Study On Driving Factors And Optimizing Goal Of Company's Environmental Investment

Resource depletion and environment pollution are increasingly serious, so it is unfeasible and unrealistic currently to maintain moderately rapid development relying on the limited financial capital to curb environmental degradation. It is the main way to solve the problem of environmental protection funds in the future that stimulating enterprise as the main body of economic operation to improve the enthusiasm of environmental investment. The environment datas were getted through manual collection from A-share listed companies to analyze the driving factors and optimization goals of different regions and industries. The results are with certain reference value and practical significance to reform evaluation mechanism for regions, and to improve the environmental performance evaluation and supervision system. It is beneficial to adjust the different regulatory policy, the strength and direction for industries, and it is perfect and supplement to promote enterprise's green initiative.Also, this article can provide quantitative basis for guiding the enterprise environmental behavior, optimizing the investment structure scientificlly.Firstly, this paper is starting from the definition of environmental investment, and then reviews the evolution of environmental investment theory. These theories as the starting points of this article were combined and analyzed to be used for the reference and the theory root, which are the welfare economics, regulation economics, externality theory, coase theorem and regional interaction theory. The environmental investing and financing mechanism, economic effect and evaluation of environmental investment, the prediction and decision-making, the influence factors and structure optimization of environmental investment have been sorted and reviewed. It is neither feasible nor realistical that relying on the limited financial fund to curb environmental degradation, at the same time maintaining moderate economic development in China. So arousing the enthusiasm of enterprises is the main way to solve the problem of environment in the future. The 2962 social responsibility reports and financial reports from 2009 to 2015 are analyzed in this paper, and the environmental industrial differences is found between in heavy pollution and the light pollution industries, while the regional differences are between he eastern region and other regions. The government financial input is given priority in the current environmental investment field, while the listed companies are lacking of scientific and unified guidance, so their investing amounts are with randomness and blindness. There are large differences between provinces and industries, only 11 provinces and 12 industries whose average growth of environmental investment are higher than the average growth of government, which is provided a basis for the government to implement discriminating environmental policies in different regions and industries.Secondly, based on three kinds of spatial weight matrix that are the economic distance, geographic distance and adjacency, the characteristics of enterprise environmental investment were analyzed using the spatial lag model and spatial error model. Based on the input and output of double perspective, the regional driving factors of enterprise environmental investment were analyzed comprehensively. Results show that the enterprise environmental investment among different provinces highlights the highly stable correlation, and the environmental investment is a continuous, dynamic and accumulative adjusting process. Different regions exist interaction and this phenomenon is more likely to occur between the regions whose economic level is closer. Regional innovation ability, regional industrial structure, population scale, the unemployment rate and the local economic development level are significantly negative with enterprise environmental investment, while the the pollution regulation, local environmental accidents, regional tax revenue and CSRR quantity are significantly positive related to the environmental investment, and the government's environmental behavior are not strengthening the investment and pollution. The government and enterprises should reach united front and space in environmental governance.Thirdly, the relationship among industry regulation, industry attributes and enterprise environmental investment was empirically researched using fixed effect model and random effect model, and the driving factors were analyzed based on the industry difference. The industry supervision system is not enhancing the investment level, and heavy pollution enterprise did not put more environmental protection funds, so the properties of heavy pollution did not strengthen the promotion of supervision system. Corporate environmental investing level is developing with the enterprise scale and ability. The enterprise with high profitability and good quality is relatively higher in environmental investment level, but lower levels in the enterprise with better growth. Operating ability and development capacity are positively related to the environmental investment in the light pollution industry, but negatively related to the heavy pollution enterprise, and solvent effect is limited.Finanlly, the curve estimation method was used with asset ratio, income ratio and cash ratio to measure environmental investment, so the optimal value or range of investing structure was calculated based on different regions and different industry to explore the optimization goal of enterprise environmental investment. There are big differences among areas and industries, so the value maximization is as the guidance for the optimal objective through adjusting the proportion of environmental investment to total assets, business incomes and cash flows. The method of curve estimation was applied to calculate the optimization goals of 18 provinces in eastern, central, western and northeast regions, and optimization goals of 16 industries in heavy pollution and light pollution industries, and 33 industry optimization goal in 15 provinces under the dual dimensions of regional and industry, which provided reference and quantitative basis for enterprises.Based on the above research, this paper puts forward countermeasures and suggestions such as optimizing the environmental funds, building a double linkage mechanism between environmental investment and economic growth; perfecting the environmental policy instruments, combined the government-led implementation with market allocation; conducting institutional innovation actively, further improving and perfecting the emission trading policy; using the fiscal and taxation policy reasonably; building supply chain coordination mechanism, strengthening the exchanges and cooperation in the international scope; establishing regional environmental investment proprietary accounts, strengthening environmental accounting and setting up the unique environmental database; paying attention to industry technology innovation, reducing pollution emission and making social responsibility strategic planning and establishing the external communication and dialogue mechanism.The innovation are mainly reflected in four aspects:(1) The research framework of environmental optimization was based on two-dimensional perspective area and industry.(2) The quantitative research of environmental investment optimization was deepend on the microscopic level.(3) The applicability of regional interaction theory was verified on the effect of environmental investment.(4) The optimization goals of different areas and different industries were established. This can provide quantitative reference to lead different areas, industries and enterprises to carry out the environmental investment scientificlly, and is also a beneficial supplement for the related literature of investment optimization.