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To address the synergistic challenges posed by environmental governance and economic development, the Chinese government has introduced the Ecological Civilization Pilot (ECP) policy, which focuses on the construction of ecological civilization. In this study, we employ the ECP policy as a quasi-natural experiment and utilize data from China’s A-share listed companies spanning from 2010 to 2021. By adopting the Difference-in-Differences (DID) method, we investigate whether the ECP policy has enhanced Total Factor Productivity (TFP) among enterprises. The research findings indicate that the ECP policy has a significant positive effect on improving TFP among enterprises located in the pilot regions. This conclusion remains robust after alternative dependent variable specifications, sample interval adjustments, and placebo tests. Heterogeneity analysis reveals that the ECP policy can significantly improve TFP among non-heavy polluting enterprises, non-state-owned enterprises, technology-intensive and capital-intensive enterprises. This study deepens the understanding of the mechanism through which the ECP policy promotes efficient production and green development, providing empirical evidence for optimizing environmental policies under China’s dual-carbon goals. We recommend phased ECP expansion, region-industry-specific incentive mechanisms, and targeted technological support for non-state-owned enterprises and capital-intensive sectors to achieve synergies between environmental and economic outcomes.

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The Effect of National Ecological Civilization Pilot Zones on Firms-Level Total Factor Productivity

  • 会议论文

  • 发表日期：

    2025年

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  • Xiaoxue Deng,
  • Lanqi Xia,
  • Liming Zhang,
  • Lili Liu,
  • Danping Luo

摘要

To address the synergistic challenges posed by environmental governance and economic development, the Chinese government has introduced the Ecological Civilization Pilot (ECP) policy, which focuses on the construction of ecological civilization. In this study, we employ the ECP policy as a quasi-natural experiment and utilize data from China’s A-share listed companies spanning from 2010 to 2021. By adopting the Difference-in-Differences (DID) method, we investigate whether the ECP policy has enhanced Total Factor Productivity (TFP) among enterprises. The research findings indicate that the ECP policy has a significant positive effect on improving TFP among enterprises located in the pilot regions. This conclusion remains robust after alternative dependent variable specifications, sample interval adjustments, and placebo tests. Heterogeneity analysis reveals that the ECP policy can significantly improve TFP among non-heavy polluting enterprises, non-state-owned enterprises, technology-intensive and capital-intensive enterprises. This study deepens the understanding of the mechanism through which the ECP policy promotes efficient production and green development, providing empirical evidence for optimizing environmental policies under China’s dual-carbon goals. We recommend phased ECP expansion, region-industry-specific incentive mechanisms, and targeted technological support for non-state-owned enterprises and capital-intensive sectors to achieve synergies between environmental and economic outcomes.