关键词: 环境规制, 成本加成率, PSM-DID, 制造业

Abstract: Based on the Chinese industrial enterprise pollution emission database and Chinese industrial enterprise database over the period from 2000 to 2011, this paper uses PSMDID method to investigate the effect of environmental regulation on the markup ratio of manufacturing enterprises and its micro mechanism, in which the substantial promotion of environmental regulation stringency since the 11th Fiveyear Plan is regarded as quasi natural experiment. The empirical results of the total sample show that the environment regulation has produced a positive effect on markup ratio. Mediation effect tests show that the promotion effect of environment regulation on markup ratio is majorly driven by innovative compensation mechanism, the effect of an increase in compliance cost caused by environmental regulation has produced a negative effect on markup ratio and the effect of the market structure mechanism is not significant. The results of sub sample regression show that the promotion effect of environmental regulation on the markup ratio is more obvious in high pollution industries and in middle regions.

Key words:  , environmental regulation, markup ratio, PSMDID, manufacturing