Environmental Regulation,Government Subsidies And Corporate Environmental Investment

Since 2011,the development of heavy industry brought environment pollution problems concentrated outbreak,many prefecture maintaining light pollution,air quality in the south of PM2.5 have been overweight.To solve the increasingly serious environmental pollution problems,the government apply a variety of environmental protection policy.On the one hand,to develop more and more stringent environmental regulation,to strengthen the monitoring of the enterprise,on the one hand,guide enterprises to increase investment in environmental protection by means of incentive,reduce the pollutant emissions,reduce the negative effects in the environment in the process of enterprise production.Environmental regulation intensity increase including emission standards rise,industry standards to improve environmental protection,the environmental pollution increased penalties,etc.For enterprises with various forms of subsidies,such as reduce the financing costs of environmental protection equipment purchase,reward outstanding contributions to the environmental protection enterprises,etc.But the government’s policy is still to be test,the strict environmental regulation can really affect the enterprise environment management behavior?As a means of the support of the government,government subsidies can guide the enterprise investment direction,expanding the scale of investment in environmental protection?To explore the problems,by reviewing the related literature and research results,this paper put the 2010-2015 a-share listed companies as the research object,use literature analysis,normative analysis and empirical test,explores the characteristics and influence factors of corporate environmental investment.First,read related literature about environmental regulation,government subsidy and the corporate environmental investment;Second,review and summarize the related institutional background and basic theory,and define the related terms;Third,combined with basic theory and institutional background,analyze the inner mechanism of environmental regulation and government subsidies to corporate environmental investment,then puts forward the research hypothesis;then choose variables and design regression model,do mathematical statistics and analysis data in the model,and verify model robustness;Finally,put forward the relevant policyrecommendations based on the results of the empirical research,present suggestions for the future research in order to provide academic reference for latecomers.Through the empirical test,we found that the corporate is in the low level of corporate environmental disclosure,few enterprises choose disclose environmental information,disobey certain disclosure guideline,sllect casual disclosure index;Strict environmental regulation to promote enterprise attaches importance to its own environmental governance,promote enterprises to raise the level of environmental protection investment,reduce their working for the influence of natural environment in the process of production;Government subsidies amount gained by the enterprises will encourage enterprises to improve the scale of investment in environmental protection and free of government subsidies to make up for the enterprise to follow environmental regulation by the increasing number of environmental costs,improve enterprise environmental protection investment enthusiasm;Property rights incentive has a regulatory role for government subsidies,government subsidies shows stronger incentive effect in the private enterprises.Those conclusion suggest that the supervision department should take measures to urge companies to adopt unified standards of environmental information disclosure,further implemented strict environmental regulation,at the same time provide enterprises with reasonable financial support.Enterprises should follow environmental regulation,improve the level of environmental protection investment by themself.