Abstract: Based on the research of Antweiler et.al (2001) and combining the incomplete contract theory, this paper develops a general model of pollution discharge, and then uses the Difference-in-Difference method with data of two-digit manufacturing industries of China to examine the impact of the contract institution on the environmental quality. The empirical result shows that contract institution is the key factor of pollution discharge. Moreover, firms are apt to invest special emission reduction capital to reduce pollution and improve environment quality in the region where contract institution is comparatively complete.However, this positive effect fails to be strengthened in higher contract intensive industries. This abnormal result can be explained by pollution intensity of the industry itself. The previous result is still stable after controlling a series of factors such as per capita capital, human resources, foreign direct investment and external trade.

摘要： 基于Antweiler et al.(2001)的基础研究框架，结合不完全契约理论，本文构建了企业排污的一般模型，并使用双重差分法（difference-in-difference）的估计方法，结合我国省际制造业细分行业数据，考察了契约制度对环境质量的影响。研究发现，地区契约制度是影响环境质量的重要因素，在契约制度较为完善的地区，企业倾向于投入“减排专用资本”进行污染减排活动，进而改善环境质量。但是这种积极作用在契约密集度较高的行业并没有得到进一步强化，用行业本身的污染强度属性则可以解释这一“反常”的结果。在控制了人均资本存量、人力资本、外商直接投资、对外贸易等因素后，以上结论依然稳健。