4390 
6604企业的生存和淘汰直接反映了市场优胜劣汰选择功能的发挥效果。文章通过对中国污染企业生存状态进行考察发现，高污染企业反而能够获得相对更长的生存时间。一系列内生性处理、持续性观测和进一步的稳健性检验均验证了企业“污而不倒”现象的存在。研究还发现，污染企业的生存之道更多还是依靠政府补贴的直接作用，与市场选择功能相适应的“波特假说”在样本期间内始终未能出现。同时，具有较高资本产出弹性的重工业企业的“补贴依赖症”相对更为明显。“污而不倒”现象有悖于市场选择功能的基本逻辑，不利于中国经济结构转型。因此，文章的研究有利于反思“污而不倒”现象背后的政府行为。文章认为，在加大环境规制力度的同时要慎用政府补贴政策，做到不同政策相互协调、相向而行才能倒逼企业提升效率，进而实现绿色发展。
污染企业的生存之道：“污而不倒”现象的考察与反思
摘要
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徐志伟, 李蕊含. 污染企业的生存之道：“污而不倒”现象的考察与反思[J]. 财经研究, 2019, 45(7): 84-96.
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