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

摘要： 结合环境管制政策对企业的影响以及企业的垂直整合动因两方面分析，采用上市公司数据和中国国民经济投入产出数据计算企业纵向一体化指数，通过双重差分法（DID）对“十一五”规划中环境政策实施前后行业平均垂直整合程度是否发生显著变化进行验证，得出环境管制政策的实施对企业垂直整合行为具有促进作用。研究发现，环境管制对非国有企业和西部地区企业的垂直整合行为具有推动作用，对国有企业和位于中部、东部的企业则没有显著影响。本研究为政府针对特定行业产业特点制定环保政策，企业如何对环境政策做出正确反应、选择适合企业最优的垂直整合策略具有一定的参考意义。

关键词: 环境管制, 垂直整合, 交易成本