本研究探討中國環境政策之溢出效應。我發現，勞動參與率（LFPR）作為國家經濟發展關鍵因素，在實證上由工廠層級的空氣污染排放所決定。我使用雙重差分法，在中國於2015年實施修訂的《環境保護法》（EPL）後，觀察到臺灣低污染縣市（實驗組）的勞動參與率顯著提高。在控制人力資本相關公司特徵的情況下，對人力資本需求較高的公司受EPL影響更大，從而導致企業績效更好。我提供了證據表明，空氣污染經由人力資本對企業績效造成正面影響，以及環境政策溢出效應的正外部性。

This study investigates the environmental policy spillover effect from mainland China. I find the labor force participation rate (LFPR), which is one of the key determinants of a country’s economic expansion, is empirically determined by air pollution caused by facility-level pollutant emissions. Using the different-in-difference approach, after the implementation of the new Environmental Protection Law (the new EPL) of China in 2015, I observe higher LFPRs in low-pollution counties (treatment group) in Taiwan. Companies with higher demand for human resources are more impacted by the implementation of the new EPL, which results in better firm performance consequently. I provide evidence of the human capital channel influencing the impact of air pollution on firm performance and the positive externality of environmental policy spillover effects.

Abstract (Chinese).................................................1
Abstract...........................................................2
Contents...........................................................3
List of Figures....................................................5
List of Tables.....................................................6
1 Introduction.......................................................7
2 Literature Review.................................................12
2.1 Environmental Pollution, Human Capital, and Firm Performance...12
2.2 Environmental Regulations and Firm Performance.................14
3 The New Environmental Protection Law of China.....................15
4 Data..............................................................17
5 Air Pollution and LFPR............................................19
5.1 Baseline Results...............................................19
5.2 Parallel Trend.................................................20
5.3 Placebo Test...................................................21
6 Firm Performance..................................................23
7 Conclusion........................................................26
References..........................................................27

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