Abstract：The existing research on dual environmental regulations mainly focus on the correlation between formal environmental regulations and total factor productivity (TFP) of enterprises, while the correlation between dual environmental regulations, corporate governance, and TFP has not received close attention. In fact, corporate governance is an indispensable threshold for the correlation between environmental regulations and TFP of enterprises. On the basis of reviewing relevant literature, this article constructs a panel data model of financial and internal personnel data of listed companies from 2011 to 2020. With corporate governance as the threshold variable, it analyzes the mechanism of the interaction between dual environmental regulations and TFP of enterprises. The results indicate that (1)there is a “N” shaped relationship between formal environmental regulations and TFP, while there is a “U” shaped relationship between informal environmental regulations and TFP; (2)sample partitioning and heterogeneity testing were conducted on the internal and external characteristics of the company, and it was found that there are differences in the threshold effect of dual environmental regulations for enterprises in different regions and pollution levels. Moreover, informal environmental regulations do not have a threshold effect on the TFP of western regions and lowpolluting enterprises. Based on this, we propose to establish a government-led environmental governance system in the western region, promote the role of informal environmental regulations in improving TFP of western regions and non-high polluting enterprises, increase green incentives for enterprise executives, and establish a coordinated organization for political, commercial, and environmental issues.
2023, Vol. 43 
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