中文摘要：

当前我国制造业存在产能利用率普遍偏低的问题,利用环境规制政策倒逼企业调整生产投资来促进产能利用率提升具有重要意义,但现有研究忽视了环境规制政策对产能利用率的传导机制及异质性影响,难以提出有针对性和差异化的对策。文章主要考察了环境规制对制造业产能利用率的影响及其具体传导机制,深入研究了环境规制对产能利用率的异质性影响,并对其传导机制的异质性进行了检验。研究表明：环境规制对产能利用率具有显著促进作用,并且通过遵循成本效应和创新补偿效应两个渠道发挥作用,环境规制更多是通过淘汰不满足环境标准的产能来提高产能利用率,而通过加强技术创新创造新的市场需求来提升产能利用率的作用有限;国有企业和小企业比重的增加将会减弱环境规制对产能利用率的促进作用,私营企业和大中企业比重的提高则会促进环境规制对产能利用率的积极影响。环境规制对偏重度污染行业产能利用率的促进作用更强,环境规制的遵循成本效应和创新补偿效应在上述不同产权性质、企业规模和污染强度下的作用程度也各异。研究结论对如何利用环保硬约束监督管理手段来化解产能过剩,以及在供给侧结构性改革背景下减少无效、低端供给和推动创新发展战略等具有启示意义。

英文摘要：

China＇s manufacturing has the problem of generally low capacity utilization at present, and the use of environmental regulation policy to force enterprises to adjust production and investment to enhance production capacity utilization has important signifi- cance. But the existing studies have ignored the transmission mechanism of environmental regulation policy on production capacity utilization and the heterogeneity effect, so it is dif- ficult to put forward targeted and differentiated countermeasures. This paper mainly stud- ies the effect of environmental regulation on production capacity utilization in manufactur- ing and the specific conduction mechanism, and deeply investigates the heterogeneity effect of environmental regulation on production capacity utilization. Then it tests the heteroge- neity of the conduction mechanism. It comes to the results as follows, firstly, environmen- tal regulation plays a significant promotion role in production capacity utilization through following cost effect and innovation compensation effect, and environmental regulation has a positive effect on production capacity utilization mainly through eliminating the produc- tion capacity which does not meet the environmental standards and has the limited effect on the increase in production capacity utilization through strengthening the technology in- novation to create new market demands; secondly, the increase in the proportion of state- owned enterprises and small-sized enterprises weakens the promotion role of environmental regulation in production capacity utilization, the increase in the proportion of private enter- prises and large and medium-sized enterprises promotes the positive effects of environmen- tal regulation on production capacity utilization, the promotion role of environmental regu- lation in production capacity utilization in the partially heavy pollution industries is stron- ger, and the following cost effect and innovation compensation effect of environmental reg- ulation are also different under the