Descriptive statistics of the variables.

China’s economy has made remarkable achievements in the past 40 years. However, the economic development is accompanied by serious environmental pollution. Chinese government has promulgated many policies to reduce environment pollution. However, it is doubtable whether the increased uncertainty in environmental policies inhibits enterprise development. Therefore in this study we use Mathematical Derivation, Stepwise Regression Method and Regulated Effect to investigate the impact of environmental policy uncertainty on enterprise productivity. The results show that (1) environmental policy uncertainty significantly inhibits the improvement of enterprise productivity. (2) environmental policy uncertainty inhibits enterprise productivity by enterprise innovation, human capital and foreign direct investment; (3) environmental policy uncertainty has heterogeneous impact on enterprise productivity. According to this study we also provide some beneficial environmental policy suggestions for the Chinese government. Such as the government should build a stable economic environment, maintain the sustainability of local environmental regulation policies and formulate more detailed measures to adapt different types of enterprises.过去四十年来，中国经济取得了举世瞩目的成就。然而，经济发展伴随而来的是严峻的环境污染问题。中国政府已出台多项政策以降低环境污染水平。但环境政策不确定性的加剧是否会抑制企业发展，仍存在争议。因此，本研究采用数理推导（Mathematical Derivation）、逐步回归法（Stepwise Regression Method）与调节效应（Regulated Effect）模型，探究环境政策不确定性对企业生产率的影响。研究结果表明：第一，环境政策不确定性显著抑制了企业生产率的提升；第二，环境政策不确定性可通过企业创新、人力资本及外商直接投资（Foreign Direct Investment, FDI）三条路径抑制企业生产率；第三，环境政策不确定性对企业生产率的影响存在异质性特征。基于本研究结论，我们同时为中国政府提供了若干具有实践价值的环境政策建议，例如政府应构建稳定的经济发展环境，维持地方环境规制政策的持续性，并制定更具针对性的细化措施以适配不同类型的企业。