环境规制政策对企业投资行为的影响

government and regulator’s choice of regulatory stringency can depend on a firm ‘s investment that made in earlier periods. Therefore, the regulated firm may invest strategically, to affect the regulator’s choice of regulation. To reduce its payment of emissions taxes, the firm may therefore reduce emissions below their socially optimal level. In contrast, a firm subject to regulation by quantity wants to reduce the stringency of regulations. In this paper we compare two regulatory regimes, regulation by taxes and by quantity, to analyst how they affect the regulated firm’s investment behavior. A firm, which invests little, thereby reduces the marginal social cost of reducing emissions, and so can induce government to weaken its regulations.