WANG Yunxuan Business School
ABSTRACT
Since the 1960s, countries around the world began to realize the gradual deterioration of the environment and the increasingly serious pollution problem, and began to take active measures to control it. However, due to the development of heavy industry, the pollution problem has not been solved. In 1972, the first International Conference on the Environment was held in Sweden, calling on governments and people of all countries to work together to protect and manage the environment, ushering in an era of joint environmental governance worldwide. Twenty years later, the Rio Declaration on Environment and Development adopted "sustainable development" as the new norm for global development. In 2015, the United Nations Climate Conference was held in Paris, and the United Nations Framework Convention on Climate Change (UNFCCC) was reached to address the deterioration of living environment. China's attention to environmental governance is synchronized with that of the rest of the world. In the reports of the 18th and 19th National Congresses of the COMMUNIST Party of China, it has been pointed out that the necessary conditions for China's economic transition to high-quality growth are to meet the five basic concepts, namely, "innovation, coordination, green, openness and sharing", and the importance of ecological environment construction is self-evident.
Based on the above background, this paper adopts multiple regression analysis method to analyze the green investment data of listed companies in heavy pollution industries from 2016 to 2020, and explore their green investment decisions in the face of different types of environmental regulations. This paper focuses on the green investment of enterprises, that is, the investment that can achieve the effect of energy conservation and emission reduction. Green investment is divided into end-of-pipe control investment and green technology innovation investment. According to the empirical results, there is an inverted u-shaped structure between command-and-control environmental regulation and green technology innovation investment of enterprises, which has a promoting effect on end-of-pipe control investment. The market-motivated environmental regulation can significantly promote the green technology innovation investment of enterprises in heavy pollution industries, but has a restraining effect on the end-of-pipe control investment. The public participation environmental regulation can promote the green technology innovation investment of enterprises and inhibit the end-of-pipe control investment. At the same time, the sample companies are grouped according to the nature of property rights, and further research shows that command-control environmental regulation and green technology innovation investment of state-owned enterprises show an inverted "U" structure, which has a promoting effect on end-of-pipe control investment, but is not significant for non-state-owned enterprises. Market-motivated environmental regulation can promote the increase of green technology innovation investment of state-owned enterprises, but inhibit the end-of-pipe control investment of state-owned enterprises, and the sample of non-state-owned enterprises is not significant. The results of the public participation environmental regulation group regression were similar to those of the full sample regression. Public participation environmental regulation can promote the increase of green technology innovation investment of state-owned and non-state-owned enterprises, and inhibit the end-of-pipe control investment of state-owned and non-state-owned enterprises.
This paper considers the heterogeneity of environmental regulation forms and green investment from the perspective of micro enterprises. This paper tries to reveal the influence of environmental regulation on enterprise green investment. To improve the construction of environmental regulation system and improve the level of green investment of enterprises.
Read the article here:
环境规制对企业绿色投资的影响_王允宣.pdf
