报告一：Environmental regulation, intelligent manufacturing and corporate investment & financing: Evidence from industrial robot investment
Industrial robots, as a core technology and essential tool in intelligent manufacturing, have brought about a new transformation in industrial production methods. China is at a critical juncture in its green and low-carbon transition and urgently needs to increase investments in industrial robots. Therefore, the escalating environmental policies warrant further research into their impact on investments in industrial robots. Based on the policy shock provided by the implementation of the Clean Air Action in 2013, we matched industrial robot data and Chinese listed enterprise data and then constructed a quasi-natural experiment to assess the environmental regulation impact on investments in industrial robots. The results indicate that the stringent environmental regulation significantly inhibited heavily polluting enterprises from adopting industrial robots. Mechanism analysis reveals that environmental regulation has influenced the transformation and upgrading of polluting enterprises through investment and financing channels: Under the pressure the environmental regulation, highly polluting manufacturing firms have relatively reduced investment, thereby inhibiting the installation of industrial robots. In terms of corporate financing, debt financing constraints are the main channel of inhibiting investments. Furthermore, factors such as corporate ownership and industry concentration also play a moderating role in the policy effect. The findings of this paper provide insights for the government in formulating and implementing relevant environmental policies as well as complementary industrial policies.
吴小平，博士，安徽财经大学金融学院讲师。主要研究方向为微观计量经济学；金融计量经济学；环境经济学；教育经济学。在Operations Research Letters、Finance Research Letters等知名期刊上发表论文多篇。