关键词: 环境管制, 垂直整合, 交易成本

Abstract: Based on the analysis of the impact of environmental policies on enterprises and the vertical integration motivation of enterprises, this paper employs the data of listed companies and China’s national economic input-output to calculate the vertical integration index of enterprises and applies the difference-in-difference (DID) model to test whether there is a significant change in the average level of vertical integration of a certain industry before and after the implementation of environmental policies in the Eleventh Five-Year Plan. The main conclusion is that environmental regulation promotes the vertical integration of enterprises. In particular, environmental regulation has a positive effect on the vertical integration of non-state-owned enterprises and those in the western region of China while it has no significant impact on state-owned enterprises and those in the central and eastern regions. This paper has certain reference for the government in formulating environmental policies for specific industries according to the chain characteristics and for enterprises in respond to environmental policies in advance and appropriately apply vertical integration strategies.

Key words: environmental regulation, vertical integration, transaction costs