EFFECT OF ENVIRONMENTAL REGULATIONS ON STATE‐ LEVEL MANUFACTURING CAPITAL FORMATION*
研究了环境规制对制造业资本形成的影响，发现其总体影响不大，但不同地区受影响程度不同，东北、南大西洋和西部地区的制造商相对受益。
ABSTRACT We quantify the effect of environmental regulations on regional capital formation in the manufacturing sector. Our model integrates environmental regulations into a choice‐theoretic model derived from Tobin's q theory of investment. It is postulated that more stringent environmental regulations raise the firm's cost of production both directly and indirectly, thus reducing the firm's q value and lowering the rate of capital formation. The empirical results indicate that the effect of environmental regulations on net capital formation is modest. We do find that environmental regulations affect regions differently. More stringent environmental regulations will improve the relative position of manufacturers in the North‐east, South Atlantic and West. Over one‐fourth of the dollar losses in manufacturing capacity would occur in five states: Texas, California, Pennsylvania, Ohio and Michigan.