自愿型环境规制与企业产能利用率的提升OA

Capacity utilization is a critical factor influencing the high-quality development of enterprises.Previous studies have pre-dominantly focused on the improvement effects of environmental regulation policies based on command-and-control or market incen-tives on enterprise capacity utilization,with limited attention given to voluntary environmental regulation policies.The impact of green factory construction,a novel tool for voluntary environmental regulation,on enterprise capacity utilization warrants further investigation.Based on data from A-share listed manufacturing companies from 2010 to 2023,this study employed a multi-period difference-in-differ-ences(DID)model to empirically examine the impact of green factory policies on enterprise capacity utilization.The findings indicated that:① Green factory policies significantly enhanced enterprise capacity utilization,and this conclusion remainesd robust after a series of robustness tests.② Mechanism analysis revealed that green factory policies primarily improved enterprise capacity utilization through three channels:reducing inefficient investment,curbing financialization tendencies,and enhancing the quality of information disclosure.③ Heterogeneity analysis demonstrated that green factory policies exerted a more pronounced promoting effect on enterprise capacity utilization in non-resource-based cities,enterprises with weaker market power,and capital-intensive industries.④ Further in-vestigation indicated that the combined implementation of voluntary and command-and-control environmental regulation policies could generate policy synergies,thereby more effectively improving enterprise capacity utilization.However,the synergistic effect between voluntary environmental regulation and market-based or public participation-based environmental regulation policies yielded less signif-icant results.To facilitate the high-quality development of manufacturing enterprises,governments should further promote and refine voluntary environmental regulation policies while coordinating the use of both voluntary and command-and-control regulatory tools.Ad-ditionally,governments should support enterprises in more efficiently understanding and meeting green factory assessment require-ments by providing services such as policy guidance and resource integration to promote enterprises to address overcapacity issues and achieve sustainable green development.This study contributes micro-level empirical evidence for the theoretical exploration of the eco-nomic effects of voluntary environmental regulation policies and provides practical insights into resolving overcapacity challenges in the manufacturing sector.