中国人口·资源与环境2026，Vol.36Issue(3)：89-102,14.DOI:10.12062/cpre.20251022
绿色制造体系建设如何影响制造业企业投资效率?
How does the development of green manufacturing systems affect investment efficiency in manufacturing firms?
摘要
Abstract
The development of green manufacturing systems not only serves as a key initiative to curb environmental pollution and im-prove resource utilization efficiency in the manufacturing sector but also as a significant driver for fostering new growth momentum.This study treated Green Factory Certification(GFC)—implemented under the demonstration program for green manufacturing systems—as a quasi-natural experiment.Drawing on the investment-investment opportunity sensitivity model and a multi-period difference-in-differ-ences(DID)approach,the study used data from Shanghai and Shenzhen A-share listed manufacturing firms between 2008 and 2022 to examine the impact of GFC on corporate investment efficiency from the perspective of uncertainty.The results showed that:① GFC sig-nificantly improved manufacturing firms'investment efficiency.This result remained robust after a series of tests,including parallel trend testing,propensity score matching,entropy balancing,and instrumental variable approaches.② Mechanism analysis indicated that GFC enhanced investment efficiency by reducing various forms of uncertainty:specifically,information uncertainty,governance un-certainty,capital uncertainty,and demand uncertainty.③ Heterogeneity analysis,based on the classification of green factory disclosure texts from the Green Manufacturing Public Service Platform,showed that the positive effect of GFC on investment efficiency was stron-ger when firms disclosed more advanced practices.In contrast,forward-looking content in these disclosures did not provide incremental information and tended to weaken the positive relationship between GFC and investment efficiency.Moreover,the positive impact of GFC was more pronounced among firms operating in highly competitive industries and those in high-tech manufacturing sectors.Over-all,this study highlights the vital role of GFC in optimizing investment efficiency in manufacturing firms.It offers new insights into cor-porate investment behavior under environmental constraints and policy incentives,while providing theoretical and practical guidance for policymakers aiming to promote green development and high-quality growth in manufacturing.关键词
绿色制造/绿色工厂认证/投资效率/不确定性Key words
green manufacturing/green factory certification/investment efficiency/uncertainty分类
管理科学引用本文复制引用
李成,吴沁霖,汪锋..绿色制造体系建设如何影响制造业企业投资效率?[J].中国人口·资源与环境,2026,36(3):89-102,14.基金项目
国家自然科学基金面上项目"城市群发展对中国经济低碳转型的影响:理论机制与政策优化"(批准号:72373015),"基于环境效用异质性的收入分配对雾霾污染的影响机制与治理研究"(批准号:71973019),"税收政策不确定性,企业税收风险控制与税收战略选择"(批准号:71772156) （批准号:72373015）
教育部人文社会科学规划基金项目"数智时代企业数据要素治理叠加'人工智能+'的溢出效应研究"(批准号:24YJA630039). （批准号:24YJA630039）
