构建多方共治的环境治理体系具有启示意义.

新环保法  /  环境规制  /  企业绿色创新  /  外部关注

To examine the impact of environmental regulations on corporate green innovation from the perspective of external attention, and to better promote the achievement of the "dual carbon" goal and high-quality economic development, this study took industrial enterprises listed on the Shanghai and Shenzhen A-shares from 2010 to 2022 as research objects, and used the difference-in-differences methodology to empirically analyze the impact of the implementation of the new environmental protection law on green innovation of heavily polluting enterprises. The study found that: (1) The implementation of the new environmental protection law was found to exert a significant inhibitory effect on the green innovation of heavily polluting enterprises, mainly reflected in its impact on the quantity of green innovation (2) From the perspective of the mechanism of external attention, analyst attention, institutional investor attention, and media attention were found to effectively mitigate the negative effects of the new environmental protection law on corporate green innovation (3) The impact of environmental regulations on corporate green innovation was shown to be heterogeneous across firms with different levels of digitalization, financing constraints, industry competition levels, and strategic orientations. The research results provide a new analytical framework and empirical basis for understanding the complex relationship between environmental regulation and corporate green behavior from an integrated "regulation-attention-innovation" perspective, offering implications for guiding corporate green transformation and building a multi-party governance system.

new environmental protection law  /  environmental regulation  /  corporate green innovation  /  external attention
王思琦, 刘镇瑀, 田容至, 靳敏. 环境规制、外部关注与重污染企业绿色创新——基于新环保法实施的双重差分验证. 中国环境科学, 2026 , 46 (2) : 1164 -1175 .
Si-qi WANG, Zhen-yu LIU, Rong-zhi TIAN, min JIN. Environmental regulation, external attention, and green innovation in heavily polluting enterprises—A difference-in- differences test based on the implementation of the new environmental protection law[J]. China Environmental Science, 2026 , 46 (2) : 1164 -1175 .
  • 国家社会科学基金重大项目(20&ZD092)
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  • 接收时间:2025-06-17
  • 首发时间:2026-10-08
  • 出版时间:2026-02-20
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  • 收稿日期:2025-06-17
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国家社会科学基金重大项目(20&ZD092)
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    1.中国人民大学生态环境学院,北京 100872
    2.中共中央党校(国家行政学院)经济学部,北京 100091

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