廠商的投資除了考慮實體投資，還有降低污染的污染防治設備的環境投資，環境管制若能對廠商 投資產生正向效果，是環境保護政策外，驅使廠商增加投資的經濟政策誘因，將有助於廠商的生 產活動和國內的經濟發展。採用兩階段估計法進行實證，探討環境管制對於國內投資的影響。以 台灣製造業二欄位產業分類中污染性較高產業廠商為實證對象，包括食品及飲料製造業、紡織 業、紙漿、紙及紙製品製造業、化學材料製造業、石油及煤製品製造業和非金屬礦物製品製造業 等六個產業，資料期間為1998 年2003 年。第一階段先估計廠商的防治污染支出，考慮污染防治 和生產、投資有相關性，以工廠座落地點的縣市別水準的「正式」和「非正式」環境管制指標作 為防治污染成本的工具變數，以估計預測防治污染支出作為環境管制指標，第二階段估計是探討 環境管制對廠商投資的影響，實證結果顯示：以預測污染防制支出為環境管制環境指標，對廠商 的一般實體投資和環境投資均有顯著且正向的影響。

The main purpose of this study is to examine the effects of environmental regulations on firm’s investment. There are two key points in this study. First, a two-stage least square method is adopted to modify the endogeneity of pollution abatement. The indicators of formal and informal regulations are used as instrument variables to model the pollution abatement spending in the first stage. Second, how firm’s investment influenced by the strict environmental regulations is examined. The surveys of Taiwan manufacturers from 1998 through 2008 collected by Ministry of Economic Affairs (MOEA) are used, and the data set is also combined with the county-level indicators. This study focuses on six 2-digit high pollution-intensive industries. Firms’ investments include gross investment in physical capital and gross investment in pollution abatement equipment. The environmental regulation is measured as (i) the predicted values of abatement spending generated from the first-stage regressions, and (ii) the pollution fee.