摘要：Based on existing research,this paper proposes to use environmental dynamics and environmental richness to measure the intensity of environmental regulatory policies.This paper conducts a multi-factor evaluation model,empirically studies the mechanism of dynamic policies on traditional environment policy-dependent enterprises,and examines the specific mechanism of environmental regulation policies.This paper uses the balanced panel data of China’s A-share listed mining industry,gas-fired power and thermal power industry,and forestry and animal husbandry for a total of 10 years as sample to study the impact of environmental regulation.In this paper,the robustness test is carried out by transforming the dependent variable,and the alternative variable of business fluctuation is selected for the robustness test to further verify the conclusion.Finally,this paper conducts a threshold effect test and finds that the intensity of environmental regulation policies has a threshold effect.Based on the empirical results,this paper draws the following conclusions: from the enterprise level,the fluctuation of external environmental policy has a significant impact on the operation of the enterprise.The greater the fluctuation of the external environment,the more significant the impact on the enterprise.Technology and business size also have an impact on business income fluctuations.The study found that large enterprises and high-tech additional enterprises have better adaptability to policy fluctuations.Heavy industry is more sensitive to policies,that is,environmental regulatory policies have a threshold effect.In the case of minor environmental policy fluctuations,heavy industrial enterprises will be more significantly affected,while light industries have little fluctuations.When environmental regulatory policy fluctuations reach a certain level,the light industry has also been significantly affected.
