Study on the Impact of the New Environmental Protection Law of People’s Republic of China on Corporate Green Transformation
[an error occurred while processing this directive]
Abstract Based on the data of Shanghai and Shenzhen A-share listed companies from 2010 to 2023, the paper uses the causal forest method to examine the impact and underlying mechanisms of the new Environmental Protection Law on the responsive and authentic green transformation of enterprises. The results show that the new Environmental Protection Law has a significant promoting effect on both types of green transformation for enterprises. The heterogeneity analysis indicates that, based on subsample tests, the impact of the New Environmental Protection Law on two types of corporate green transformation differs across informal institutions and property rights nature. Based on the causal forest algorithm, it was found that the New Environmental Protection Law has heterogeneous individual treatment effects on the two types of green transformation. According to the ranking of feature importance, the relatively important splitting variables obtained show a nonlinear relationship with the two types of corporate green transformation. Mechanism testing reveals that the New Environmental Protection Law mainly promotes green transformation of enterprises through three ways: enhancing the environmental attention of the executive team, increasing government environmental subsidies and attracting media attention. The conclusions deepen the theoretical understanding of the implementation effects of the New Environmental Protection Law and provide reference value for promoting high-quality development of the green economy. Based on this, it is necessary to accelerate the improvement of the environmental regulation policy system, formulate differentiated regulatory measuresa nd guide more enterprises towards the path of green transformation.
HAN Jun,ZHAO Tiantian,WEI Hao. Study on the Impact of the New Environmental Protection Law of People’s Republic of China on Corporate Green Transformation. Economic Survey, 2025, 42(5): 0146.
2025, Vol. 42 
