Abstract: Eliminating backward capacity through environmental governance is an important measure to effectively resolve overcapacity of enterprises in the new era. Compared with the passive implementation of central environmental protection policies, the environmental governance objectives and measures in local governments' work reports can not only effectively bring into play the subjective initiative of environmental governance of the relevant departments at the local level, but also formulate appropriate environmental protection policies based on the actual situation of the region. However, there is a lack of research based on the perspective of local government environmental governance.
This paper uses Python to extract the frequency of words related to environmental protection in the work reports of local governments, constructs the environmental governance indicators of local governments, and empirically tests the impact of local government environmental governance on enterprise overcapacity. The findings are as follows: Firstly, local government environmental governance has significantly improved the capacity utilization rate of enterprises, and this result is still valid after the endogenous and robust tests are carried out using instrumental variable method. Secondly, local government environmental governance inhibits over-investment of enterprises by exerting the “following cost effect” and pushes enterprises to make green technological innovation by giving play to the “innovation compensation effect”, thus forcing enterprises to eliminate backward production capacity and improve capacity utilization. Thirdly, the heterogeneity analysis shows that the effect of capacity reduction of local government environmental governance is more significant in industries with fierce “capacity competition” and areas with high degree of marketization, and the economic consequence test finds that the effect of local government environmental governance drives the improvement of enterprise value.
The research in this paper not only provides new evidence for the government intervention theory of overcapacity, but also extends the theoretical framework of government environmental governance to resolve overcapacity, as well as provides a reference for the formulation of current overcapacity policy.

Key words: Local Government Environmental Governance, Enterprise Overcapacity, Capacity Utilization, Government Intervention

摘要： 通过环境治理淘汰落后产能是新时代有效化解企业产能过剩的重要举措,相较于被动执行中央环境保护政策,地方政府工作报告中的环境治理目标和措施不仅可以有效发挥本级相关部门环境治理的主观能动性,还可以结合地区实际制定适宜的环境保护政策。然而,基于地方政府环境治理视角的研究较为匮乏。本文通过Python提取各地区政府工作报告中与环境保护相关词频,构建地方政府环境治理指标,实证检验了地方政府环境治理对企业产能过剩的影响。研究发现:第一,地方政府环境治理显著提升了企业产能利用率,该结果在采用工具变量法等方法进行内生性和稳健性检验后依然成立。第二,地方政府环境治理通过发挥“遵循成本效应”抑制企业过度投资,以及发挥“创新补偿效应”倒逼企业绿色技术创新,从而迫使企业淘汰落后产能、提升产能利用率。第三,地方政府环境治理的去产能效应在“产能攀比”激烈行业和市场化程度较高地区更为显著,且地方政府环境治理的去产能效应带动了企业价值提升。本文的研究不仅为产能过剩的政府干预理论提供了新证据,也延伸了政府环境治理化解产能过剩的理论框架,还为当前去产能政策的制定提供了借鉴。

关键词: 地方政府环境治理, 产能过剩, 产能利用率, 政府干预