Abstract
With the heightened concern of environmental sustainability, the relationship between environmental regulations and enterprise high-quality development(HQD) has become increasingly intertwined. However, the specific impact of environmental regulation on enterprise HQD remains unclear. Based on the panel data of A-share listed manufacturing companies in China from 2010 to 2020, this study constructs a two-tier stochastic frontier model to measure the bilateral effects of environmental regulation on enterprise HQD. The empirical results indicate the following: 1. The positive effect of environmental regulation makes the HQD of enterprises 54.995% higher than the frontier level, while its negative effect results in HQD being 16.215% lower than the frontier level. 2. The net effect of environmental regulation on enterprise HQD is positive over time, and it overall displays a W-shaped fluctuating downward trend. 3. Heterogeneity analysis, categorized by various criteria, shows that enterprises that are in non-heavily polluting industries, audited by listed accounting firms, state-owned enterprises, with higher investor attention, and in regions with lower intensity of environmental regulation, experience a greater net positive effect from environmental regulation. Policy implications are discussed to enhance the effectiveness of environmental regulation and high-quality development of enterprise
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