摘要：作为固定污染源监管制度体系的核心制度，排污许可制可能通过强化环境约束与信息披露要求，从而在合规压力下倒逼企业数字化转型，成为环境政策整合带来的未预期受益。基于2016－2022年全国排污许可证大数据和制造业上市公司数据，本文采用交错双重差分法探究了排污许可政策对企业数字化转型的影响及其作用机制。研究发现，排污许可制能够显著促进企业数字化转型，并且基准回归结果在通过各种识别假定检验和稳健性检验后依然成立。机制检验表明，排污许可制主要通过激发基层环保监管效能产生的监管倒逼效应、提高社会公众关注度产生的公众监督效应以及推动企业数字技术创新产生的技术诱导效应促进企业数字化转型。进一步研究发现，这一政策没有推动区块链维度的数字化转型，而政策效应主要体现在非国有制企业、非重污染型企业，并且数字经济发展水平越高的地区，政策效果越显著。研究结论不仅有助于完善排污许可政策、建立环境治理协同机制，也为助力制造业企业数字化转型提供了经验证据与决策参考。
关键词：排污许可制；制造业数字化转型；交错双重差分法
The Unexpected Benefits of Environmental Policy Integration: Pollutant Emission Permit System and Manufacturing Digital Transformation
Zhang Guojian，Jang Shoujian，Yu Zhong，Hu Yumei
Abstract：As the core institution of the regulatory system for fixed pollution sources, the Pollutant Emission Permit System (PEPS) imposes stricter environmental constraints and information disclosure requirements, which forces enterprises to pursue digital transformation under compliance pressure and thereby generates unintended benefits arising from integrated environmental policies. Based on the national big data of pollutant emission permits and panel data of listed manufacturing enterprises from 2016 to 2022, this paper adopts the staggered difference-in-differences method to empirically explore the impact of the PEPS on corporate digital transformation and its underlying mechanisms. The empirical results indicate that the PEPS can significantly promote the digital transformation of manufacturing enterprises, and the baseline regression results remain valid after passing a series of identification assumption tests and robustness tests. Mechanism tests demonstrate that the PEPS promotes corporate digital transformation through three major channels: the regulatory forcing effect by stimulating the efficiency of grassroots environmental supervision, the public supervision effect by raising public attention to environmental governance, and the technology induction effect by driving enterprises’ digital technological innovation. Further heterogeneous analysis shows that the policy fails to facilitate enterprise digital transformation in the blockchain dimension. Its governance effect is mainly reflected in non-state-owned enterprises and non-heavily polluting enterprises, and is more pronounced in regions with a higher level of digital economy development. The research findings not only improve the institutional design of the PEPS and support the establishment of a collaborative environmental governance mechanism, but also provide empirical evidence and decision-making references for boosting the digital transformation of manufacturing enterprises.
Keywords: Pollutant Emission Permit System (PEPS); Digital Transformation; The Staggered Difference-in-Differences Method
全文：
环境政策整合的未预期受益：排污许可制与制造业数字化转型.pdf