Abstract
Based on the semi-annual financial data of China's listed enterprises from 2017 to 2022, this paper divides the sample enterprises into environmental listed enterprises and other general listed enterprises in the industry of environmental listed enterprises, and evaluates the impact and mechanism of the "Regulations on the Supervision of Central Ecological and Environmental Protection" on the performance of environmental listed enterprises through the difference-difference method. This paper finds that the Regulation reduces the performance level of environmental listed enterprises. The strengthening of regulatory effect and the reduction of innovation input are the important mechanisms. From the perspective of heterogeneity effect, the Regulation has greater inhibitory effect on the performance of private environmental protection enterprises, but has no significant effect on the performance of state-owned environmental protection enterprises. Compared with small-scale environmental protection enterprises, the "Regulations" have less inhibitory effect on the performance of large-scale environmental protection enterprises. After a variety of robustness tests, the conclusions of this study are still valid, which can provide important reference for relevant government departments to formulate appropriate environmental policies and promote the stable and healthy development of environmental protection enterprises.
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