Environmental Regulation Intensity, Carbon Footprint and Green Total Factor Productivity of Manufacturing Industries

In terms of the development of the manufacturing industry, the Chinese government has carried out environmental regulations and set up production standards for related industries. This is an environmentally-friendly and economic action, which is also in line with the requirements of building a green economy for China. Meanwhile, whether from the micro regulatory measures or the macro government policies, carbon emission is an inevitable problem in the study of environmental problems. This paper will explore the impact of environmental regulation on the green economy based on carbon emissions and study the optimal environment regulation intensity that relates to a direct carbon footprint under the maximum green economic benefits. A SBM-MALMQUIST model is established to measure the green total factor productivity according to 27 Chinese manufacturing industries through the MAXDEA software. It is found that the intensity of environmental regulation has a significant impact on green total factor productivity, and direct carbon footprint also exhibits a partial intermediary effect, participating in the mechanism that affects green total factor productivity. Combined with the industrial characteristics and the above research results, this paper puts forward the adjustment strategy of reasonable environmental regulation for the manufacturing industry, which conforms to the national policy guidance, and will be beneficial in promoting the economic development of the green manufacturing industry.